Battery Materials Market worth USD 64.3 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Battery Materials Market by Battery Type (Lithium-Ion, Lead Acid, and Others), by End-Use (Automobile Industry, Household Appliances, Electronics Industry, and Others), by Region – Global Share and Forecast to 2027". By 2027, the global battery materials market will reach 64.3 billion from USD 45.6 billion in 2020 and register a CAGR of 5.9% during the forecast period. Battery materials are sourced from mines located in various parts of the world. The supply chain of battery materials is complex, and, hence collaboration between metal mining companies and battery manufacturers will help streamline the production of battery materials. For instance, Nornickel, a global producer of high-grade nickel and a major producer of platinum, cobalt, and copper, signed a term sheet with Johnson Matthey (JM) in 2020 for long-term supply of critical metals for their battery materials production in Finland. Such collaborations and partnerships help in filling the gap between supply and demand.

Global Battery Materials Market Segmentation

The battery materials market has been segmented into components, waste type, method, application, and region.

• By Battery Type (Lithium-Ion, Lead Acid, and Others)
• By End-Use (Automobile Industry, Household Appliances, Electronics Industry, and Others)
• By Region (US, Mexico, Canada, Germany, France, UK, Italy, Spain, China, India, South Korea, Japan, Southeast Asia, Australia, Saudi Arabia, Peru, South Africa, Qatar, UK, Nigeria, Israel, Brazil, Argentina)

The electronics industry, by end-use, is estimated to hold the largest market share during the forecast period

On the basis of end-use, the battery materials market is categorized into the automobile industry, household appliances, electronics industry, and others. The electronics industry segment generated the highest revenue of 51.3% of the total global battery materials market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. The electronic industry is being updated every day, which leads to new types of products. The demand for these new products, such as smartphones, tablets, laptops, digital cameras, handheld video game consoles, and others, is powered using various batteries.

The increase in demand for electronic goods such as smartphones, tablets, laptops, and digital cameras drives the demand for various batteries. The electronic industry is constantly updated as new technologies are being added to the before model to generate huge revenue for these companies. The rapid development in various countries to develop their infrastructure is expected to provide a good opportunity to increase the growth of this market. Various national plans to develop renewable energy sources and smart cities boost the demand for batteries. These factors are anticipated to boost the market of the battery material market during the forecast period.

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The Asia Pacific accounts for the largest market share in the battery materials market in 2020

Based on the regions, the global battery materials market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 37.2% in the global battery materials market and was anticipated to maintain its dominance throughout the forecast period. Chinese labor is cheaper than most countries, which has allowed it to dominate the various market, mainly battery production. However, Chinese dominance in the battery materials market is due to abundant reserves and production capacity. In addition to domestic sourcing, China relies on importing battery materials such as Lithium from Australia.

Moreover, India has emerged as one of the largest markets for battery materials, owing to the huge demographic of consumers for electronic products and automotive. Presently, a major share of the battery material value chain is dominated by China. Battery anodes and cathodes are imported from Chinese and Japanese manufacturers. India needs to focus on vertical integration of battery materials, from domestic sourcing to battery packing, to emerge as a key player in decarbonization. Government incentives and favorable policies need to be implemented.

Moreover, a political conflict between the two countries increases the risk of import restrictions which means a shortage of key battery materials. In addition, India foresees reducing its fuel import dependency over the next few years. Such conditions are conducive for the local battery manufacturers and research institutes, thus boosting the growth of the battery materials market.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the battery materials market. Some of the major companies in the battery materials market are China Molybdenum Co. Ltd., Glencore PLC, Albemarle, Gan Feng Lithium Co. Ltd., Norlisk Nickel, Sheritt International Corporation, Livent Corporation, Tianqi Lithium, Targray Technology International Inc., SQM, Teck Resources, and Vale S.A.

Browse complete report: https://www.marketstatsville.com/battery-materials-market

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