A recent Future Market Insights report identifies the surging demand for energy storage across diverse industries, including electric vehicles, wearables, aerospace, and stationary systems, as the key driver propelling the Lithium-Ion Battery Material Market at a robust 23.9% CAGR. Download a complimentary sample for deeper insights.
NEWARK, Del., March 18, 2024 /PRNewswire/ -- The global lithium ion battery material market is anticipated to reach a valuation of US$ 43.4 billion in 2024, driven by increasing demand for high density batteries.
The trend is expected to create new opportunities for the market, leading to a projected CAGR of 23.9% between 2024 and 2034, and reaching a total valuation of approximately US$ 371.0 billion by 2034.
Download the Sample PDF report to explore key market insights and trends: https://www.futuremarketinsights.com/reports/sample/rep-gb-19277
Ensuring the safety of lithium ion batteries is critical for market growth. Investments in developing safer battery chemistries and manufacturing processes contribute to consumer confidence and market adoption.
The proliferation of wearable electronics, such as smartwatches and fitness trackers, relies on compact and lightweight lithium ion batteries. The growing popularity of wearables contributes to the demand for battery materials.
Advancements in artificial intelligence, Internet of Things, and smart grid technologies create new applications and requirements for energy storage, driving demand for lithium ion batteries and their materials.
The aerospace industry is exploring electrification for aircraft propulsion and auxiliary power units. Lithium ion batteries offer high energy density and lightweight characteristics suitable for aerospace applications, driving demand for battery materials.
The electrification trend extends to two wheeled vehicles such as motorcycles and bicycles. Electric bicycles and scooters are gaining popularity in urban areas as environmentally friendly and efficient modes of transportation, contributing to the demand for lithium ion batteries.
Research and development efforts focused on improving the performance and stability of anode and cathode materials, such as silicon anodes and high nickel cathodes, are driving innovation in the lithium ion battery material market.
Besides electric vehicles, stationary energy storage systems for residential, commercial, and utility scale applications are becoming increasingly important. The systems utilize lithium ion batteries to store excess renewable energy or provide backup power, driving demand for battery materials.
Report Scope
Attribute | Details | ||
Estimated Market Size in 2024 | US$ 43.4 billion | ||
Projected Market Valuation in 2034 | US$ 371.0 billion | ||
Value-based CAGR 2024 to 2034 | 23.9 % | ||
Forecast Period | 2024 to 2034 | ||
Historical Data Available for | 2019 to 2023 | ||
Market Analysis | Value in US$ billion | ||
Key Market Segments Covered | Segmentation Analysis of the Lithium Ion Battery Material Market By Type:
By Application:
By Region:
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Key Countries Profiled |
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Key Companies Profiled |
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Key Takeaways from the Market Study
- Global lithium ion battery material market was valued at US$ 34.2 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 28.4%.
- The market in Japan is expected to expand at a CAGR of 25.9% through 2034.
- By type, the cathode material segment to account for a CAGR of 23.7% through 2034.
- The market in Korea is expected to expand at a CAGR of 26.1% through 2034.
- In terms of application, the automotive segment to account for a share of 23.5% in 2024.
"Collaboration among industry players, including battery manufacturers, material suppliers, and technology providers, accelerates innovation and market expansion by combining expertise and resources," remarks by Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape
Prominent players in the lithium ion battery material market are Umicore, Targray, LG Chem, BTR New Energy, Shanshan Technology, Showa Denko K.K, Kureha Battery Materials, Mitsubishi Chemical, Asahi Kasei, and Sumitomo Corporation, among others.
Key Developments
- In 2023, BASF collaborated with Nanotech Energy, marking a pivotal step towards the local production of lithium ion batteries in North America with a reduced carbon footprint and locally sourced recycled content.
Purchase now and gain full access to the Lithium Ion Battery Material Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global lithium ion battery material market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the lithium ion battery material market, the market is segmented on the basis of type (cathode material, anode material, lithium ion battery separator, electrolyte), and application (automotive, grid energy storage, consumer electronics, others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East & Africa).
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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