According to Allied Market Research, the global battery material market is expected to exceed $80.5 billion by 2030, registering a CAGR of 5.9% from 2021 to 2030. The battery materials market has been growing at a rapid pace over the last few years. The increase in the usage of lead-acid and lithium-ion (Li-ion) batteries and surge in demand from the consumer electronics and automotive industries are some of the major driving factors of the global battery material market.
Expansion of electric vehicle market, increase in use of consumer electronics such as smartphones and laptops, and collaborative development between miners & battery manufacturers drive the growth of the global battery materials market. However, environmental concern related to mining of metals hinders the market growth. On the other hand, demand for new consumer electronics present new opportunities in the coming years.
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The key players in the battery material industry have been focusing on expanding their business by developing innovative products that could increase overall efficiency. For instance, Umicore, a leading material technology company announced its investment in Solid Power, a major producer of all-solid-state rechargeable batteries for electric vehicles. This investment is expected to develop a low-cost battery and increase the energy density from 50% to 70% as compared to commercially available Li-ion batteries. Moreover, it is lighter and has faster charging times than available alternatives which give an advantage to the automobile sector.
Surge in usage of consumer electronics devices such as smartphones and laptops and collaborations between miners and battery manufacturers drive the growth of the global battery materials market. However, regional concentration of battery metal reserves in few countries such as China that poses the risk of supply shortages and environmental concerns related to metal mining hinder the market growth. On the other hand, rise in electric vehicle production and supportive government policies and financial incentives in terms of grants or tax rebates create new opportunities in the coming years.
Based on type, the lithium ion segment held the highest market share in 2020, accounting for more than half of the global battery materials market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.1% from 2021 to 2030. This is attributed to wide usage of metal in battery production.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global battery materials market.
- The pandemic had disrupted the global mining industry due to shortage of workforce, especially during the initial phase. This led to demand supply gaps, thus hampering the battery production.
- During the pandemic, crude oil prices dropped significantly. Low oil prices reduced the economic viability of the EV adoption as compared to combustion vehicles. This factor affected the global battery materials market growth to some extent.
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To meet end-user demand in the future, market leaders must invest a substantial amount and time in their research. Moreover, the demand for battery materials that offer higher storage capacity at inexpensive costs would increase in the coming years. In addition, the emphasis on creating solutions for recyclable battery packs that can be fixed and resealed without triggering a surface breakdown would increase as concerns about sustainability and the need for cost-effective alternatives grow.
Leading Market Players
- Albemarle
- China Molybdenum Co. Ltd.
- Gan feng Lithium Co., Ltd.
- Glencore PLC
- Livent Corporation
- Norlisk Nickel
- Sheritt International Corporation
- SQM
- Targray Technology International Inc.
- Teck Resources
- Tianqi Lithium
- Vale S.A.
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