Westford USA, Jan. 09, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Battery Materials market, increased adoption of lithium-ion batteries, the development of solid-state batteries, a focus on recycling and sustainability in battery production, the emergence of new materials such as silicon and solid electrolytes, the growth of energy storage solutions for grid applications, and the integration of artificial intelligence and smart technologies for battery management and optimization are the trends that aid in the market's growth.
Browse in-depth TOC on "Battery Materials Market"
- Pages - 157
- Tables - 67
- Figures - 75
Battery materials are the substances that make up the internal components of a battery. They are responsible for storing and releasing electrical energy. Lithium, nickel, cobalt, manganese, and graphite are the most common battery materials.
Prominent Players in Battery Materials Market
- Albemarle
- Asahi Kasei
- BASF
- BYD
- Contemporary Amperex Technology Co., Limited (CATL)
- Glencore
- Johnson Matthey
- Livent
- LG Chem
- Mitsubishi Chemical
- Nickel Industries
- Northvolt
- Panasonic
- Posco
- Samsung SDI
- SK On
- SQM
- Tesla
- Tianqi Lithium
- Umicore
- Vale
- Verkor
- Wesfarmers
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Lithium-ion batteries Demand to Grow Substantially in the Forecast Period
Lithium-ion batteries dominates the global online market as it is one of the highest energy densities among rechargeable batteries, making them ideal for applications where compact, lightweight power sources are needed, such as in electric vehicles and portable electronics.
Electric Vehicle (EV) is the Leading Application Segment
Ongoing research and development efforts in battery technology resulted in batteries with higher energy density, longer lifespan, and faster charging capabilities. Many countries have implemented policies to reduce greenhouse gas emissions and combat air pollution. This led to a growing shift towards electric vehicles as a cleaner and more sustainable transportation option. EVs rely on high-capacity batteries, primarily lithium-ion batteries, to power their electric drivetrains
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North America is the leading Market Due to Technological Advancements
Region-wise, Asia Pacific, particularly China, was a major player in the battery materials market. China had a strong presence in battery manufacturing and was the world's largest producer of lithium-ion batteries. The dominance of Asia-Pacific was driven by its robust manufacturing infrastructure, access to raw materials, and a growing market for electric vehicles and consumer electronics.
A recent report thoroughly analyzes the major players operating within the Battery Materials market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Battery Materials.
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Key Developments in the Battery Materials Market
- Volkswagen established a battery components joint venture with Umicore, a Belgian materials company. This move aligns with the trend among European automakers to localize their battery supply chains as they transition to electric vehicles. The joint venture is valued at USD 2.9 billion.
Key Questions Answered in Battery Materials Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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