“The battery raw materials market value was US$ 57.9 Billion in 2024 and is likely to grow at CAGR of 9.4% in the long run to reach US$ 99.2 Billion in 2030”.
Market Dynamics
Introduction
Battery raw materials are the basic materials required in the formation of batteries especially the lithium-ion technologies applied to gadgets such as smart handsets, EVs, and storage facilities. These are lithium, cobalt, nickel, manganese, and graphite; each of which presents certain desirable characteristics such as energy density, cycle life, and safety. They are mostly mined and refined into forms such as lithium hydroxide or cobalt sulfate etc. Sustainability has become an essential aspect of sourcing because of environmental impacts and social problems with mining, especially cobalt. New chemistries like solid-state or sodium-ion chemistries are being developed to eliminate or decrease dependency on those materials that are rare or have controversies associated with them. These resources are becoming increasingly popular with the increasing demand for EVs and renewable energy, fueling moves to recycle and find new sources.
Recent Market JVs and Acquisitions:
A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:
- In July 2023, BASF completed the creation of a standalone entity named BASF Environmental Catalyst and Metal Solutions (ECMS), carving out its mobile emissions catalysts and precious metals services businesses. This move reflects BASF's broader strategy to prioritize battery materials and recycling, with significant investments of up to €4.5 billion in this field.
- In February 2023, ENTEK, a U.S.-based manufacturer of lithium-ion battery separator materials, collaborated with Brückner Group USA to scale up its production line. The expansion focuses on meeting the rising demand for battery separator films, driven by the growth of electric vehicles and energy storage systems in the U.S.
Recent Product Development:
- In June 2023, Celgard introduced innovations in lithium-ion battery separators, including CyclePlus™ Ceramic Coated Separators, which improve cycle life and minimize contamination. They also launched DuraWet™ and PermaWet™ separators tailored for high-energy-density and low-temperature applications.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Battery Analysis
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Lithium-Ion, Lead Acid, and Other.
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Lead Acid is said to be dominated by battery whereas, Lithium-Ion is one of the fastest growing of the market for battery raw materials market.
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Material Analysis
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Lithium-Ion (Cathode Materials (Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Nickel Manganese Cobalt Oxide (NMC), Lithium Nickel Cobalt Aluminum (NCA) and Lithium Manganese Oxide (LMO)), Anode Materials (Natural Graphite, Artificial Graphite, Amorphous Carbon, Lithium titanate (LTO) and Si Compounds)) and Lead Acid (Electrodes, Electrolyte, Separator, Packaging and Other.
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Electrodes are said to be dominating whereas, Lithium Nickel Manganese Cobalt Oxide (NMC) of the market for battery raw materials market.
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Application Analysis
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Lithium-ion (Consumer Electronics, Automotive, Grid Storage, and Other), Lead Acid (Automotive, UPS, Telecom, and Other), and Other.
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Automotive (Lead Acid) is said to be dominating the market for battery raw materials market.
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Region Analysis
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Asia-Pacific, Europe, North America, and The Rest of the World.
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North America is the largest and Asia-Pacific is the fastest region for the battery raw materials market.
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By Battery Type
“Lead Acid is said to be dominating by battery whereas, Lithium-Ion is one of the fastest growing of the market during the forecast period”.
- The market is segmented into Lithium-Ion, Lead Acid, and Other.
- Lead-acid batteries have the highest demand in battery raw materials largely attributed to auto and industry consumption. Its cost, cycle life and successful recycling make it the go-to material when it comes to energy storage systems. Another support to their leadership is found in the automotive industry, especially in the lead-acid batteries used in starting, lighting, and ignition (SLI).
- Lithium-ion batteries are the second highest growing category due to higher energy density, longer cycle life, and evolutions in usage from EVs, portable electronics, and utility-scale stationary storage systems. Technological progress in lithium-ion chemistry along with an industry-wide demand for clean energy sources is fueling their expansion.
