- The boost to this market in the coming years will be due to expanding production of electric vehicles and growing demand for smart devices
- Asia-Pacific will capture considerable share in the overall battery coating industry
The global battery coating market is estimated to reach $339.4 million by 2026, increasing at a CAGR of 12.2 per cent over 2020-2026 as per a report by Market Study Report. It also said that the battery valuation stood at $151.6 million in 2019.
The boost to this market in the coming years will be due to the expanding production of electric vehicles and the growing demand for smart devices. Another factor is the increasing demand for battery in energy storage applications across the renewable energy and automobile sectors.
Battery coating is a thin film deposition technology used to enhance the electrochemical performance of cathode and anode powder in a battery. It improves operation productivity, and safety while decreasing the deterioration in the battery.
North America will see substantial gains
According to statistics by the International Energy Agency, battery electric vehicles sales increased from 0.23 million units in 2013 to over 3.29 million units in 2018, globally. The report said that EVs stock is anticipated to reach 250 million vehicles by the end of 2030 rising from three million in 2017.
The report said that technological advancements and innovations in the battery materials will create growth opportunities in the market over the time period. It also said that increased high technology cost will affect the growth of the overall market by 2026.
As per the report, North America will see substantial gains in the coming years subject to expansive penetration of smart devices and EVs in the region. Asia-Pacific will capture considerable share in the overall battery coating industry. This is due to demand for new energy storage applications in vehicles, consumer gadgets, and consumer electronics, and growing demand for consumer smart devices and electronics.