The continuous growth in portable electronics and change in the motor vehicle industry is going to have a strong impact on the battery materials demand, particularly in developing countries. The global battery materials market is growing at a significant pace in recent years. The need of improved batteries at a lower cost, improved capacity retention and other factors are driving the market growth across the world.
Based on battery type, the battery material market is segmented into lead-acid and lithium-ion. The lead-acid battery type held the larger share in the market, which is attributed to the increasing use of these batteries in backup power, utilities, emergency lighting, security systems, oil and gas explorations, renewable energy systems, and others.
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Based on application, the battery materials market is segmented into automotive, electric vehicles, portable devices, and industrial. The automotive industry is the largest consumers of batteries, making it the major consumer of battery materials, thus the category hold the largest share in the market.
Growing demand of batteries in automotive sector and consumer electronics segment, growing penetration of electric vehicles are the major factors driving the battery materials market growth. The demand of smart devices, consumer electronics is increasing at a fast rate in the market which is acting as a growth driver in the global market.
Asia-Pacific accounts for the largest share in the battery materials market, due to the rising demand of battery energy systems in developing countries such as China and India. Also, the use of batteries is increasing for the purpose of renewable energy storage which is among the major factors influencing the battery materials market growth in the region, as the Asian countries are investing significantly in developing renewable energy resources.
Also, at the global level, the materials have high demand and the manufacturing of these materials is led by Asian countries such as China, Japan, South Korea, and others. The industry players are looking for cheap materials due to the demand of low-cost batteries, thus, the players are shifting their bases to Asia-Pacific in order to take advantage of low-cost labor and cheap raw material.
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Umicore, Mitsubishi Chemical Holdings, POSCO, Johnson Matthey, Hitachi Chemical, Kureha Corporation, Sumitomo Corporation, Toray, BASF SE, DowDuPont Inc., Sowa Denko, and Ube Industries Ltd., are some of the key players operating in the battery materials industry.