CHICAGO, Nov. 9, 2023 /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), & Region (APAC, Europe, North America, ROW) - Global Forecast to 2028", is projected to grow from USD 34.2 billion in 2023 to USD 97.5 billion by 2030, at a CAGR of 23.3% from 2023 to 2028. There is a significant increase in demand for electric vehicles and consumer electronics across the globe. This has enhanced the demand for lithium-ion batteries which in return has boosted the market for lithium-ion battery material.
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By battery chemistry, the lithium nickel manganese cobalt oxide (NMC) segment is estimated to be the largest segment of lithium-ion battery materials market during 2023 to 2028.
The lithium nickel manganese cobalt oxide (NMC), by battery chemistry, is projected to be the largest market during the forecast period. This chemistry excels in maintaining a fine equilibrium between high energy density, an extended lifespan, and enhanced thermal resilience, makes lithium nickel manganese cobalt oxide battery suitable for a wide range of applications. The steady rise in electric vehicle needs, coupled with strict environmental standards and ongoing technological breakthroughs, emphasizes the role of NMC that provides reliable, and eco-friendly energy storage solutions.
By material, the cathode material segment is projected to be the largest growing segment of lithium-ion battery materials market during forecast period.
The cathode material segment ranks as the largest growing sector in the Lithium-ion battery materials market. Cathode materials are a key component of lithium-ion batteries, which are widely used in various applications ranging from portable electronics to electric vehicles and grid energy storage systems. The cathode is responsible for storing and releasing lithium ions during charge and discharge cycles. The lithium-ion cathode materials market is further segmented into lithium iron phosphate (LFP), lithium cobalt oxide (LCO), lithium nickel manganese cobalt (NMC), and lithium manganese oxide (LMO).
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By application, the portable devices are projected to account for the second largest-growing segment of the lithium-ion battery materials market during the forecast period.
The portable devices segment is the second largest-growing sector in the lithium-ion battery materials market during the forecast period. The rapid growth in demand for devices such as smartphones, laptops, and wearables, coupled with the rising demand for extended battery life and faster charging, highlights the critical role of lithium-ion batteries in powering these everyday gadgets. Lithium-ion batteries, known for their high energy density, long lifespan, and lightweight design, are the preferred choice for portable electronics.
By region, Asia Pacific is estimated to account for the fastest-growing segment of lithium-ion battery materials market during 2023 to 2028.
Asia Pacific is the fastest-growing segment of the lithium-ion battery materials market due to a enhanced focus for cleaner energy. This region is witnessing a rise in lithium-ion battery materials, particularly those driven by government initiatives like tax incentives & rebates for EV purchases, subsidies for renewable energy projects, etc. The region's expanding consumer electronics industry and renewable energy initiatives contribute towards the demand for lithium-ion battery materials market in the region.
The major players operating in the lithium-ion battery materials market include BASF SE (Germany), Umicore (Belgium), 3M (US), Sumitomo Metal Mining Co., Ltd. (Japan), Resonac Holding Corporation (Japan), POSCO FUTURE M (South Korea), Tanaka Chemical Corporation (Japan), Toda Kogyo Corp. (Japan), LANDF CORP. (South Korea), JFE Chemical Corporation (Japan), SGL Carbon (Germany), NEI Corporation (US), KUREHA CORPORATION (Japan), BTR New Material Group Co., Ltd. (China), UBE Corporation (Japan), among others.
Browse Adjacent Market: Specialty Chemicals Market Research Reports & Consulting
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Battery Materials Market - Global Forecast to 2027
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