Battery materials are used in the batteries manufacturing. Various materials are used in the manufacturing for different rechargeable batteries. The continuous growth in portable electronics and change in the motor vehicle industry is going to have a strong impact on the battery materials demand, particularly in developing countries. The global battery materials market is growing at a significant pace in the recent years. The need of improved batteries at lower cost, improved capacity retention and other factors are driving the market growth across the world.
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Increasing raw material prices for batteries such as magnesium lead, cobalt, and lithium is identified as a major challenge in the growth of battery materials market. For instance, price of cobalt, which is a raw material for lithium-ion batteries rose by 114% in 2017, which could severely affect its demand in the market. The cost of cobalt reached $95/kg from $32/kg in 2017, which can pose price challenges to the storage and electric vehicles industries, hindering the market growth.
Battery materials market is a high growth market displaying a huge growth prospects in the coming years. Various manufacturing companies, battery makers, research institutions, and others are investing heavily to bring technological advancement in batteries. The major players in the lithium-ion battery market in terms of value are Samsung SDI, LG Chem, SONY, ATL, Tesla, and others.
Asia-Pacific accounts for the largest share in the battery materials market, due to the rising demand of battery energy systems in the developing countries such as China and India. Also, the use of batteries is increasing for the purpose of renewable energy storage which is among the major factors influencing the battery materials market growth in the region, as the Asian countries are investing significantly in developing renewable energy resources. Additionally, with the rise in population of these countries, the demand of electronic devices such as tablets, smartphones, laptops, and others are also increasing at a fast rate, which is also driving the market growth in the region.
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Also, at the global level, the materials have high demand and the manufacturing of these material is led by the Asian countries such as China, Japan, South Korea, and others. The industry players are looking for cheap materials due to the demand of low-cost batteries, thus, the players are shifting their bases to Asia-Pacific in order to take advantage of low-cost labor and cheap raw material.
Umicore, Mitsubishi Chemical Holdings, POSCO, Johnson Matthey, Hitachi Chemical, Kureha Corporation, Sumitomo Corporation, Toray, BASF SE, DowDuPont Inc., Sowa Denko, and Ube Industries Ltd., are some of the key players operating in the battery materials industry.
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