Worldwide Battery Materials Market: Snapshot
So as to help deals, savvy organizations in the worldwide battery materials market are exhausting time and cash to create items that can store more vitality effectively and for a more extended timeframe. With regards to the severe principles relating to condition insurance, they are likewise attempting to think of less contaminating materials.
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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.
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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.
Consumer goods, particularly electric and electronic devices, is the dominant end-use segment in the global market for battery materials. Soaring sales of portable PC’s and mobiles are fueling demand for various battery materials. The transportation sector, comprised of automotive, aerospace, locomotive, and marine transport, is another key end-use segment. Currently, increasing uptake of electric vehicles and hybrid vehicles is pushing up demand for battery materials.
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.
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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.
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.