DELRAY BEACH, Fla.,
Sept. 11, 2024 /PRNewswire/ -- The
report "Lithium-ion Battery Materials
Market by Battery Chemistry (LFP, LCO, NMC, NCA, LMO),
Material (Cathode, Anode, Electrolyte), Application (Portable
Device, Electric Vehicle, Industrial, Power Tool, Medical Device),
& Region - Global Forecast to 2029", is projected to grow
from USD 41.9 billion in 2024 to
USD 120.9 billion by 2029, at a CAGR
of 23.6% during the forecast period. The lithium-ion battery
materials market refers to the industry that manufactures and
supplies necessary components for lithium-ion batteries, which are
important for a variety of applications due to their high energy
density and efficiency. This market includes a variety of materials
such as cathodes, anodes, electrolytes, and separators, all of
which contribute to the functionality of lithium-ion batteries.
These batteries have numerous uses, including portable electronics
such as smartphones, laptops, and tablets, as well as electric
vehicles (EVs) and energy storage systems that promote renewable
energy integration.
Browse in-depth TOC on "Lithium-ion Battery Materials
Market"
273– Tables
65– Figures
210–
Pages
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The electric vehicles segment is expected to account for the
largest share of the lithium-ion battery materials market, by
application, during the forecast period, in terms of value.
By application, the electric vehicles segment is estimated to
have the largest market share by value. Due to the growing global
demand for cleaner transportation alternatives, the electric
vehicles (EVs) segment is predicted to account for most of the
lithium-ion battery materials market in terms of value. Electric
vehicles rely largely on lithium-ion batteries for energy
storage, as they provide high energy density, long range, and rapid
charging periods, all of which are critical to vehicle performance.
As governments throughout the world impose stringent emissions
rules and provide incentives to promote electric mobility, the car
industry is rapidly moving from internal combustion engines to
electrically powered vehicles. This shift increases demand for
lithium-ion batteries, which raises the demand for high-value
minerals including lithium, nickel, cobalt, and graphite, and this
in turn drives the market for lithium-ion battery materials.
By battery chemistry, the lithium nickel manganese cobalt
segment is expected to account for the largest market share during
the forecast period in terms of value.
Based on battery chemistry, the lithium nickel manganese cobalt
segment is estimated to account for the largest share of the market
during the forecast period. The lithium nickel manganese
cobalt sector is expected to account for the
largest share of the lithium-ion battery materials market due
to its superior balance of energy density, power, and lifespan,
making it the preferred choice for a wide range of applications.
These batteries are highly sought after in the electric
vehicle (EV) market, where they provide an ideal balance of
performance, safety, and cost-effectiveness, allowing for longer
driving ranges and faster charging times. The combination of
nickel, manganese, and cobalt in the cathode material improves
battery performance and stability, making this
battery chemistry suitable for both automotive and energy
storage applications. As demand for electric vehicles develops
due to worldwide efforts to decrease carbon emissions, so does the
demand for high-performance lithium nickel manganese
cobalt batteries, adding to the segment's dominance in the
lithium-ion battery materials market in terms of value.
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Cathode materials, by material, is expected to account for
the largest segment during the forecast period.
Based on material, cathode materials segment is expected to
account for the largest share during forecast period in terms of
value. As the cathode is a critical component that directly
influences the battery's capacity, energy density, and overall
performance, it is likely to have the largest share of the
lithium-ion battery materials market. Cathode materials such as
lithium, nickel, manganese, cobalt, and other compounds are
critical in determining the battery's power and efficiency. As
electric vehicles (EVs) and energy storage systems need more
capacity and longer battery life, advanced and high-performing
cathode materials become increasingly important.
Asia Pacific is projected to
register the largest market share during the forecast
period.
Asia Pacific is estimated to
lead the market during the forecast period. The Asia-Pacific region is expected to have the
largest market share in the lithium-ion battery materials market
due to numerous factors. This region is home to significant battery
manufacturers and has emerged as a global hub for lithium-ion
battery production, with China,
South Korea, and Japan at the forefront. The region's strong
demand for electric cars (EVs) and consumer electronics, together
with government regulations that promote green energy and electric
mobility, is propelling the lithium-ion battery industry
forward.
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Market Players
Some of the leading players in the global lithium-ion
battery materials market include Umicore (Belgium), Sumitomo Metal Mining Co., Ltd.
(Japan), BASF SE (Germany), POSCO Future M (South Korea), and Tanaka Chemical Corporation
(Japan), among others.
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