Global Battery Materials Market Set for Prodigious Growth: Projected to Grow at a CAGR of 7.0% by 2027
Published | 24 September 2021
Global battery materials market is expected to grow at a high CAGR due to rising demand for battery-based consumer goods, battery development and innovation for increased energy capacity and longer life, and increased battery use in various sectors.
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that global battery materials market was worth USD 45.7 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 7.0%, earning revenue of around USD 73.0 billion by the end of 2027. The global battery materials market is expanding rapidly as a result of factors such as rising demand for battery-powered consumer goods, battery development and innovation for increased energy capacity and longer life, and increased adoption of batteries in various industries, such as automotive, defense, and communication. Additionally, the development of electronic cars, as well as their increasing market demand, is driving up demand for high-efficiency, long-life batteries. This factor suggests that the global battery materials industry has a lot of room for expansion. The health and environmental risks connected with battery materials, on the other hand, could pose a significant challenge to market growth.
Increasing Penetration of Smart Devices Is Driving the Global Battery Materials Market Growth
Smartphones, smart autos, smart thermostats, smart refrigerators, smart locks, smartwatches, and bands are just a few examples of the products that are flooding the market. These gadgets are interconnected and can be controlled by a single home automation system or a central hub. Smart devices are battery-powered, allowing them to operate automatically even under unusual circumstances. The demand for smart devices is growing as a result of increased desire for enhanced comfort and security, technological breakthroughs, and the launch of innovative products. The flourishing smart devices market is therefore, driving the growth of the global battery materials market.
The Booming Electronic Manufacturing Industry Is Projected to Boost the Global Battery Materials Market
The global battery materials market is expected to grow significantly as manufacturing and production activities for electronic consumer goods such as computers, televisions, and mobile phones expand. The demand for battery materials is predicted to rise as a result of various technical breakthroughs and the introduction of a wide range of electronic products to meet customer needs. For instance, wireless gaming consoles, digital cameras, tablets, which have very prominent demand among young users, require batteries to function. Therefore, manufacturers are working to improve battery life to capture their market.
Global Battery Materials Market - By Application
Based on applications, the global battery materials market is segmented into portable devices, electric vehicles, industrial, automotive, industrial, and others. The Li-ion battery material is prominently used in portable devices, electric vehicles, and industrial applications. The portable device segment accounts for the largest market share because of the increasing dependence on electronic products for daily activities and growing smartphone penetration in the market. The expanding manufacturing activities and increasing purchasing power are also influencing the growth of the battery materials market.
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Global Battery Materials Market - Regional Insights
Geographically, the global battery materials market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the market because of the increasing penetration of consumer goods and electric vehicle manufacturing. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. This is because developing countries like India, China, Japan, South Korea are emerging as leading consumer goods and electric vehicles markets which are expected to boost the battery materials demand in the region. The western EV companies are also establishing their manufacturing plants in this region, which is expected to propel market growth.
Impact of COVID-19 on Global Battery Materials Market
The global battery materials market was negatively hit by the sudden outbreak of the COVID-19 and the pandemic situation. The lockdown resulted in a massive halt on the manufacturing industry, affecting the production operations of electronics goods as well as batteries. Due to this, the demand for battery materials declined significantly, incurring severe losses to the manufacturers. However, the market is expected to recover soon in the post-COVID-19 period because of the growing demand for electric vehicles. Smartphones and computers for remote working and schooling purposes are expected to fuel the global battery materials market growth. Smartphones and computers for remote working and schooling purposes are expected to fuel the global battery materials market growth.
Global Battery Materials Market Competitive Landscape
The leading players in the global battery materials market are BASF, Umicore, Dow Chemical, POSCO, Mitsubishi Chemical Corporation, Showa Denko, Johnson Matthey, Mitsui Mining & Smelting Company, Hitachi Chemical, Toray, Sumitomo Corporation, Kureha Corporation, Asahi Kasei Corporation, Shanshan Technology, Nei Corporation, Tanaka Chemicals, Zhangjiagang Guotai Huarong Chemical New Material, L&F, Nexeon Limited, and other prominent players.
The market is fragmented with the presence of several global and regional market players. Leading players focus on manufacturing high-power battery materials with lower costs and longer lives and thus invest significantly in R & R&D. The market is also characterized by adopting competitive strategies such as mergers, acquisitions, collaborations, etc.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global battery materials market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global battery materials market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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