Battery Material Market To Reach USD 90.4 Billion In 2027 | CAGR 8.5% — Forencis Research
Global Battery Material Market: Key Highlights
- According to the new market research report “Battery Material Market by Material (Lithium-ion, Nickel Cadmium, Nickel-Metal Hydride, Lead-Acid) by Application (Portable Electronics, Medical Devices, Power Tools, Power Back up) by Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) — Global Forecast (2019 to 2027)”, the global Battery Material market is estimated to reach USD 90.4 Billion in 2027 at a CAGR of 8.5% during forecast period 2020–2027
- The growing demand for electric vehicles globally with growing adoption of smart vehicles is driving the market growth.
- However, strict legislation on transportation of battery is expected to restrain the market during the forecast period.
Global Battery Material Market: Key Market Dynamics
- The global battery material market is growing on account of increase in demand for electric vehicles. The hike in demand for EV is an outcome of the higher concern towards reducing environmental degradation
- Growing adoption of smart devices is also pushing the demand for lithium batteries. Ongoing technological advancement with rise in tech savvy population is increasing the demand for lithium ion battery based smart vehicles, pushing the overall battery material demand
- Regulation imposed on the battery transportation for higher safety is hindering the overall market growth
- Increasing efforts by the giant battery producers towards development of the Next Generation Battery Systems is likely to open new growth avenues for the market growth
- Strict Regulation has been imposed on use of Lead, Mercury, And Cadmium in batteries is a key challenge to the market growth
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Global Battery Material Market: Regional Overview
In Asia-Pacific, the battery material market is expected to grow in the forecast period owing to . promising region for the electric vehicles. The demand for electric vehicles is on rise owing to favorable government support to minimize the overall emissions is anticipated to push the demand for battery material market. With ongoing rapid urbanization in Asia countries leading to increase in urban traffic leading to higher pollution. This, drives the attention towards establishing sustainable urban transport by using electric and hybrid vehicles. Initiative undertaken to deploy electric vehicle (EV) in countries such as China, India, Japan, Thailand, Singapore, and the Republic of Korea is further fueling the demand for battery material market
The European Battery Material market is projected to grow owing to rising demand for batteries for cleaner mobility. Higher dependency of the European countries for the battery imports has resulted in to development of European Battery Alliance with investment of USD 113 billion for the battery manufacturing value chain. This, is likely to boost the battery production and escalates the overall demand for battery material. With this investment, it is forecast to settle the battery demand for 400 gigawatt-hours annually by 2025 through establishing the of 15 to 25 lithium-ion giga factories.
Global Battery Material Market: Key Players Overview
Umicore is the material technology company based in the Brussels, Belgium. The company offers a range of products used in energy, automotive, recycling, chemicals, manufacturing, electronics and many other industries. It offers cobalt hydroxide advanced and standard grade, collate nitrate, nickel carbonate, and nickel nitrate among others. In 2019, the company signed an agreement deal with the LG Chem to supply the NMC (Nickel Manganese Cobalt) cathode materials to Umicor’s manufacturing plant based in Poland, Korea and China.
- Mitsubishi Chemical Corporation:
Mitsubishi Chemical Corporation is a Japan based company operating through Performance products, industrial materials and others business segments. The company offers MPG, natural graphite-based materials and ICG, artificial graphite-based materials. Both MPG and ICG acts as the anode, whereas as graphite-based materials are used as cathodes. These are used in the lithium ion based rechargeable battery applications. In 2018, company expanded the product production through increasing the production capacity of the Yokkaichi Plant engaged in production of electrolytes for the lithium-ion batteries.
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