Battery Materials Market 2022-2030:
Battery materials are essential components used in manufacturing primary and secondary batteries. These batteries, in turn, have major applications in end-use industries such as automobiles, electronics, electrical grids, and power storages. Batteries have much lower specific energy than common fuels such as gasoline.
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Some of the prominent factors that positively influence the growth of the battery materials market are increasing demand for batteries from automobile industries, rising demand for electronic gadgets, and increasing urbanization. Increasing urbanization along with rising per capita disposable income in developed and emerging economies are predicted to drive the growth of the market over the forecast period, 2022 to 2030.
Some of the prominent players operating in the global battery materials market are 3M Company (U.S.), BASF SE (Germany), ENTEK International LLC (U.K), Ecopro Co., Ltd. (South Korea), Hitachi Chemical Company, Ltd. (Japan), E. I. du Pont de Nemours and Company (U.S.), Celgard, LLC (U.S.), The Dow Chemical Company (U.S.), Mitsubishi Chemical Corporation (Japanese), Solvay S.A. (Belgium) and Nippon Denko Co., Ltd. (Japan) among others.
Additionally, high adoption rate along with the increasing number of power plants to meet the energy requirement for the ever-growing population is driving the market. Moreover, continuous expansion of automotive sector as well as shifting the focus of the manufacturers towards gasoline free transport by adopting electric vehicles run by batteries is estimated to fuel the growth of the market during the review period, 2022 to 2030. However, growing environmental concern regarding the toxic effect of chemicals used in battery materials along with the implementation of strict regulations is predicted to hinder the market growth over the assessment period, 2021 to 2030.
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The global battery materials market is categorized on the basis of type, application, end use industry, and region.
On the basis of the type, the market is bifurcated into cathode, anode, electrolyte, separator, binders, packaging material.
On the basis of the application, the battery materials market is categorized into primary batteries, secondary batteries, and others.
On the basis of the end use industry, the market is segmented into electronics, automobiles, power storages, and others.
On the basis of the region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Asia Pacific is estimated to be the largest battery materials market followed by North America and Europe due to the strong existence of battery materials manufacturers coupled with the highest number of millennial population. In Europe, Germany, Russia, and Spain are predicted to register a strong growth on account of tremendous demand for battery materials in battery manufacturing for the automobiles.
In Asia Pacific, countries such as China, India, and South Korea are the fastest growing market for battery materials and is estimated to grow at the same pace over the forecast period. Improving living standards along with the flourishing growth of electronics industry is predicted to contribute to the regional market growth.
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In North America, the market is expected to grow to moderate CAGR owing to the presence of high innovation and technology in battery materials manufacturing. In Latin America, Mexico is expected to register strong growth due to the robust presence of automobile manufacturers.