In order to support sales, sagacious companies in the global battery materials market are expending time and money to develop products that can store more energy efficiently and for a longer period of time. In keeping with the strict rules pertaining to environment protection, they are also trying to come up with less polluting materials.
Sensing that high cost of battery materials, leading to expensive batteries, might deal a blow to their profitability in the long run, companies are also trying to create low cost effective materials. All such trends are expected to boost the market significantly in the next couple of years.
A report by Transparency Market Research expects the battery materials market to rise at a healthy clip by registering a CAGR of 13.6% during the forecast period from 2017 to 2025. Rising at this pace, the market which was valued at US$4,419 mn in 2016, will likely grow to the tune of US$13.70 bn by 2025.
Booming Automotive and Consumer Goods Sector Makes Application Segment of Secondary Batteries Dominant
Application-wise, the market can be split into primary batteries and secondary batteries. Of the two, the secondary batteries pulled in maximum revenue in 2016. Secondary batteries such as lithium ion, lead acid, and nickel metal hydride find use in automotive and consumer goods industries mostly. On account of the two sectors expanding at a healthy clip in the past few years, secondary batteries’ segment is expanding rapidly too.
The various types of battery materials are anode (cadmium, lithium, graphite, lead, carbon, magnesium, etc.), cathode (lithium, manganese dioxide, manganese oxide, nickel, lithium cobalt oxide, nickel cobalt aluminum, nickel manganese cobalt, lithium ferrophosphate, etc.), electrolyte (ammonium chloride, alkali metal hydroxide, zinc carbon, sulfuric acid, etc.), binders, and others. Among them, cathode accounts for maximum share in the market. Apart from that, electrolytes and anode are other key materials that have a substantial share in the market.
Presence of Key Automobile Manufacturers Makes North America Dominant Market
From a geographical perspective, North America leads the market with maximum share. Presence of key automotive manufacturers in the region along with environmental awareness and stringent regulations pertaining to harmful vehicular emissions which is generating a solid demand for battery-powered electric vehicles in the region is proving beneficial to the market. This, in turn, is boosting the market for battery materials. The U.S. is at the forefront of driving the market in the region.
In terms of growth rate, on the other hand, Asia Pacific is expected to take the lead by clocking the maximum CAGR of 16.2% during the period between 2017 and 2025. Swift pace of industrialization is mainly boosting the market in the region. China, with a large production capacity and equally high demand due to the thrust on adoption of electric vehicles to reduce pollution, is said to be primarily powering the growth in the region. By the end of the forecast period, Asia Pacific is expected to overtake Europe and North America vis-à-vis market share.
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Some of the key players in the global market for battery materials are Mitsubishi Chemical Holdings Corporation, BASF SE, FMC Corporation, Arkema SA, Cabot Corporation, Albemarle Corporation, Ube Industries Limited, Sumitomo Metal Mining Industries Limited, Asahi Kasei Corporation, and American Elements.