By Material Type
“Electrodes is said to be dominating whereas, Lithium Nickel Manganese Cobalt Oxide (NMC) of the market during the forecast period”.
- The market is segmented into Lithium-Ion (Cathode Materials (Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Nickel Manganese Cobalt Oxide (NMC), Lithium Nickel Cobalt Aluminum (NCA), and Lithium Manganese Oxide (LMO)), Anode Materials (Natural Graphite, Artificial Graphite, Amorphous Carbon, Lithium titanate (LTO) and Si Compounds)) and Lead Acid (Electrodes, Electrolyte, Separator, Packaging and Other.
- In lead-acid batteries, electrodes occupy a significant position and belong to the material market since they are primarily responsible for energy storage and release. They are perfectly suitable for automotive and industrial applications as they are characterized by mature technology, continuous improvement, high actual efficiency, and very long service life.
- Among cathode materials for lithium-ion batteries, LNMCO referred to as Lithium Nickel Manganese Cobalt Oxide has attributed the highest volume as it provides a good combination of energy density, safety, and cost. On the anode side, graphite materials and artificial are more popular due to their availability and better action in energy storage and cycling stability.
By Application Type
“Automotive (Lead Acid) is said to be dominating the market during the forecast period”.
- The market is segmented into Lithium-ion (Consumer Electronics, Automotive, Grid Storage, and Other), Lead Acid (Automotive, UPS, Telecom, and Other), and Others.
- The automotive segment remains the largest contributor to the lead-acid battery industry since lead-acid batteries are still widely used in conventional vehicles for SLI applications and other ancillary systems. Their low costs and the possibility of reuse also add to their superior status in this usage.
- In lithium-ion batteries, the automotive segment has the highest CAGR owing to the rapid adoption of EVs and new policies over clean energy. The increasing need for green mobility solutions has also sharply increased lithium-ion uptake in this segment.
Regional Analysis
“North America is the largest and Asia-Pacific is the fastest region for battery raw materials during the forecast period”.
- North America dominates the battery raw materials market stake due to its strong automotive market, the latest in energy storage technologies, and a vast investment in renewable energy systems. Enhanced R&D and policy support from the government to the development also favor this region’s supremacy.
- Asia-Pacific is growing at the fastest rate because of industrialization, the growth in EV manufacturing companies, and the continuously growing consumer electronics market. China sources investment and resources and South Korea together with Japan is spearheading battery innovation.
Key Players
The market is partially fragmented across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the battery raw materials market:
Here is the list of the Top Players (Based on Dominance)
- Targray
- ENTEK
- BASF Catalysts LLC
- DuPont
- Hitachi, Ltd.
- Nichia Corporation
- Mitsubishi Chemical Group Corporation
- Celgard LLC
- Umicore N.V.
- NEI Corporation
Note: The above list does not necessarily include all the top players of the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global battery raw materials market is segmented into the following categories.
Battery Raw Materials Market, by Battery Type
- Lithium-Ion (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Lead Acid (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Other (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
Battery Raw Materials Market, by Material Type
- Lithium-Ion (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Cathode Materials (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Lithium Iron Phosphate (LFP) (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Lithium Cobalt Oxide (LCO) (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Lithium Nickel Manganese Cobalt Oxide (NMC) (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Lithium Nickel Cobalt Aluminum (NCA) (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Lithium Manganese Oxide (LMO) (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Anode Materials (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Natural Graphite (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Artificial Graphite (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Amorphous Carbon (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Lithium Titanate (LTO) (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Si Compounds (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Lead Acid (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Electrodes (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Electrolyte (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Separator (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Packaging (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Other (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
Battery Raw Materials Market, by Application Type
- Lithium-Ion (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Consumer Electronics (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Grid Storage (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Other (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Lead Acid (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- UPS (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Telecom (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Other (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Other (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
Battery Raw Materials Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s battery raw materials market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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