Press release
Extensive Growth Opportunities to be Witnessed by Battery Material Marke by 2016 to 2024
The total market is segmented by types, application, and geography. The major types for battery material include anode, cathode, electrolyte and separators. The applications segment include following verticals such as notebooks/laptops, mobile phones, household devices, defense and security, automotive, power tools and others. The geography segment covers the four main regions the include North America, Europe, Asia Pacific and Rest of the World. Asia pacific is the fastest growing region followed by North America and Europe. Japan is a major global hub for battery materials in Asia pacific and major market players are headquartered in Tokyo, Japan.
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Government efforts to decrease the fuel consumption without any change in driving habits have resulted the demand of electric hybrid vehicles. In developing countries, increasing industrialization, growing demand of laptops and mobile phones and automotive industry would act as a driver for this market. However, increasing raw material prices such as cobalt, magnesium lead and lithium are the challenges for this market. The manufacturer can offer good opportunity in global market by improving efficiency and quality in terms of storage and energy.
Battery material market is expected to show the double digit growth in CAGR by 2019. The growing demand in industries such as consumer electronics and automotive would increase overall battery material consumption. The electric vehicle are expected to act as a revenue generator for this market globally.
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