“Battery Materials Market is projected to reach USD 65.78 Billion by 2023 The battery materials market is projected to grow from USD 43.50 Billion in 2018 to USD 65.78 Billion by 2023, at a CAGR of 8.62% between 2018 and 2023. APAC is expected to lead the global battery materials market during the forecast period. Battery material is used in the manufacturing of batteries. Cathode, anode, electrolyte, and separators are the main building blocks of a battery system. Different materials are used in the manufacturing of cathode, anode, electrolyte, and separators for different rechargeable batteries. The lead-acid and lithium-ion battery materials account for a major share of the global battery materials market.
the companies listed below:
- Umicore (Belgium), Asahi Kasei (Japan), Mitsubishi Chemical Holdings (Japan), POSCO (South Korea), Johnson Matthey (UK), Hitachi Chemical Company (Japan), Kureha Corporation (Japan), Sumitomo Corporation (Japan), Toray Industries (Japan), and Mitsui Mining & Smelting (Japan), among others.
These players have adopted various strategies, such as investments & expansions, mergers & acquisitions, and partnerships & agreements to grow in the battery materials market. Investments & expansions was the key strategy adopted by the major players to grow in the battery materials market between 2015 and 2017. This strategy accounted for a share of 61% of the total growth strategies adopted by key market players. This strategy has helped companies enhance their capacity and expand their global presence.
Umicore (Belgium) is a global player in the battery materials market. The company is active in the fields of catalysis, energy & surface technologies, and recycling segment. Cathode materials for lithium-ion batteries are manufactured under the energy & surface technologies segment. The company dedicatedly carries out R&D for clean technologies, such as emission control catalysts, materials for rechargeable batteries, and recycling. In 2017, the company planned to invest approximately USD 339 million between 2017 and 2019 to increase its production of NMC (nickel-manganese-cobalt) cathode materials for lithium-ion rechargeable batteries to cater to the increasing demand for electric vehicles, as it is the most preferred cathode material for these rechargeable batteries.
Asahi Kasei (Japan) is a leading Li-ion and lead-acid battery separators manufacturing company globally, which deliver high-quality, innovative, and sustainable solutions in the battery materials market. The company manufactures separator materials under the brand names, Hipore, Celgard, and Daramic. The company focuses on the development of new products through a combination of the advanced chemical technology and bold creativity. The company has more than 70% sales in Japan and China. In 2018, the company invested approximately USD 66.9 million to increase the production capacity to 1,100 million m2/year for Celgard and Hipore li-ion battery separators at its plants in North Carolina, US, and Shiga, Japan, respectively.
Based on battery type, the lead-acid segment is projected to lead the battery materials market during the forecast period.
Lead-acid is estimated to be the largest battery type segment of the battery materials market in 2018. This large share can be attributed to its renewability and increasing use in backup power, emergency lighting, utilities, security systems, railway backup systems, oil and gas explorations, renewable energy systems, and other applications. The battery reduces carbon emissions and provides energy that is renewable and recyclable.
The cathode segment is projected to lead the lead-acid battery materials market during the forecast period.
Lead dioxide is the cathode material preferred in the manufacturing of lead-acid batteries. The cathode is the largest lead-acid battery materials segment, as it forms the largest portion of any lead-acid battery. Furthermore, the increase in investments in R&D for innovation of materials with high capacity and low price by cathode materials manufacturers to create a balance between high quality and low cost will drive the cathode lead-acid battery materials market during the forecast period.
APAC is expected to lead the battery materials market during the forecast period.
APAC is expected to be the largest battery materials market during the forecast period. The battery materials market in the APAC region is majorly driven by the growing demand for battery materials in China. Heavy investments in automotive, electronics, and ESS is the key factor driving the battery materials market in the country. Government support, the presence of strong manufacturing base, and growing investments by automotive companies in an electric vehicle are driving the battery materials market worldwide.