Global battery raw material is expected to witness high growth over the forecast period owing to increasing use of portable devices, laptops, household devices, and cars, which are major application areas. Growing lithium batteries demand, mainly for consumer electronic products, is expected to further enhance overall market growth in future.
Developing economies such as India, China, South Korea, and Vietnam are also showing advancements in consumer electronics and automotive industries, which are driving the need for batteries in these products. Therefore, huge demand for batteries in these industries is expected to drive the global demand over the forecast period.
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Battery, mainly lithium, is also finding new applications including hybrid cars, electric vehicles, and plug-in hybrid vehicles. The demand for these innovative transportations is expected to spur over the forecast period owing to the driving need for fuel alternatives for transportation. High need for lithium battery in these systems is expected to drive overall market growth in future.
One of the major issues associated with battery raw material is safety problem. They require high safety during its operating usage, which is expected to hinder the global industry demand over the forecast period. Other major restraint for the market is ultra capacitors.
These capacitors are gaining importance globally as its huge storage capacities are making electrolytic capacitors comparable to rechargeable batteries. Global industry is segmented based on the type and the application. Lithium, magnesium, lead, and cobalt are major battery raw materials.
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Battery manufacturers are expected to experience high raw material prices over the forecast period, which is expected to influence the value chain in future. Type segment includes cathode, electrolyte, anode, and separator.
Based on application, the market is segmented into digital cameras, camcorders, laptops, portable devices, cellular, household devices, automotive, and other. Household devices are the major application segment followed by consumer electronic devices. Automotive segment is expected to grow at a highest growth rate owing to the driving need for battery vehicles.
North America led the global market owing to stringent environment regulations, which has tightened the emission rules coupled with high battery consumption for consumer electronic devices. The regional market is also driven by government initiatives to promote use of battery-based transportation.
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