Global Battery Materials Market – Analysis and Forecast To 2024 | Umicore, POSCO, Johnson Matthey, Hitachi Chemical, Toray, BASF SE.

Battery materials are used in the batteries manufacturing. Various materials are used in 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 recent years. The need of improved batteries at a lower cost, improved capacity retention and other factors are driving the market growth across the world.

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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..

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.

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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.

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