The battery materials market is projected to grow from USD 43.50 billion in 2018 to USD 65.78 billion by 2023, at a CAGR of 8.62% between 2018 and 2023. The growing demand for battery materials for various battery types, such as lead-acid, lithium-ion, and others, is expected to fuel the growth of the battery materials market. However, stringent environmental regulations are expected to restrain the growth of the battery materials market during the forecast period.
The lithium-ion segment is projected to be the fastest-growing battery type segment of the battery materials market during the forecast period.
The lithium-ion segment is expected to be the fastest-growing battery type segment of the battery materials market during the forecast period.Automobile manufacturers have started focusing on EVs, as several countries and their governments have taken initiatives towards a green environment and lower CO2 emission.
The growing use of EVs and the use of portable electronic devices are likely to drive the lithium-ion battery materials market during the forecast period.
Rising demand from APAC is a key factor that is expected to drive the battery materials market.
The APAC region is expected to witness the highest growth during the forecast period.The growth of this market is driven by the high demand for battery energy in APAC countries.
The high demand for battery from the automotive sector due to the increase in the use of EVs and industrial sectors powered by usage in telecom, railways, power, and other industrial applications are driving the battery materials market in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted. The break-up of the primary interviews is given below:
• By Company Type: Tier 1 – 32%, Tier 2 – 38%, and Others – 30%
• By Designation: C-level – 42%, Director-level – 31%, and Others – 27%
• By Region: North America – 59%, Europe – 19%, APAC – 12%, RoW – 10%
Note: Others includes sales managers, marketing managers, and product managers.
RoW includes countries from the Middle East, Africa, and South America.
Tiers of companies are defined based on their total revenues in 2016: Tier 1 = >USD 1 billion, Tier 2 = USD 100 million to USD 1 billion, and Tier 3
Key companies profiled in this market research report include Umicore (Belgium), Asahi Kasei (Japan), Mitsubishi Chemical Holdings (Japan), POSCO (South Korea), Johnson Matthey (UK), Hitachi Chemical Company (Japan), Kureha Corporation (Japan), Sumitomo Corporation (Japan), Toray Industries (Japan), and Mitsui Mining & Smelting (Japan), among others.