Battery Materials Market to Reach USD 60.61 Billion by 2027; Stoked by Growing Consumer Electronics Worldwide

The global battery materials market size is expected to gain momentum by reaching USD 60.61 billion in 2027. This is attributable to the growing consumer demand for electronics across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Battery Materials Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lithium-Ion, Lead Acid, Others), By Material (Lithium-Ion {Cathode [LCO, NMC, NCA, LMO, LFP]), Anode [Artificial Graphite, Natural Graphite, Others], Electrolyte, Separator, Others), (Lead Acid {Cathode, Anode, Electrolyte, Separator, Others}), By Application, and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 47.75 billion 2019 and is projected to exhibit a CAGR of 5.9% between 2020 and 2027.

BASF Expands Cathode Production Facility in Europe to Strengthen its Global Position

In February 2020, BASF announced its investment in a new battery materials production facility located in Schwarzheide, Germany. The expansion of the facility is aimed to strengthen its position in the global market for electric vehicles. The state-of-the-art facility focuses on the production of cathode active materials (CAM) with an initial capacity of manufacturing around 400,000 electric vehicles every year.

Dr. Peter Schuhmacher, President, BASF, said, “The expansion of the plant will offer our customers access to efficient high-nickel cathode active materials in Finland and Germany.” Such initiatives are expected to contribute to the market growth during the forecast period.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/battery-material-market-101074

Increasing Demand for Consumer Electronics to Augment Growth

High disposable income and technological advancement have propelled the demand for electronic equipment such as mobile phones, TVs, computers, and others. According to IBEF, the global consumer electronics market generated revenue of about USD 426.1 billion in 2020. The presence of a youth population further drives the demand for advanced gaming consoles that is leading the manufacturers to develop innovative battery materials across the globe. This is expected to favor the global battery materials growth during the forecast period.

Product Development by Prominent Companies to Amplify Their Market Positions

The global battery materials market is consolidated by the presence of major companies focusing on developing advanced battery materials to cater to the increasing demand for automotive and electronic industry. Other key players are striving to maintain their presence by acquiring smaller companies that will boost the market growth in the forthcoming years.

Industry Development:

• May 2019 – Glencore and Umicore announced their partnership to supply cobalt hydroxide to develop advanced battery materials. The partnership is expected to strengthen their positions in the global marketplace.

List of the Companies Profiled in the Global Market:

• NICHIA CORPORATION (Tokushima, Japan)


• NEI Corporation (Somerset, U.S.)


• TCI Chemicals (India) Pvt. Ltd. (Chennai, India)


• Targray Technology International (Quebec, Canada)


• Mitsubishi Chemical Holdings (Tokyo, Japan)


• Hitachi Chemical Co., Ltd. (Tokyo, Japan)


• TORAY INDUSTRIES, INC. (Tokyo, Japan)


• Shanghai Shanshan Tech Co., Ltd. (Shanghai, China)


• Kureha Corporation (Tokyo, Japan)


• BASF SE (Ludwigshafen, Germany)


• Asahi Kasei (Tokyo, Japan)


• Umicore Cobalt & Specialty Materials (CSM) (Brussels, Belgium)


• Other Key Players

Further Report Findings:

• Asia-Pacific stood at USD 18.39 billion in 2019 and is expected to hold the highest position in the global battery materials market during the forecast period. This is attributable to the growing demand for battery-based energy storage systems that propels the adoption of advanced battery materials in the region between 2020 and 2027.


• The market in Europe is expected to showcase considerable growth owing to the rising electronics and automotive industries that is likely to boost the demand for innovative battery materials in the region.


• The lead acid segment, based on battery type, held a market share of about 35.10% in 2019 and is likely to experience an exponential growth owing to the availability of high disposable income that is expected to drive the sales of passenger vehicles in countries such as India and China.

Table of Segmentation: