Global battery raw materials market is estimated to value over US$ 68.57 Billion by 2029 end and register a CAGR of over 7.4% during the forecast period 2019-2029.
The battery produces electricity from chemical reactions. It's an electric cell which is vastly used in laptops, households, and cars.
Rising demand for high energy-efficient devices such as digital cameras and camera phones is also driving the growth of the market. The rapid growth of consumer electronic products is propelling the market. Rising demand for an electric vehicle is also triggering the growth of the market. Increasing usage of rechargeable and lightweight batteries in high performing smartphones and laptops is also expanding the market.
The market is bifurcated into on the basis of li-ion battery material, application, and region. On the basis of li-ion battery material, the market is classified into cathode, anode, separator. Nickel cobalt manganese oxide with cathode materials is expected to burgeon the market. It's widely used in electric vehicles and is expected to have a positive influence on the market. Rechargeable lithium-ion batteries are used extensively because of its environmentally friendly feature.
Based on application, the market is segmented into consumer electronics, automotive, grid storage and others. The efforts of governments to reduce fuel consumption by launching incentives for the electric vehicle have fueled the growth of the market. Automotive and consumer electronics is expected to be in the front runner of the market during the forecast period. The rising number of demand for laptops, smartphones, and smart gadgets is elevating the market.
In terms of region, North America is the global leader of the market. The region is full of rich resources and has an ample number of minerals and metal reserves. The rapid demand for consumer electronics and automotive remains the biggest factor behind the expansion of the market in the region. Europe is also expected to contribute to the growth of the market. Europe is predicted to witness a huge demand for lithium-ion and consumer electronics. The Asia Pacific remains the most lucrative market space for manufacturers due to the presence of a large number of processors and assemblers.
Some of the prominent players of the market include VARTA Consumer Batteries GmbH & Co., BYD Company Limited, Battery Technology, Inc., FDK Corporation and LG Chem among others.
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Global Battery Raw Materials Market Segmentation:
By Li-ion battery material
- Consumer electronics
- Grid storage
- North America
- Latin America
- Rest of the World
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● Tier 1 players- established companies in the market with a major market share
● Tier 2 players
● Emerging players which are growing rapidly
● New Entrants
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