The global battery materials market size is expected to reach USD 60.61 billion by 2027 while exhibiting a CAGR of 5.9% between 2020 and 2027. This is attributable to the increasing demand for electric vehicles and the favorable government regulations that promote the adoption of green energy sources that will favor the adoption of advanced battery materials across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Battery Materials Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lithium-Ion, Lead Acid, Others), By Material (Lithium-Ion {Cathode [LCO, NMC, NCA, LMO, LFP]), Anode [Artificial Graphite, Natural Graphite, Others], Electrolyte, Separator, Others), (Lead Acid {Cathode, Anode, Electrolyte, Separator, Others}), By Application, and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 47.75 billion in 2019 and is projected to gain momentum in the forthcoming years.
Disruption in Procurement of Raw Materials amid COVID-19 to Limit Growth Prospects
The global pandemic, COVID-19, has led to significant disruption in supply chain across the globe. This has completely paralyzed the growth prospects of several industries. The difficulty in procurement of raw materials amid the novel coronavirus has led to major delays in production and manufacturing activities across the automotive, logistics, and electronics sector. This is likely to hinder the growth of the market to some extent. However, once the condition improves the market will showcase considerable growth in the forthcoming years.
Battery materials consist of several metals such as lithium, graphene, nickel, lead, coppers, manganese, and aluminum, among others. Additionally, it involves two types mainly cathode materials and anode materials. The cathode materials include lithium iron phosphate, lithium cobalt oxide, lithium manganese oxide, and lithium nickel cobalt aluminum oxide. The anode materials are generally graphite.
What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
DRIVING FACTORS
Increasing Demand for Electric Vehicles to Promote Growth
The stringent government regulations to limit the emission norms are propelling the demand for advanced electric vehicles. The EVs consists of battery materials such as Li-ion batteries that are stable and can be recharged several hundred times. Additionally, they posses high energy density, along with excellent voltage capacity, compared to other rechargeable batteries. Therefore, the increasing focus on developing energy-efficient automotive by the manufacturers is expected to contribute to the growth of the global battery materials market in the forthcoming years.
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https://www.fortunebusinessinsights.com/industry-reports/battery-material-market-101074
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