The global battery raw materials market size is expected to reach USD 68.57 billion by 2025 at a 7.4% CAGR during the forecast period, according to a new report by Grand View Research, Inc. The industry is anticipated to grow on account of technological advancements and innovations in batteries used in external power generating systems.
Battery manufacturers lay greater emphasis on sourcing materials with mining and processing of raw materials undertaken by major companies operating in the market. The industry is characterized by presence of stringent regulatory framework with regulations imposed on mining, processing, assembling, packaging, shipping, and waste disposal.
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Rechargeable lithium ion batteries are used extensively in comparison to conventional lead acid batteries due to emergence of environmental concerns. In addition, growth in use of renewable sources of energy such as solar is expected to result in heightened demand for lithium batteries.
The lead acid battery industry is predominantly saturated and the scope for growth of the technology used in the product is relatively limited as a result. Diminishing application scope and concerns regarding use of carcinogenic materials in lead batteries are also expected to limit industry growth.
Further key findings from the study suggest:
- By material, LTO is expected to be the fastest growing segment, in terms of volume, registering a CAGR of 22.1% from 2018 to 2025 owing to lesser recharging time required by the material for reuse
- On the basis of application, the automotive segment is anticipated to exhibit the fastest growth, registering a CAGR of 14.1% from 2018 to 2025 on account of proliferation of a number of major and medium scale companies focused on manufacturing electric vehicles
- Cathode materials used in lead acid battery are expected to exhibit a growth of CAGR of 6.3%, in terms of revenue from 2018 to 2025, on account of growing number of innovations and technological advancements in electrode materials in a bid to increase operational efficiency
- Key companies engaged in the industry customize battery production in line with application. Companies involved in manufacturing operate across the globe through extensive distribution networks.
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Grand View Research has segmented the global battery raw materials market on the basis of li-ion battery material, lead acid battery material, other battery material, application, and region.
Li-Ion Battery Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- Natural Graphite
- Artificial Graphite
- Amorphous Carbon
- Si Compounds
- Packaging Material
Lead Acid Battery Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Other Batteries Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Li-Ion Battery Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- Consumer Electronics
- Grid Storage
Lead Acid Battery Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- South Korea
- Rest of the World
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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