Global Battery Material Market is estimated to reach USD 90.4 Billion by 2027Posted by Manik on February 17th, 2020 Battery Material Market: SummaryThe Global Battery Material Market is estimated to reach USD 90.4 Billion by 2027 at a CAGR of 8.5 %, states forencis research (FSR). Battery is referred as device which is designed to provide energy through movement of electrons within a circuit. These flow of electrons is mainly depending on the materials used a cathode, anode or electrolyte in the battery. Battery materials are the materials that carry out reduction and oxidation leading to energy storage or generation. These can be metal or nonmetals or even alloys that focuses on optimizing the overall efficiency of the battery. Battery Material Market: Drivers & Restraints Market Drivers: Rise in Demand for Electric Vehicle The demand for electric vehicles is escalating since few years and is expected to continue the trend in the years to follow. Electric vehicle is gaining more interest owing to higher environmental concerns all over the globe. These electrically driven vehicles are technological advanced, and emits lower Volatile Organic Compounds (VOCs), and possess higher efficiency. In addition to this, favorable government support towards electric vehicles from the developed and emerging nations to minimize the overall hazardous emission leading to climate change is pushing the demand for electric vehicles. Growing Adoption of Smart Devices Higher penetration of the internet across the globe is escalating demand for the smart devices. With growing demand for smart device, there exist more need for lithium battery, which further boost the overall market growth. Increasing technology friendly population, higher internet access with increasing technological advancement leading to emergence of more advanced smart devices is pushing the market growth higher. Higher consumer awareness towards wearable smart devices, is further increasing adoption of the portable batteries, which is anticipated to push the market growth higher. Market Restraints: Strict Legislation for Transportation of Battery Lithium batteries are need for the future, owing increase shift towards portable devices. Hence, the shipment of these batteries are required with higher safety. Transportation of these Li-ion batteries is under strict supervision as batteries contains hazardous, and toxic to living organism. To govern this, certain regulation has been imposed subject to specific packaging, marking, labeling. Packing instructions for air transport of lithium batteries globally is revised under the International Civil Aviation Organization (ICAO), which prohibits transport of the lithium ion batteries as cargo on passenger aircraft. Such restrictions on the battery transport is projected to hamper the overall market growth. Battery Material Market: Key Segments
Key Companies Covered
Battery Material Market: Report Segmentation For the scope of report, In-depth segmentation is offered by Forencis Research Battery Material Market, by Material Nickel Cadmium (Ni-Cd)
Lead acid
Nickel-Metal Hydride(Ni-MH)
Lithium Ion Battery Material Cathode
Anode
Seperator
Battery Material Market, by Application
Battery Material Market, by Region Asia-Pacific
North America
Europe
Middle East and Africa
South America
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