According to Custom Market Insights (CMI), The Global Battery Chemicals Market was estimated at around USD 72.31 billion in 2021, growing at a CAGR of nearly 8.8% from 2022 to 2030. The market is projected to reach approximately USD 163.13 billion by 2030.
The battery chemicals Market offers a comprehensive and deep evaluation of the market stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis.
Browse the full “Battery Chemicals Market Size, Trends and Insights By Chemicals (Cathode, Anode, Electrolyte), By Battery type (Lead Acid Batteries, Lithium Ion Batteries, Others), By Application (Automotive, Consumer Electronics, Household appliances, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/global-battery-chemicals-market/
Battery Chemicals Market: Overview
Certain components, including metals and chemicals, are necessary to construct batteries and impact their price. Manganese (cathode), potassium, and zinc (anode) are the chemicals that make up around 60% of the battery. Rechargeable secondary batteries are made of nickel-hydrogen, lithium-ion, and nickel-cadmium. Because of their great energy density, lithium-ion batteries are widely employed in the automotive, industrial, and consumer electronics industries. The increased demand for materials for cathode batteries results from Li-ion batteries’ improved compatibility and dependability.
Some main factors driving current global sales of battery chemicals include the growing electric vehicle market, increased use of consumer electronics like smartphones, tablets, laptops, and gaming consoles, and cooperative development between miners and battery makers. Increased EV manufacturing globally has increased demand for battery components, including lithium, cobalt, and nickel.
In reality, there may be a scarcity of these essential components in the future due to a huge growth in battery output. The switch to renewable energy and the increase in the price of crude oil has helped to increase the sales of electric vehicles worldwide. Favorable government policies and financial incentives, like subsidies or tax breaks, help to increase EV sales. To attain zero carbon emissions, all nations are searching for clean energy.
The development of battery technology aids in meeting emission standards. Several nations push EVs through subsidies, policy changes, and carbon emission regulations. The demand for electric vehicles has expanded globally over the last several years, and China is the market leader. The demand for EVs is mostly driven by China, which sold 3.3 million more cars in 2021 than the entire globe in 2020.
However, the long-term thirst for new consumer devices will increase battery output. Electronic gadgets like smartphones, tablets, and laptops need larger batteries to increase their operating lives and support ever-more-advanced features. Moreover, due to the low cost of internet data plans, there will be a rise in the need for batteries.
Similarly, as income grows, consumer electronics consumption will also expand, propelling the market for battery materials throughout the projected period. Major battery manufacturers work with battery material suppliers to enhance the supply of battery chemicals that are anticipated to experience scarcity to create new battery technologies. All these reasons drive upstream metal mining for battery metals, expanding the worldwide market for battery chemicals.
The market for battery chemicals is segmented into the chemicals type, battery type, and application. According to the chemical type, the lithium-ion cathode chemicals segment is expected to increase quickly. Since a few years ago, sales of lithium-ion battery cathodes have increased. Recent advancements in battery technology, the use of lithium-ion battery cathodes in electric vehicles, and the development of lithium-ion batteries for next-generation consumer electronic products & services, namely medical wearables, are all factors driving the market for lithium-ion battery cathodes.
The global market is divided into lead acid batteries, lithium-ion batteries, and others, depending on the battery. The growing demand for electric cars will likely make the lithium-ion sector the leading segment throughout the forecast period. Due to its color memory effect, minimal self-discharge, and high energy density, it is employed in portable electronic gadgets. It is widely used in consumer electronics, transportation, manufacturing, and other fields. As governments in numerous nations have made steps to promote a green environment and reduce carbon emissions, most automotive manufacturers are concentrating on developing electric cars.
As customers continue to switch to electric cars, the automotive application category is predicted to continue leading the market until the conclusion of the projection period. Automotive applications will occupy a large portion of the market throughout the anticipated period. The market is driven by an increase in vehicle electrification due to a global uptick in automotive sales and production.
The Asia-Pacific held the biggest market share of the total battery chemicals market. Throughout the projection period, Asia Pacific is anticipated to maintain high growth. The region’s need for battery materials is driven by the steady increase in the production of goods for domestic use and export. With rising demand for battery chemistry, China is a major industrial center.
|Feature of the Report
|Market Size in 2021
|USD 72.31 billion
|Projected Market Size in 2030
|USD 163.13 billion
|CAGR Growth Rate
|8.8% CAGR (2022-2030)
|Albemarle, China Molybdenum Co. Ltd., Gan feng Lithium Co. Ltd., Livent Corporation, Norlisk Nickel, Sheritt International Corporation, SQM, Glencore PLC, Targray Technology International Inc., Teck Resources, Tianqi Lithium, Vale S.A., and Others
|By Chemicals, Battery type, Application, and Region
|Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
|North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
|Request tailored purchasing options to fulfil your requirements for research.
Key Players Insights
The players have implemented various strategies to expand the global Battery Chemicals Market. The study contains a thorough competitive analysis of the major battery chemicals market participants and information on their company overviews, recent developments, and vital business strategies.
- China Molybdenum Co. Ltd.
- Gan feng Lithium Co. Ltd.
- Livent Corporation
- Norlisk Nickel
- Sheritt International Corporation
- Glencore PLC
- Targray Technology International Inc.
- Teck Resources
- Tianqi Lithium
- Vale S.A.
The global Battery chemicals market is segmented as follows:
Battery Chemicals Market by Chemical Type
- Cathode Battery Chemicals
- Anode Battery Chemicals
- Electrolyte Battery Chemicals
By Battery Type
- Nickel Cadmium Batteries
- Zinc Carbon Batteries
- Lead Acid Batteries
- Lithium Ion Batteries
- Alkaline Batteries
Battery Chemicals Market by End Use
- Automotive Industry
- Consumer Electronics
- Household Appliances
- Security & Monitoring Systems
- Utilities & Backup Power
On the basis of Geography
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America