Battery Raw Materials Market Size, Share, Growth Analysis, By Type(Lithium Ion, Lead Acid), By Material Type(Cathode, Anode) - Industry Forecast 2024-2031

Report ID: SQMIG15E2507 | Region: Global | Published Date: April, 2024
Pages: 185 | Tables: 65 | Figures: 66

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Battery Raw Materials Market size was valued at USD 50.49 Billion in 2022 and is poised to grow from USD 53.67 Billion in 2023 to USD 87.5 Billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).

The major companies profiled in this report include Asahi Kasei Corporation, BASF SE, ECOPRO, Entek International, Johnson Matthey plc., LG Chem Ltd, NEI Corporation, Showa Denko K.K., Targray Technology International Inc., Toshiba Corporation, Hitachi Chemical Co. Ltd., 3M, Nichia Corporation, Valence Technology, Inc., Mitsubishi Chemical Corporation, Celgard, LLC, and Nippon Denko Co., Ltd. New growth strategies such as inventory expansion, acquisitions, partnerships and research & innovation in optimization and improvement in battery efficiency have led to major advancements in the battery raw materials market growth. 'Asahi Kasei Corporation', 'BASF SE', 'Celgard, LLC', 'ENTEK', 'ITOCHU Corporation.', 'Johnson Matthey', 'Mitsubishi Chemical Corporation.', 'NICHIA CORPORATION', 'Sumitomo Chemical Co., Ltd.', 'Targray Technology International', 'Umicore'

Drives the increasing adoption of electric vehicles (EVs) across the globe as a major factor driving the battery raw materials market. While governments around the world are implementing stricter emissions regulations and promoting a transition to sustainable transport demand for EVs has increased. Lithium-ion battery needs basic components processing plants such as lithium, cobalt and nickel, which increases their demand significantly.

A major factor shaping the battery raw materials market is the increasing focus on sustainability and ethical sourcing practices. Increasing awareness of the environmental and social impacts associated with the production of raw materials has prompted stakeholders in the value chain to offer domestically sourced services which in responsibility has taken precedence. This trend is driving investment in sustainable mining infrastructure, recycling technologies and transparent supply chains, aimed at reducing risk and ensuring battery production produce ethical products as consumers and regulators demand greater responsibility and force companies to adopt sustainable practices, reshaping the battery products market dynamics towards an environmentally responsible future Dati has met with great social responsibility.

Asia-Pacific dominated the battery raw materials market. Due to the large number of consumers of electronics and automotive products in this region, the main demand driver for battery products market is currently dominated by China, which accounts for a significant portion of the value chain of battery products. Battery anodes and cathodes are imported from Chinese and Japanese manufacturers worldwide. For emerging countries like India to emerge as a developing country like India focuses on direct integration of battery products from domestic sources to battery packaging. Government incentives and good policies should be implemented. Additionally, political tensions between the two countries increase the risk of import restrictions that mean scarcity of key battery components. In addition, India is looking to reduce its dependence on imported fuel over the next few years. Such conditions are favorable for local battery manufacturers and research institutes, thus increasing the market for battery-making components. The policies and investments mentioned above are the major drivers for market growth in this segment during the forecast period.

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Battery Raw Materials Market Size, Share, Growth Analysis, By Type(Lithium Ion, Lead Acid), By Material Type(Cathode, Anode) - Industry Forecast 2024-2031

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