The global battery materials market size is expected to reach USD 60.61 billion by 2027 while exhibiting a CAGR of 5.9% between 2020 and 2027. This is attributable to the increasing demand for electric vehicles and the favorable government regulations that promote the adoption of green energy sources that will favor the adoption of advanced battery materials across the globe. This information is published by Fortune Business Insights™, in its latest report, titled, “Battery Materials Market Size, Share & Industry Analysis, By Battery Type (Lithium-Ion, Lead Acid, Others), By Material (Lithium-Ion {Cathode [LCO, NMC, NCA, LMO, LFP]), Anode [Artificial Graphite, Natural Graphite, Others], Electrolyte, Separator, Others), (Lead Acid {Cathode, Anode, Electrolyte, Separator, Others}), By Application, and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 47.75 billion in 2019 and is projected to gain momentum in the forthcoming years.
List of the Companies Profiled in
the Global Market for Battery Materials:
- NICHIA
CORPORATION (Tokushima, Japan)
- NEI
Corporation (Somerset, U.S.)
- TCI
Chemicals (India) Pvt. Ltd. (Chennai, India)
- Targray
Technology International (Quebec, Canada)
- Mitsubishi
Chemical Holdings (Tokyo, Japan)
- Hitachi
Chemical Co., Ltd. (Tokyo, Japan)
- TORAY
INDUSTRIES, INC. (Tokyo, Japan)
- Shanghai
Shanshan Tech Co., Ltd. (Shanghai, China)
- Kureha
Corporation (Tokyo, Japan)
- BASF SE
(Ludwigshafen, Germany)
- Asahi Kasei
(Tokyo, Japan)
- Umicore
Cobalt & Specialty Materials (CSM) (Brussels, Belgium)
- Other Key
Players
What does the Report Include?
The market
report includes a detailed assessment of various growth drivers and restraints,
opportunities, and challenges that the market will face during the projected
horizon. Additionally, the report provides a comprehensive research into the
regional developments of the market, affecting its growth during the forecast
period. It includes information sourced from the advice of expert professionals
from the industry by our research analysts using several methodologies. The
competitive landscape offers further detailed insights into strategies such as
product launches, partnerships, merger and acquisition, and collaborations
adopted by the companies to maintain market stronghold between 2020 and
2027.
DRIVING FACTORS:
Increasing Demand for Electric Vehicles to
Promote Growth
The
stringent government regulations to limit the emission norms are propelling the
demand for advanced electric vehicles. The EVs consists of battery materials
such as Li-ion batteries that are stable and can be recharged several hundred
times. Additionally, they possess high energy density, along with excellent
voltage capacity, compared to other rechargeable batteries. Therefore, the
increasing focus on developing energy-efficient automotive by the manufacturers
is expected to contribute to the growth of the global battery materials market
in the forthcoming years.
Read Detailed Summary of This Research Report:
https://www.fortunebusinessinsights.com/industry-reports/battery-material-market-101074
COVID-19 IMPACT:
Disruption in Procurement of Raw Materials amid
COVID-19 to Limit Growth Prospects
The global
pandemic, COVID-19, has led to significant disruption in supply chain across
the globe. This has completely paralyzed the growth prospects of several
industries. The difficulty in procurement of raw materials amid the novel
coronavirus has led to major delays in production and manufacturing activities
across the automotive, logistics, and electronics sector. This is likely to
hinder the growth of the market to some extent. However, once the condition
improves the market will showcase considerable growth in the forthcoming years.
REGIONAL INSIGHTS:
Increasing Consumer Spending on Electric
Vehicles in Asia-Pacific to Favor Growth
Among all
the regions, Asia-Pacific stood at USD 18.39 billion in 2019 and is expected to
hold the highest position in the global battery materials market during the
forecast period. This is attributable to the rising consumer spending on
electric vehicles in countries such as China, India, South Korea, and Japan in
the region.
The market
in Europe is expected to showcase considerable growth during the forecast
period. This is ascribable to factors such as the growing adoption of advanced
battery materials from automotive and electronics industries in countries such
as Germany between 2020 and 2027.
COMPETITIVE LANDSCAPE:
Facility Expansion by Major Players to
Develop Advanced Battery Products
The global
battery materials market is fragmented by the presence of several major players
that are focusing on expanding their facility to develop innovative battery
materials to improve their efficiency and shelf life. Adoption of strategies
such as merger and acquisition, collaboration, and partnership by key companies
is further expected to contribute to the growth of the market in the
forthcoming years.
AN INDUSTRY DEVELOPMENT:
- June 2020
– POSCO Chemical announced the expansion of its facility at Sejong to increase
the capacity of production of anode materials. The expansion is expected to
propel the production of battery materials by over 44 KT annually.
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/battery-materials-market-9832
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