The global battery materials market is expected to reach USD 80.5 billion by 2030, registering a CAGR of 5.9% from 2021 to 2030.
PORTLAND, OREGON, USA, March 31, 2022 /EINPresswire.com/ — The battery materials market has grown rapidly over the past few years. Rising use of lead-acid and lithium-ion (Li-ion) batteries and increasing demand from consumer electronics and automotive industries are some of the major driving factors for the global battery materials market. According to Allied Market Research, the global battery materials market is expected to reach $80.5 billion by 2030, registering a CAGR of 5.9% from 2021 to 2030.
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Major announcements and collaborations in the battery materials market:
Major players in the battery materials industry have been focused on expanding their business by developing innovative products that can increase overall efficiency. For example, Umicore, a leading materials technology company, announced its investment in Solid Power, a leading producer of fully solid-state rechargeable batteries for electric vehicles. This investment is expected to develop a low-cost battery and increase energy density by 50% to 70% compared to commercially available Li-ion batteries. Plus, it’s lighter and has faster charging times than available alternatives, giving the automotive industry an edge.
Apart from innovations, several companies have engaged in collaborations to expand their presence in the market. For example, Polarium, a supplier to the energy storage company, has partnered with Northvolt, a European supplier of durable, high-quality battery cells and systems. This collaboration would help companies supply green battery cells to the telecommunications industry. Additionally, according to the CEO of Polarium, this collaboration will help reduce the carbon footprint as the company would manufacture the battery products from the fossil-free production facility with the highest recycling standards. This should help the company maintain a pollution-free environment.
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Similarly, Volvo Car Group, the best-known car brand, announced its joint venture with Northvolt, a Swedish battery leader. The trade deal would allow the companies to build advanced, long-lasting battery cells for Volvo and Polestar vehicles. Additionally, the companies proposed to open a new R&D center in Europe to develop breakthrough batteries and provide an efficient and cost-effective supply chain of long-lasting, high-quality batteries in Europe.
Trends that will drive demand in the future:
With the increase in innovations in the automotive sector, the demand for electric vehicles around the world is bound to increase, which, in turn, increases the need for battery materials. Additionally, technological advancements in the electronics industry have increased innovations in battery materials. On the other hand, the development of solid-state electrolytes and the introduction of sodium-ion batteries would have a direct impact on the growth of the battery materials market in the future.
The Indian government’s recent launch of Faster Adoption, and Manufacturing of (Hybrid &) Electric Vehicles (FAME) has accelerated the growth of the battery materials market in Asia Pacific. In addition, battery materials have seen increased demand in emerging countries due to an increase in industrial applications such as the telecommunications sector, medical equipment and oil drilling.
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To meet end-user demand in the future, market leaders need to invest considerable amount and time in their research. Moreover, the demand for battery materials with higher storage capacity at inexpensive costs would increase in the coming years. Additionally, the focus on creating solutions for recyclable batteries that can be repaired and resealed without initiating surface failure would increase as concerns about durability and the need for cost-effective alternatives increase.
Based on type, the lithium-ion segment accounted for the highest market share in 2020, contributing more than half of the total share, and is expected to maintain its leading status during the forecast period. Moreover, this segment is estimated to have the highest CAGR of 6.1% from 2021 to 2030.
Key players of the global battery materials market analyzed in the research include Albemarle, Gan feng Lithium Co. Ltd., China Molybdenum Co. Ltd., Livent Corporation, Glencore PLC, Sheritt International Corporation, Norlisk Nickel, Targray Technology International Inc. , SQM , Tianqi Lithium, Teck Resources and Vale SA
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