The global lithium ion battery material market is anticipated to reach a valuation of USD 43.4 billion in 2024, driven by the increasing demand for high-density batteries. This trend is expected to create new market opportunities, leading to a projected compound annual growth rate (CAGR) of 23.9% between 2024 and 2034, ultimately reaching approximately USD 371.0 billion by 2034.
Ensuring the safety of lithium ion batteries is critical for market growth. Investments in developing safer battery chemistries and manufacturing processes contribute to consumer confidence and market adoption.
The proliferation of wearable electronics, such as smartwatches and fitness trackers, relies on compact and lightweight lithium ion batteries. The growing popularity of wearables is contributing to the increased demand for battery materials.
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Advancements in artificial intelligence, the Internet of Things, and smart grid technologies are creating new applications and requirements for energy storage, further driving demand for lithium ion batteries and their materials.
The aerospace industry is exploring electrification for aircraft propulsion and auxiliary power units. Lithium ion batteries offer the high energy density and lightweight characteristics suitable for aerospace applications, thereby driving demand for battery materials.
The trend towards electrification also extends to two-wheeled vehicles, such as motorcycles and bicycles. Electric bicycles and scooters are gaining popularity in urban areas as environmentally friendly and efficient modes of transportation, contributing to the demand for lithium ion batteries.
Research and development efforts focused on improving the performance and stability of anode and cathode materials, such as silicon anodes and high nickel cathodes, are driving innovation in the lithium ion battery material market.
In addition to electric vehicles, stationary energy storage systems for residential, commercial, and utility-scale applications are becoming increasingly important. These systems utilize lithium ion batteries to store excess renewable energy or provide backup power, driving demand for battery materials.
Key Takeaways from the Market Study
- Global lithium ion battery material market was valued at US$ 34.2 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 28.4%.
- The market in Japan is expected to expand at a CAGR of 25.9% through 2034.
- By type, the cathode material segment to account for a CAGR of 23.7% through 2034.
- The market in Korea is expected to expand at a CAGR of 26.1% through 2034.
- In terms of application, the automotive segment to account for a share of 23.5% in 2024.
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“Collaboration among industry players, including battery manufacturers, material suppliers, and technology providers, accelerates innovation and market expansion by combining expertise and resources,” – remarks FMI analyst.
Competitive Landscape
Prominent players in the lithium ion battery material market are Umicore, Targray, LG Chem, BTR New Energy, Shanshan Technology, Showa Denko K.K, Kureha Battery Materials, Mitsubishi Chemical, Asahi Kasei, and Sumitomo Corporation, among others.
Key Developments
• In 2023, BASF collaborated with Nanotech Energy, marking a pivotal step towards the local production of lithium ion batteries in North America with a reduced carbon footprint and locally sourced recycled content.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global lithium ion battery material market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the lithium ion battery material market, the market is segmented on the basis of type (cathode material, anode material, lithium ion battery separator, electrolyte), and application (automotive, grid energy storage, consumer electronics, others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East & Africa).
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