The global battery materials market is predicted to grow at a CAGR of 16.3% during the forecast period of 2023 to 2030. Rising demand for electric vehicles (EVs), portable gadgets, electronics products, and industrial settings will drive the market for battery materials. Consumer electronics, industrial production, and transportation all offer opportunities for battery materials. Increasing demand for electric vehicles, portable gadgets, and energy storage devices is driving this market's growth.
Lead-acid batteries are widely used as a power source for automobiles, which has contributed to their low cost and high availability. This has increased the volume of used lead-acid batteries and the pollution they produce. Lead is harmful to both the environment and humans, thus recycling and trash disposal of lead-acid batteries is a big concern. Recent research and development have focused on recovering lead from spent lead-acid batteries. Scientific discoveries have created lead-acid batteries made of over 80% recycled lead battery components. Lead-acid batteries are the most eco-friendly energy storage source.
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Every nation seeks clean energy to reduce its carbon footprint. Battery technology helps meet emission standards. Subsidies, new laws, and stronger carbon emission restrictions are helping electric automobiles everywhere. China has led the world in electric vehicle sales in recent years. China sold 3.3 million more cars in 2021 than the rest of the globe in 2020, driving the electric vehicle market. Using recycled materials for Li-ion batteries is an emerging commercial trend. Fortum, a clean energy provider, recycles 80% of its Li-ion materials. It changed the battery value chain for industrial and electric automobile applications. The company's industrial-scale and low-CO2 processing processes recover nickel, cobalt, and manganese from spent batteries. Hydrometallurgical recycling uses chemical precipitation to recover rare materials for reuse in new batteries. This is "recycling." In the future, the market is expected to be driven by recycling.
Lead, the main basic ingredient in lead-acid batteries contributes more than 60% to battery quality. Heavy metal lead contaminates the lead-acid battery supply chain. Ineffective management can cause environmental contamination, endangering human health. The continuous evolution and improvements in the automotive sector are driving global demand for electric vehicles. Rising government concern for a greener environment has increased demand for zero-emission electric automobiles. Favorable government rules include subsidies, tax refunds, and new car registration. The growing desire to reduce carbon emissions and the development of speedy and advanced charging stations may enhance sales of electric vehicles, boosting product demand. The increasing popularity of electric buses in India and China has also boosted the commercial electric industry.
Rising demand for computers, TVs, mobile phones, and other devices has boosted the electronics industry output. IBEF expects the worldwide consumer electronics market will be valued at 426.1 billion USD by 2020. Technology and the gaming business may fuel the consumer electronics market. Smartphones, computers, smart electronic devices, digital cameras, and tablets are expected to boost the market growth.
Most EVs use lithium-ion batteries, and charging infrastructure is key to the industry's long-term viability. Electric vehicles can only be operated in a limited location due to a lack of charging infrastructure. Several countries intend to extend charging infrastructure soon. Lack of charging infrastructure could postpone the deployment of electric vehicles, slowing the industry's growth. Automakers said they have no intentions to stop making combustion engines in India. The company said it will be difficult to launch electric passenger vehicles in India without a strong charging infrastructure. This was about the Indian market. Due to the high cost and poor demand for electric vehicles, manufacturers and power companies aren't investing in charging infrastructure. This hinders industry growth. Lead is the battery's principal electrolyte. Lead is a hazardous substance that, when inhaled or consumed, can cause nervous system damage, retarded mental and physical development, difficulty focusing and learning, etc. This drug requires specialized understanding, safety measures, and training.
Lithium is the metal utilized most in battery manufacturing, hence lithium-ion held most of the battery materials market in 2021. This segment is expected to increase at a 6% CAGR during the projection period. As electric vehicle demand grows over the projection period, lithium-ion is expected to be the most lucrative submarket. It's used in portable electronics because of its color memory effect, low self-discharge rate, and high energy density. Consumer electronics, the car sector, and industrial environments employ it. As a response to government programs to preserve the environment and reduce carbon emissions, most automakers are focusing on producing electric vehicles. International demand for lead-acid batteries is driven by their reliability, convenience, abuse tolerance, overcharging tolerance, and capacity to produce large currents, among other traits. Lead acid is expected to create a lot of market revenue throughout this projected period. The rise of automobile manufacturing hubs in Germany, the UK, Brazil, the US, China, India, and Japan will drive market growth. Lead-acid batteries have a cathode, anode, separator, and electrolyte. High discretionary income in China and India and more passenger automobiles sold should boost the entire market. According to the BCI, 99% of all lead batteries have been recycled.
Electronics led the battery materials market in 2021 with a 5.8% CAGR. The growing use of lithium-ion batteries in consumer gadgets is expected to drive market growth. A growing population, parity in purchasing power, and a shift in lifestyle preferences will raise industry demand for sophisticated electronic gadgets. Governments around the world are putting more emphasis on digitalization, and encouraging customers to utilize electronic gadgets effectively is key to expanding existing markets. Battery power for wireless devices is in high demand, giving battery developers a large market.
The automobile industry category includes the usage of batteries in addition to electric cars, so it is expected to grow faster during the projected period. This market category is predicted to expand at the highest CAGR of 6.2% due to the increased demand for electric vehicles.
In 2021, cathode material dominated the market, and this trend is expected to continue. The anode is lead metal and the cathode is lead dioxide in a lead-acid battery. Temperature and duty cycle affect lead-acid battery efficiency, which is between 75% and 85% for DC-to-DC cycling. This range is flexible.
Asia-Pacific had the largest market share and fastest growth in 2020. China will have the largest share of the Asia-pacific battery materials market throughout this period. The Asia Pacific is expected to be the most promising region. The region's growing domestic and export manufacturing is driving demand for battery materials. Domestic or worldwide sales are possible. China's economic superpower is driving demand for battery materials. In 2021, China sells 3 million electric vehicles, and the market is strong in 2023's first quarter. Demand for electric vehicles (EVs) in China is expected to boost the market for battery materials over the forecast period. The rapid adoption of electric vehicles and increased consumer electronics sales are expected to boost the North American industry. The U.S. government wants investors in renewable energy and electric vehicles. This is increasing demand for battery-based energy storage devices, especially lithium-ion batteries, which will predominantly drive regional growth through 2030. During the analyzed period, Europe's market is expected to grow significantly. Germany's rising technology and automotive industries may create lucrative battery industry expansion potential.
NICHIA Corporation, NEI Corporation, TCI Chemicals, Umicore, BASF SE, Asahi Kasei, and Hitachi Chemical are key industry players. Most manufacturing businesses, battery manufacturers, and research institutes are spending substantially on the technological developments of these batteries, which will create long-life, high-power density, environmentally friendly, high-performance, and low-cost batteries. These batteries can be recharged before being replaced. Dr. Hun-Gi Jung and his colleagues at the Korea Institute of Science and Technology produced silicon anode materials in February 2020. These materials will boost battery capacity and allow 80% charge in five minutes. These batteries might double the range of electric vehicles. Albemarle, China Molybdenum Co. Ltd., Gan feng Lithium Co. Ltd., Glencore PLC, Livent Corporation, Norlisk Nickel, Sheritt International Corporation, SQM, Targray Technology International Inc., Teck Resources, Tianqi Lithium, and Vale S.A. are other important players in this industry.
