Albany, New York, Oct. 18, 2018 (GLOBE NEWSWIRE) -- According to a recent report compiled by Transparency Market Research (TMR), the competitive landscape of the global battery materials market is presumed to show notable growth owing to efforts made by the manufacturers in order to produce cost efficient materials for batteries. Battery materials are used for automotive, marine, locomotive, and aerospace transportation. The demand for battery materials will thus keep increasing due to the continuous need and demand in various other industries associated with batteries.
Major players of the global battery materials market are American Elements, Sumitomo Metal Mining Industries Limited, FMC Corporation, Mitsubishi Chemical Holdings Corporation, and Asahi Kasei Corporation. Players noticed that the high cost of batteries could hamper the growth of the market therefore manufacturers started focusing on producing new batteries that are cost efficient without degrading the quality of the material.
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As per the TMR report, the global battery materials market is prognosticated to be worth US$13.70 bn between 2017 and 2025. The CAGR is estimated to be 13.6% by the end of 2025. The market has seen a noteworthy growth from US$4,419 mn as per the 2016 records. Based on application, the market is projected to be dominated by the secondary batteries. In terms of end-use segment, the consumer goods, especially that of electronic and electric devices is expected to be contributing huge shares to the market in the coming years.
Asia Pacific to Overtake Market with Trending Electric Vehicles
A major factor fueling the growth of the battery material market is the ascending sale of portable mobiles and PC’s that create lucrative demand for different battery materials. Apart from that, the transport sector consisting of locomotive, aerospace, marine and automotive transport is also increasing demand for battery materials in the global market.
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From a geographical perspective, the global market for battery materials is seen to be holding an important position in the regions of Middle East and Africa, Latin America, Asia Pacific, Europe and North America. Among these, the region that is anticipated to produce larger share of revenue to the overall market is North America. The market in North America is seen to be more beneficial because of the strict rules and regulations related to vehicular emissions that are harmful for both the body and environment is creating an urgency in demand for battery powered electrical vehicles. More revenue is generated from the U.S. as it is in the forefront of adopting new technological advancement and move forward towards a better world. Following the trails of North America is Europe in terms of maximum revenue shares.
On the other side, the developing regions of China is seen to have larger production with time and thus help Asia Pacific overtake the market in both Europe and North America. This is due to the fact that China is adapting the trend of electric vehicles at a very fast pace and this in turn, is also helping to reduce the level of pollution to some extent.
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High Cost of Production to Hamper Market Growth
Although the market for battery materials is seen to be accelerating with the advent of time, the fact that the raw materials for manufacturing these batteries come at a very expensive rate may hamper the overall growth of the market in the near future.
However, continuous efforts made by major players to overcome this high cost of production issue and the fact that they do not cause any environmental pollution or hazard may be projected to stimulate the growth of the overall market in the years to come.
The information presented in this review is based on a TMR report, titled, “Battery Materials Market (Material - Anode (Lithium, Cobalt, Lead, Carbon, Graphite, and Magnesium), Cathode (Manganese Dioxide, Lithium Manganese Oxide, Lead Dioxide, Lithium Cobalt Oxide, Nickel Manganese Cobalt, Nickel Cobalt Aluminum, and Lithium Ferrophosphate), Electrolyte (Ammonium Chloride, Zinc Carbon, Alkali Metal Hydroxide, and Sulfuric Acid), and Binders; Application - Primary Batteries and Secondary Batteries; End-use - Transportation (Automotive, Aerospace, Locomotive, and Marine), Consumer Goods (Electrical and Electronic Devices), and Industrial (Energy Storage and Tools and Equipment)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”.
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The global battery materials market has been segmented as follows:
Global Battery Materials Market by Material
- Anode
- Lithium
- Cobalt
- Lead
- Carbon
- Graphite
- Magnesium
- Cathode
- Manganese Dioxide
- Lithium Manganese Oxide
- Lead Dioxide
- Lithium Cobalt Oxide
- Nickel Manganese Cobalt
- Nickel Cobalt Aluminum
- Lithium ferrophosphate
- Electrolyte
- Ammonium Chloride
- Zinc Carbon
- Alkali Metal Hydroxide
- Sulfuric Acid
- Binders
Global Battery Materials Market by Application
- Primary Batteries
- Secondary Batteries
Global Battery Materials Market by End-user
- Transportation
- Automotive
- Aerospace
- Locomotive
- Marine
- Consumer Goods
- Electrical and electronic devices
- Industrial
- Energy Storage
- Tools & equipment
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