Global Battery Materials Market - Analysis by Major Companies, Segmentation andPosted by pooja karn on February 21st, 2019
Battery materials are used in the batteries manufacturing. Various materials are used in the 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. The global battery materials market is growing at a significant pace in the recent years. The need of improved batteries at lower cost, improved capacity retention and other factors are driving the market growth across the world. Based on application, 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.. 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. 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. Increasing raw material prices for batteries such as magnesium lead, cobalt, and lithium is identified as a major challenge in the growth of battery materials market. For instance, price of cobalt, which is a raw material for lithium-ion batteries rose by 114% in 2017, which could severely affect its demand in the market. The cost of cobalt reached /kg from /kg in 2017, which can pose price challenges to the storage and electric vehicles industries, hindering the market growth. Battery materials market is a high growth market displaying a huge growth prospects in the coming years. Various manufacturing companies, battery makers, research institutions, and others are investing heavily to bring technological advancement in batteries. The major players in the lithium-ion battery market in terms of value are Samsung SDI, LG Chem, SONY, ATL, Tesla, and others. 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. 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. 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. 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. Contact Like it? Share it! More by this author |
