Albany, NY -- (SBWIRE) -- 05/16/2018 -- The global market for battery materials is anticipated to exhibit a healthy growth curve over the coming years, according to a report by Transparency Market research (TMR). The market is replete with a number of noteworthy market participants, who are investing into research for viable battery materials. They aim to discover ways to aid manufacture of efficient batteries that are of low cost, durable and offer high performance capacities. Some of the leading vendors of the global battery materials market are Arkema SA, BASF SE, Cabot Corporation, FMC Corporation and Mitsubishi Chemical Holdings Corporation.
According to the report, over the forecast duration of 2017 to 2025, the worldwide battery materials market is predicted to exhibit a 13.6% CAGR. Thus, the market which was evaluated to be at US$4,419 mn in the year 2016, is expected to reach US$13.70 bn by the end of the year 2025.
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Secondary Battery Segment to Lead due to Desirable Characteristics
The demand for superior and cost proficient battery materials expanded from battery and end-client industry in the past couple of years. The global battery material market is predicted to indicate high development in the forthcoming years. Its market is fragmented by various kinds of lithium battery materials which incorporate cathode, anode, electrolyte, binders, and packaging material. A number of new materials post research have been found to offer high power thickness, security, long life cycle, and high release life. The materials are accessible in various evaluations as indicated by applications, for example, PCs/note pads, cell/cell phones, car, control apparatuses, family unit gadgets, and others. On the basis of application, the segment of secondary batteries are anticipated to emerge as the leading market segment in the coming years.
Geographically, North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are the primary geographic areas in the worldwide market for battery materials. At present, North America leads with a predominant share on account of a large number of car producers present in the area. Additionally, with as strong CAGR of 12.2% through the span of the forecast period, it is expected to lose its dominance to Asia Pacific soon.
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Rich Opportunity from End Segment Applications to Propel Market Growth
Automotive manufacturing companies are one of the major users of batteries and are expected to grow more in numbers in the forthcoming years. As natural sources of fuel are depleting, consumers and producer are forced to find alternatives. This trend is even more evident in the automotive sector. Battery driven vehicles are gaining traction, and lithium batteries used in electric vehicles quite substantially. Recent innovations in the field have found cheaper and efficient lithium ion batteries which will further auger the growth of the battery materials market.
The surging interest for energy storage solutions from the thriving consumer gadgets as well as automotive industry is significantly fueling the demand for battery materials. With the expanding utilization of cell phones and PCs, reduced popularity of exhaustible fuel, and the push on non-polluting electric and hybrid vehicles, the interest for battery has taken off. These factors thus stoking the growth of the battery materials market.
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