The Battery Materials Market is projected to grow from USD 43.50 Billion in 2018 to USD 65.78 Billion by 2023, at a CAGR of 8.62% between 2018 and 2023. APAC is expected to lead the global Battery Materials Market during the forecast period.
Different materials are used in the manufacturing of cathode, anode, electrolyte, and separators for different rechargeable batteries. The lead-acid and lithium-ion battery materials account for a major share of the global Battery Materials Market.
Lead-acid is estimated to be the largest battery type segment of the Battery Materials Market in 2018.
This large share can be attributed to its renewability and increasing use in backup power, emergency lighting, utilities, security systems, railway backup systems, oil and gas explorations, renewable energy systems, and other applications. The battery reduces carbon emissions and provides energy that is renewable and recyclable.
APAC is expected to be the largest Battery Materials Market during the forecast period. The Battery Materials Market in the APAC region is majorly driven by the growing demand for battery materials in China. Heavy investments in automotive, electronics, and ESS is the key factor driving the Battery Materials Market in the country.
Government support, the presence of strong manufacturing base, and growing investments by automotive companies in an electric vehicle are driving the Battery Materials Market worldwide.
Sourced from MarketsandMarkets™ report