Battery Materials Global Market Report 2024

The global battery materials market has grown rapidly in recent years. It will grow from $57.63 billion in 2023 to $64.58 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The expansion observed during the historical period can be attributed to the rise of portable electronics, progress in energy storage technologies, increased consumer expectations for extended battery life, integration of renewable energy sources, government initiatives and subsidies, a demand for lightweight materials, and substantial research and development funding.

The global battery materials market is expected to see rapid growth in the next few years. It will grow to $99.14 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The anticipated growth in the forecast period can be ascribed to the shift towards solid-state batteries, progress in lithium-sulfur battery technology, the need for cost-effective materials, the expansion of energy storage systems, innovations in materials suitable for high temperatures, and worldwide initiatives for achieving carbon neutrality. Key trends in the forecast period involve the reduction of cobalt and exploration of alternative chemistries, advancements in anode materials, the recycling of battery materials, the emergence of new markets for energy storage, and increased investments in the exploration and mining of raw materials.

The escalating uptake of electric vehicles is anticipated to drive the expansion of the battery materials market in the foreseeable future. Electric vehicles, which operate on electric motors rather than internal combustion engines, rely on robust traction battery packs. These vehicles necessitate specific materials ensuring high energy density, minimal self-discharge rates, reduced maintenance, and increased charge cycles. Notably, the International Energy Agency's report in April 2021 revealed a surge in global electric vehicle sales, reaching 10 million units in 2020, marking a 43% increase from the previous year, with approximately 3 million new electric vehicle registrations. This surge in electric vehicle adoption significantly fuels the growth of the battery materials market.

The burgeoning demand for consumer electronics is poised to be a key driver for the battery materials market's growth moving forward. Consumer electronics encompass a broad range of electronic devices catering to individual everyday use for entertainment, communication, productivity, and convenience. These devices heavily rely on battery materials to enable wireless operation and deliver portable, reliable, and energy-efficient power sources. Noteworthy is LG's annual financial report in January 2023, indicating unprecedented revenue growth, exceeding $60 billion for the first time in company history in 2022. The sales increase of 12.9% from 2021, reaching approximately $52.70 billion, and the Home Appliance & Air Solution Company's record revenue of $22.5 billion in 2022, up by 10.3% from the previous year, underscore the surging demand for consumer electronics, thereby propelling the battery materials market growth.

Technological advancements stand out as a prominent trend shaping the landscape of the battery materials market. Key industry players are actively introducing novel technologies to fortify their market position. A case in point is Sila Nanotechnologies Inc., a German-based battery materials company specializing in lithium-ion batteries. In September 2021, the company unveiled Whoop 4.0, a compact fitness tracker powered by innovative silicon anode battery technology. This groundbreaking technology promises enhanced energy density while preserving other performance metrics. By replacing conventional graphite anodes, this battery technology heralds a new era in energy storage solutions, exemplifying the evolving trends in the battery materials market.

Leading entities within the battery materials market are actively innovating to create tailored solutions, such as a series of cathode active materials specially crafted for light and medium electric vehicles. These innovative materials boast a manganese-rich and cobalt-free composition, positioning them as more cost-effective and environmentally sustainable alternatives to conventional cathode materials. Notably, in February 2023, Stratus Materials Inc., a US-based battery materials developer and manufacturer, introduced a set of these cathode active materials specifically engineered for light and medium electric vehicles. Distinguished by their heightened energy density, these materials possess the ability to store more energy per unit weight, a critical feature for electric vehicles requiring extended ranges and swift charging capabilities. Furthermore, their composition underscores a manganese-rich, cobalt-free nature, delivering superior energy density, prolonged cycle life, enhanced stability, cost efficiency, sustainability, and scalability.

In a significant move in May 2022, EV Metals, an Australia-based battery materials manufacturer and technology firm, successfully acquired Johnson Matthey's Battery Materials division for a total of $56.7 million. This strategic acquisition is anticipated to complement EV Metals' existing product portfolio and significantly bolster the company's capacity to supply high-purity chemicals and cathode active materials (CAM) within the market. Johnson Matthey, a UK-based pioneer in rechargeable lithium-ion batteries and battery materials, aligns with EV Metals' expansion strategy, fortifying its position as a prominent provider of advanced battery materials and technology solutions.

Major companies operating in the battery materials market report are Asahi Kasei Corporation, BASF SE, Mitsubishi Chemical Holdings Corporation, Sumitomo Corporation, Umicore NV, Albemarle Corporation, Livent Corporation, Nichia Corporation, Toray Industries Inc., POSCO Holdings Inc., Showa Denko KK, Hitachi Chemical Company Limited, China Molybdenum Company Limited, Ganfeng Lithium Co. Ltd., MMC Norilsk Nickel PJSC, Ningbo Shanshan Company Limited, Saudi Basic Industries Corporation (SABIC), Ensinger Group, DIC Corporation, Celanese Corporation, Johnson Matthey PLC, Lanxess AG, Glencore PLC, Norilsk Nickel, Panasonic Holdings Corporation, NEC Corporation, LG Chem, Toshiba Corporation, Amperex Technology Limited, BAK Group

Asia-Pacific was the largest region in the battery materials market in 2023. The regions covered in the battery materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the battery materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of battery materials include cathode, anode, electrolyte, separator, and other variants. A cathode denotes a metallic electrode facilitating the flow of current in a polarized electrical device. Battery varieties encompass lithium-ion, lead-acid, and additional types, finding application in the automotive sector, household appliances, the electronics industry, and various other fields.

This report provides battery materials market statistics, including the battery materials industry global market size, regional shares, competitors with a battery materials market share, detailed battery materials market segments, market trends and opportunities, and any further data you may need to thrive in the battery materials industry. This battery materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The battery materials market consists of sales of materials for primary batteries, and secondary batteries. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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