BATTERY MATERIALS MARKET ANALYSIS

Battery Materials MarketSize and Trends

The global battery materials market size was valued at US$ 50.6 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 6% from 2023 to 2030. The global battery materials market is witnessing growth on the account of growing consumer disposable income and the need for advanced electronic devices, such as smartphones and laptops that require more battery power to extend operating life. Additionally, the use of electric vehicles is rising, as governments are taking initiatives to reduce carbon emissions and promote a clean environment. These factors are projected to drive the battery materials market growth over the forecast period.

Global Battery Materials Market Trends:

Increasing new product launch is a recent trend

Key players are introducing new product in order to meet the growing demand among end users. For instance, in July 2022, EASPRING launched 6 new advanced battery material products, including three new cathode materials of ultra-high-Ni cobalt free, new mangane-rich cathode, and lithium ferromangan-phosphate, as well as two new system materials of dual-phase composite solid lithium cathode and solid electrolyte.

Increasing EV funding

Government is highly active in the growth of the U.S. electric vehicle market. For instance, in April 2021, the U.S. Department of Energy announced new research funding on three EV charging related topics to boost EV adoption. First was a $10 Billion to develop new technologies and designs to significantly reduce the cost of electric vehicle supply equipment for DC Fast Charging that will be needed in large number to support high volumes of EVs.