Battery materials consist of several metals such as lithium, graphene, nickel, lead, coppers, manganese, and aluminum, among others. Additionally, it involves two types mainly cathode materials and anode materials. The cathode materials include lithium iron phosphate, lithium cobalt oxide, lithium manganese oxide, and lithium nickel cobalt aluminum oxide. The anode materials are generally graphite.
The global battery materials market size is expected to reach USD 60.61 billion by 2027 while exhibiting a CAGR of 5.9% between 2020 and 2027. This is attributable to the increasing demand for electric vehicles and the favorable government regulations that promote the adoption of green energy sources that will favor the adoption of advanced Battery materials across the globe. This information is published by Fortune Business Insights, in its latest report. The report further mentions that the market stood at USD 47.75 billion in 2019 and is projected to gain momentum in the forthcoming years.
Disruption in Procurement of Raw Materials amid COVID-19 to Limit Growth Prospects
The global pandemic, COVID-19, has led to significant disruption in the supply chain across the globe. This has completely paralyzed the growth prospects of several industries. The difficulty in procurement of raw materials amid the novel coronavirus has led to major delays in production and manufacturing activities across the automotive, logistics, and electronics sector. This is likely to hinder the growth of the market to some extent. However, once the condition improves the market will showcase considerable growth in the forthcoming years.
Increasing Demand for Electric Vehicles to Promote Growth
The stringent government regulations to limit the emission norms are propelling the demand for advanced electric vehicles. The EVs consists of Battery materials such as Li-ion batteries that are stable and can be recharged several hundred times. Additionally, they posses high energy density, along with excellent voltage capacity, compared to other rechargeable batteries. Therefore, the increasing focus on developing energy-efficient automotive by the manufacturers is expected to contribute to the growth of the global Battery materials market in the forthcoming years.
Key Considerations for Market Forecast:
- Impact of Pandemic, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
Lead Acid Segment Held 35.10% Market Share in 2019
The lead acid segment, based on Battery type, held a market share of about 35.10% in 2019 and is expected to gain momentum owing to the increasing demand for passenger vehicles that is likely to surge the adoption of advanced Battery materials in countries such as India and China.
Increasing Consumer Spending on Electric Vehicles in Asia-Pacific to Favor Growth
Among all the regions, Asia-Pacific stood at USD 18.39 billion in 2019 and is expected to hold the highest position in the global Battery materials market during the forecast period. This is attributable to the rising consumer spending on electric vehicles in countries such as China, India, South Korea, and Japan in the region.
The market in Europe is expected to showcase considerable growth during the forecast period. This is ascribable to factors such as the growing adoption of advanced Battery materials from automotive and electronics industries in countries such as Germany between 2020 and 2027.
Facility Expansion by Major Players to Develop Advanced Battery Products
The global Battery materials market is fragmented by the presence of several major players that are focusing on expanding their facility to develop innovative Battery materials to improve their efficiency and shelf life. Adoption of strategies such as merger and acquisition, collaboration, and partnership by key companies is further expected to contribute to the growth of the market in the forthcoming years.
The study Battery materials Market offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
- What are the major recent trends Battery materials Market that can influence the product life cycle and the RoI?
- Which regulatory trends shape corporate-level, Business-level, and functional-level strategies?
- Which micro Market initiatives of leading players will bring in investments in Battery materials Market?
- What can be the best Battery materials Market framework and tools for PESTLE analysis?
- Which regions will witness rise in Battery materials Market’s new opportunities?
- Which are the game-changing technologies being used to capture new revenue streams in the near future Battery materials Market?
- Which operational and tactical frameworks are being adopted by various players in Battery materials Market gaining customer loyalty?
- What is the Battery materials Market current and expected intensity of competition the Market in the near future?
Originally posted 2022-03-05 08:47:00.