The battery materials market is expected to reach USD 84.40 Billion by 2026, according to a new report by Reports and Data. With growing sustainability trends, electric vehicles have been endeavouring a positive growth trend due to increasing demand for lithium-ion batteries. Lead-acid batteries were earlier used as a backup in electric vehicles but now are substituted with the former one associated with lower charging capabilities and legal controversies regarding the lead-acid batteries. The self-sustainability of battery raw materials is a crucial factor that is propelling the global market. The supplies of raw materials needed for manufacturing batteries such as manganese, natural graphite, and nickel are extremely concentrated in a few countries.
The most prevalent types of batteries available in the market are Lead-Acid, Lithium-ion (Li-ion), Nickel-Metal Hydride (Ni-MH), Nickel Cadmium (Ni-Cd), and others. Several battery materials present different performance characteristics to the batteries, and they are chosen based on the type and application of the battery.
Market Synopsis
The battery materials market is expected to reach USD 84.40 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the rising demand from renewable industries for Li-ion technology in emerging economies and growing technological advancements, which are expected to accelerate the market growth globally.
Battery technologies are an indispensable catalyst for the growth and increased improvements in areas such as electronic devices and battery energy storage (BES) for renewable energy and electric vehicles (EVs). Battery materials are the elements or materials used to produce primary and secondary batteries. It mainly includes an anode, cathode, electrolyte, and battery separators.
Further key findings from the report suggest
- The Battery Materials Market is estimated to reach USD 84.40 Billion by 2026, at a CAGR of 8.3% during the forecast period.
- The Lead-acid product accounts for a larger share of 59.7% of the market in 2018.
- The metal material is anticipated to grow at the highest rate of 8.4% during the forecast period.
- The automotive application segment is anticipated to grow at the highest rate of 8.5% during the forecast period.
Major Companies:
- Toray Industries
- Umicore
- Asahi Kasei
- Mitsubishi Chemical
- Henan Yuguang, Glencore
- Nyrstar
- Sumitomo Metal Mining
- Hitachi Chemical
- POSCO
Market Segmentation:
Product Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Lead-acid
- Lithium-ion
Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- EVs
- Automotive Batteries
- Portable Devices
Industrial
