The battery materials market would grow at a CAGR of 5.63% over the predicted time frame. The market is expected to increase in value from US$ 50.28 Bn in 2021 to US$ 82.3 Bn in 2030.
The rapid industrialization of the underdeveloped regions is expected to boost the demand for the various industrial machines and equipment that utilizes batteries for power is expected to drive the growth of the global battery materials market in the forthcoming years. The rising level of air pollution has forced the government to switch to the eco-friendly alternatives of transport, which is significantly boosting the demand for the electric vehicles. The extensive utilization of the lead acid and lithium-ion batteries in the electric vehicles is significantly driving the growth of the market across the globe.
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Moreover, the changing consumer lifestyle and rising disposable income is augmenting the demand for various consumer electronics such as desktops, laptops, and smartphones which is expected to boost the demand for the lightweight and rechargeable batteries. This is a prominent drive of the global battery materials market. The rising technological advancements in the mining, processing, and production of the battery materials and batteries is expected to contribute significantly towards the market growth during the forecast period.
Report Highlights
- Based on material, the NCM sub-segment of the cathode segment dominated the global market in 2021. The low self-heating rate, high specific energy, and specific power are some of the prominent properties of the NCM that has led to the dominance of this segment in the global battery materials market.
- Based on battery type, the lithium-ion batteries segment dominated the market, owing to the rising demand for the electric vehicles and extensive usage of lithium ion batteries in the electric vehicles.
- Based on application, the consumer electronics segment dominated, owing to the huge demand for the battery materials in the production of various electronics such as TVs, desktops, laptops, and smartphones.
Regional Snapshot
Region-wise, Asia Pacific dominated the global battery materials market in 2021. Asia Pacific is characterized with rapid industrialization, rapid urbanization, developing infrastructure, rising disposable income, and presence of huge population. These factors are the major contributors of the battery materials market growth. The presence of huge number of manufacturing units of various consumer electronics and automotive brands has led to the increased consumption of the batteries in this region. China is the manufacturing hub of the world. It is also the largest producer and largest consumer of electric vehicles. Furthermore, the increasing pollution levels, rising concerns related to global warming, and climate change issues has compelled the government to shift towards the electric vehicles. Moreover, it is one of the largest market for consumer electronics owing to the presence of huge population.
North America is anticipated to witness a strong growth during the forecast period. The strict government regulations pertaining to the emissions from vehicles coupled with the increased consumer awareness regarding the benefits of electric vehicles is significantly spurring the demand for the electric vehicles across the region. Moreover, the rising demand for the latest and innovative consumer electronics and rising adoption of the lightweight and rechargeable batteries is significantly driving the growth of the battery materials market in North America.
Market Dynamics
Driver
Surging demand for consumer electronics
The demand for the battery materials is rising rapidly owing to the surging volume of production of electronics such as computers, laptops, mobile phones, TVs, and so on. As per the IBEF, the market value of the global consumer electronics market was over US$426 billion in 2020. The rising adoption of the latest technologies like artificial intelligence and internet of things along with the rapidly growing gaming industry are significantly fostering the demand for the batteries thereby driving the growth of the global battery materials market.
Restraint
Lack of infrastructure
The lack of proper infrastructure and proper regulations is delaying the adoption of the electric vehicles in most of the developing economies. There is a lack of adequate number of charging stations, which is restricting the adoption of the electric vehicles. Therefore, this factor may hinder the market growth during the forecast period.
Opportunity
Rising demand for the electric vehicles
The government in various countries like Canada, Japan, Thailand, and South Korea are offering subsidies to the consumers to buy electric vehicles. The increased government initiatives to accelerate the adoption of the eco-friendly electric vehicles is presenting a lucrative growth opportunities to the market players. The rising demand for EVs across the globe will drive the demand for the battery materials in the forthcoming future.
Challenge
Safety concerns related to batteries in electric vehicles
There is a significant concern among the EV manufacturers and the consumers regarding the safety. The lithium ion batteries used in the EVs highly reacts when it comes in contact with water. It may break fire in the electric vehicle. Therefore, the compromising safety of the consumer is a major challenge among the EV manufacturers that may restrict the adoption of the lithium ion batteries.
Market Segmentation
By Material
- Cathode
- Anode
- Electrolyte
- Separator
By Battery Type
- Lithium-ion
- Lead acid
- Others
By Application
- Automotive
- Consumer Electronics
- Industrial
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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