Battery materials market worth 65.78 billion USD by 2023: Report

The report “Battery Materials Market by Battery Type (Lead-acid, Lithium-ion), Material (Cathode, Anode, Electrolyte, Separator), Application (Automotive, EVs, Portable Devices, Industrial), and Region (APAC, North America, Europe, RoW) – Global Forecast to 2023″, published by MarketsandMarkets, the market is projected to reach USD 65.78 Billion by 2023 The Battery Materials Market is projected to grow from USD 43.50 Billion in 2018 to USD 65.78 Billion by 2023, at a CAGR of 8.62 percent between 2018 and 2023.

APAC is expected to lead the global Battery Materials Market during the forecast period. Battery material is used in the manufacturing of batteries. Cathode, anode, electrolyte, and separators are the main building blocks of a battery system. Different materials are used in the manufacturing of cathode, anode, electrolyte, and separators for different rechargeable batteries. The lead-acid and lithium-ion battery materials account for a major share of the global Battery Materials Market.

Lead-acid is estimated to be the largest battery type segment of the Battery Materials Market in 2018. This large share can be attributed to its renewability and increasing use in backup power, emergency lighting, utilities, security systems, railway backup systems, oil and gas explorations, renewable energy systems, and other applications. The battery reduces carbon emissions and provides energy that is renewable and recyclable.

Lead dioxide is the cathode material preferred in the manufacturing of lead-acid batteries. The cathode is the largest lead-acid battery materials segment, as it forms the largest portion of any lead-acid battery. Furthermore, the increase in investments in R&D for innovation of materials with high capacity and low price by cathode materials manufacturers to create a balance between high quality and low cost will drive the cathode lead-acid Battery Materials Market during the forecast period.

APAC is expected to be the largest Battery Materials Market during the forecast period. The Battery Materials Market in the APAC region is majorly driven by the growing demand for battery materials in China. Heavy investments in automotive, electronics, and ESS is the key factor driving the Battery Materials Market in the country. Government support, the presence of strong manufacturing base, and growing investments by automotive companies in an electric vehicle are driving the Battery Materials Market worldwide.