- Market Size – USD 47.25 Billion in 2019, Market Growth - CAGR of 8.3%, Market Trends –Growing demand for electric vehicles
- High demand for smart devices is one of the significant factors influencing the market growth.
VANCOUVER, British Columbia, Sept. 15, 2020 /PRNewswire/ -- The Global Battery Materials Market is expected to reach USD 89.75 Billion by 2027, according to a new report by Emergen Research. The battery materials market is experiencing rapid growth due to the rising demand for lead-acid and lithium-ion batteries in applications such as consumer electronics, automotive, and grid storage, among others. The demand for lithium-ion batteries has witnessed significant growth, owing to a surge in demand for laptops and smart devices, such as smartphones and tablets, in recent years. The global increase in shipment of smartphones is fuelling the sale of lithium-ion (Li-ion) battery materials, primarily due to the battery's rechargeability features.
The growing demand for lithium-ion batteries for energy storage and renewable energy is a significant factor in driving the battery materials market growth. Battery energy storage systems are deployed for storage of generated electrical power in power plants, mostly renewable power plants. Batteries are beneficial in observing and regulating the electrical energy with precision by helping customers decrease the cost of energy consumption and offer a power pack-up for critical loads. Energy storage systems find widespread usage in commercial and industrial applications.
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Key Highlights From The Report
- By battery type, lead-acid battery, in terms of market size, held the largest market share in 2019. These batteries are used by several end-users owing to the offering of advantages, including better corrosion & gassing resistance, overcharging, and self-discharge protection, as well as cost and energy efficiency.
- By material type, metal & metal oxides contributed to the largest battery materials market share in 2019 and are likely to grow at a rate of 8.1% in the forecast period. These materials are primarily used in making cathode and anode, both of which are required to possess good electrical conductivity, as well as oxidizing or reducing property, respectively.
- By application, consumer electronics contributed to the largest market share in 2019. Growing demand for laptops, UPS, and smart devices, among other consumer electronics devices that require batteries for operation and or portability, is driving the demand for battery materials.
- North America held the second-largest battery materials market share in 2019 and is estimated to grow at a rate of 7.1% in the forecast period. The high demand in the region is due to the growing adoption of electric vehicles, especially in the U.S. Further, the growing storage requirements from renewable energy generation plants are expected to boost market growth.
- Key participants include Asahi Kasei Corporation, Hitachi Chemicals, Umicore, POSCO, Mitsui Mining & Chemical Company, Johnson Matthey, Kureha Corporation, Mitsubishi Chemical Holdings, Toray, and Dow Chemical, among others.
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Emergen Research has segmented the Global Battery Materials Market on the basis of battery type, material type, application, and region:
Battery Type Outlook (Revenue, USD Billion; 2017-2027)
Material Type Outlook (Revenue, USD Billion; 2017-2027)
- Metal & Metal Oxides
- Other Chemical Compounds
Application Outlook (Revenue, USD Billion; 2017-2027)
- Consumer Electronics
- Grid Storage
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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About Emergen Research
At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
With market-leading insights and an in-depth understanding of leading and niche technologies, our solutions address the most pertinent questions for your business needs. A major technological shift has been witnessed towards creating a 'Circular Economy,' fuelled by factors, such as the increased adoption of bio-based materials, along with other methods for achieving carbon neutrality. We are conversant in technologies, viz., Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Robotic Process Automation (RPA), Smart Manufacturing, Internet of Things (IoT), Big Data Analytics, Machine learning, Nanotechnology, Edge Computing, Blockchain Technology, Cloud Computing, Vehicle Electrification, Advanced Maintenance Analytics, and Predictive Maintenance, among other prevalent and emergent technologies.
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