The global battery materials market is growing at a significant pace in recent years. The need for improved batteries at a lower cost, improved capacity retention and other factors are driving the market growth across the world.

Based on battery type, the battery material market is segmented into lead-acid and lithium-ion. The lead-acid battery type held the larger share in the market, which is attributed to the increasing use of these batteries in backup power, utilities, emergency lighting, security systems, oil and gas explorations, renewable energy systems, and others.

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Based on application, the battery materials market is segmented into automotive, electric vehicles, portable devices, and industrial. The automotive industry is the largest consumers of batteries, making it the major consumer of battery materials, thus the category hold the largest share in the market.

Growing demand of batteries in automotive sector and consumer electronics segment, growing penetration of electric vehicles are the major factors driving the battery materials market growth. The demand of smart devices, consumer electronics is increasing at a fast rate in the market which is acting as a growth driver in the global market.

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.

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.

Source: VynZ Research