Battery Materials Market Size, Landscape, Industry Analysis, Business Outlook, Current and Future Growth by 2027
Battery material market is projected to exhibit high growth in the future due to the increasing demand from various applications such as EVs, portable device, electronics product, and industrial.
Northbrook, IL 60062 -- (SBWire) -- 09/28/2022 --The report "Battery Materials Market by Battery Type (Lead-Acid, Lithium-ion), Material (Cathode, Anode, Electrolyte), Application (Automotive, EV, Portable devices, industrial), and Region (Aisa Pacific, North America, Europe, RoW) - Global Forecast to 2027", size is estimated to be USD 57.8 billion in 2022 and is projected to grow at a CAGR of 15.8% during the forecast period to reach USD 120.4 billion by 2027. improving battery technology, coupled with supporting regulatory norms, are the driving the demand for battery materials. Moreover the increasing demand for sustainable vehicles and energy storage system across the globe play a key role in the driving the growth of battery materials market.
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The battery materials market include major Tier I and II suppliers like Umicore, Asahi Kasei, Posco, Johnson Matthey, and mitsubishi chemical holdings. These suppliers have their manufacturing facilities spread across the various countries across Asia Pacific, Europe, North America, South America and RoW.
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The Lead-acid battery is expected to account for the second largest share of the battery materials market, by battery type, during the forecast period, in terms of value.
The lead-acid battery is estimated to have the second largest market share by value. Lead-acid battery is a sustainable energy storage system and the growth of the lead-acid is mainly driven by automotive and industrial applications. Lead-acid battery is recyclable upto 99% and has good energy storage capacity. Lead-acid batteries are used in various applications such as automotive, industrial and stationary energy storage system.
Automotive application to account for largest share of lead acid battery materials market during the forecast period in terms of value.
Based on Applications, automotive is estimated to account for the largest share of the market during the forecast period. The growth of the automotive sector and public awareness in the Asia Pacific region are expected to boost the battery materials market in the region. China and India are likely to generate a positive impact on the market in the automotive application.
Asia – Pacific battery materials market is projected to register the largest market share during the forecast period.
Asia Pacific is the fastest-growing market for battery materials mainly due to the high economic growth, and heavy investment in industries such as electric vehicle, electronics products, portable device and manufacturing. Asahi Kasei (Japan), Mitsubishi Chemical holdings (Japan), Posco (South Korea), and other leading global players are adopting various strategies to increase their market share in the region's battery materials market.
Major players operating in the global battery materials market include Umicore (Belgium), Johnson Matthey (UK).
- In April 2022, Umicore and ACC share the ambition to further develop their partnership with the potential to grow annually supplied volumes to reach at least 46 GWh by 2030, equivalent to powering at least 500,000 EVs per year.
- In May 2022, POSCO Chemical and GM finalized the Ultium CAM joint venture. POSCO Chemical and GM will hold 85% and 15% stakes, respectively.
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