Battery Materials Market Share, Current Trends, key Players and Geographical Overview

Driving Factors

Increasing Demand for Electric Vehicles to Promote Growth

Stringent government regulations to reduce emissions are significantly driving the demand for advanced electric vehicles (EVs). EVs utilize battery materials such as lithium-ion (Li-ion) batteries, known for their stability, rechargeability, high energy density, and excellent voltage capacity. The emphasis on developing energy-efficient vehicles by manufacturers is expected to contribute substantially to the growth of the global battery materials market in the coming years.

Market Segmentation

Lead Acid Segment Held 35.10% Market Share in 2019

In 2019, the lead acid segment, based on battery type, accounted for approximately 35.10% of the market share. This segment is anticipated to grow due to the increasing demand for passenger vehicles, particularly in countries like India and China, which will drive the adoption of advanced battery materials.

Regional Insights

Asia-Pacific

Asia-Pacific held a market value of USD 18.39 billion in 2019 and is expected to dominate the global battery materials market during the forecast period. This growth is attributed to rising consumer spending on electric vehicles in countries such as China, India, South Korea, and Japan.

Europe

The market in Europe is projected to show considerable growth during the forecast period, driven by the growing adoption of advanced battery materials in the automotive and electronics industries in countries like Germany from 2020 to 2027.