The global battery materials market is growing at a significant pace in recent years. The need of improved batteries at a lower cost, improved capacity retention and other factors are driving the market growth across the world.

Battery materials are used in the batteries manufacturing. Various materials are used in manufacturing for different rechargeable batteries. The continuous growth in portable electronics and change in the motor vehicle industry is going to have a strong impact on the battery materials demand, particularly in developing countries.

Also, the renewability factor is also contributing in the market growth, as batteries are extensively used for the renewable energy storage and increasing investment in the renewable energy is driving the demand of these materials for battery manufacturing.

The battery material market is segmented into lead-acid and lithium-ion. The lead-acid battery type held the larger share in the market, which is attributed to the increasing use of these batteries in backup power, utilities, emergency lighting, security systems, oil and gas explorations, renewable energy systems, and others.

The battery materials market is segmented into automotive, electric vehicles, portable devices, and industrial. The automotive industry is the largest consumers of batteries, making it the major consumer of battery materials, thus the category hold the largest share in the market.

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The demand of smart devices, consumer electronics is increasing at a fast rate in the market which is acting as a growth driver in the global market. The demand of consumer electronics is mainly driven by the increasing working population, rising household incomes, expanding middle class, and increasing disposable income, resulting in increasing batteries demand, which in turn is driving the demand of materials used in battery manufacturing.

Growing demand of batteries in automotive sector and consumer electronics segment, growing penetration of electric vehicles are the major factors driving the battery materials market growth.

Additionally, with the rise in population of these countries, the demand of electronic devices such as tablets, smartphones, laptops, and others are also increasing at a fast rate, which is also driving the market growth in the region.

Also, the use of batteries is increasing for the purpose of renewable energy storage which is among the major factors influencing the battery materials market growth in the region, as the Asian countries are investing significantly in developing renewable energy resources.

Asia-Pacific accounts for the largest share in the battery materials market, due to the rising demand of battery energy systems in the developing countries such as China and India.

Umicore, Mitsubishi Chemical Holdings, POSCO, Johnson Matthey, Hitachi Chemical, Kureha Corporation, Sumitomo Corporation, Toray, BASF SE, DowDuPont Inc., Sowa Denko, and Ube Industries Ltd., are some of the key players operating in the battery materials industry.

Source: VynZ Research