Battery Raw Material Market Size (2024 - 2029)

The battery raw materials market is experiencing significant growth, driven by the expanding use of these materials in the automotive and consumer electronics sectors. Despite challenges posed by stringent safety regulations regarding battery storage and transport, the market's expansion is supported by increased research and development in vanadium flow technology and the rising demand for portable electronics. The Asia-Pacific region, particularly countries like China and India, is leading the market due to the high consumption of automotive and consumer electronics batteries. The market's recovery post-COVID-19 is attributed to the resumption of economic activities across various industries, which has revitalized the supply chains for battery raw materials.

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Market Size of Battery Raw Material Industry

Battery Raw Material Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 58.70 Billion
Market Size (2029) USD 97.23 Billion
CAGR (2024 - 2029) 10.62 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Battery Raw Material Market Major Players

*Disclaimer: Major Players sorted in no particular order

Battery Raw Material Market Analysis

The Battery Raw Material Market size is estimated at USD 58.70 billion in 2024, and is expected to reach USD 97.23 billion by 2029, growing at a CAGR of 10.62% during the forecast period (2024-2029).

The COVID-19 pandemic disrupted the battery materials market. Lockdown measures, factory closures, and restrictions on movement led to disruptions in mining operations, ore processing facilities, and logistics networks, impacting the supply of raw materials. The resumption of economic activities across industries, including automotive, electronics, and energy, contributed to the recovery of the battery raw materials market.

  • The market for battery raw materials is proliferating due to the increasing use of these products in the automotive and consumer electronics sectors.
  • However, the growth of the battery raw materials market is expected to be hampered by strict safety regulations for batteries through storage and transport.
  • The rising research and development activities in vanadium flow technology and increasing demand for portable electronics and consumer devices are expected to provide opportunities for the battery raw material market in the coming years.
  • The growing consumption of automotive and consumer electronics batteries in countries such as China and India is driving Asia-Pacific to dominate the global market.

Battery Raw Material Industry Segmentation

Battery raw materials refer to the primary elements and compounds used in the production of batteries. These materials are essential for manufacturing various types of batteries, including lithium-ion batteries, lead-acid batteries, and nickel-metal hydride batteries. The raw materials that are selected depend on the specific battery chemistry, performance requirements, and intended application.

The battery raw material market is segmented by battery type, material, application, and geography. By battery type, the market is segmented into lead-acid, lithium-ion, and other battery types (nickel-metal hydride (NiMH) and solid-state batteries). By material, the market is segmented into cathode, anode, electrolyte, and separator. By application, the market is segmented into consumer electronics, automotive, industrial, telecommunication, and other applications (renewable energy storage). The report also covers the market size and forecasts for the battery raw material market in 18 countries across major regions. For each segment, the market sizing and forecasts were made on the basis of value (USD).

By Battery Type
Lead-acid
Lithium-ion
Other Battery Types (Nickel-metal Hydride (NiMH), and Solid-state Batteries)
By Material
Cathode
Anode
Electrolyte
Separator
By Application
Consumer Electronics
Automotive
Industrial
Telecommunication
Other Applications (Renewable Energy Storage)
By Geography
Asia-Pacific
China
India
Japan
South Korea
Thailand
Malaysia
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Turkey
Russia
NORDIC
Rest of Europe
Rest of the World
South America
Middle East and Africa
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Battery Raw Material Market Size Summary

The battery raw materials market is experiencing significant growth, driven by the increasing demand in the automotive and consumer electronics sectors. The market's expansion is largely attributed to the rapid adoption of electric vehicles, which require substantial quantities of lithium-ion batteries. This surge in EV sales globally has led to a heightened demand for essential raw materials such as lithium, cobalt, nickel, and graphite. The Asia-Pacific region, particularly countries like China, Japan, South Korea, and India, is at the forefront of this growth, benefiting from its robust manufacturing infrastructure and substantial consumption of battery raw materials. The region's dominance is further bolstered by the expanding electric vehicle market and the development of EV charging infrastructure, which supports the growing fleet of electric vehicles and aligns with clean energy policies.

Despite the promising growth prospects, the battery raw materials market faces challenges, including stringent safety regulations governing the storage and transport of batteries. However, ongoing research and development in technologies like vanadium flow batteries and the increasing demand for portable electronics present opportunities for market expansion. The market is characterized by a mix of large and small players, with major companies such as Umicore, Asahi Kasei Corporation, Johnson Matthey, Sumitomo Chemical Co. Ltd, and Mitsubishi Chemical Corporation playing pivotal roles. Collaborative efforts, such as those between Iveco Group and BASF for battery recycling solutions, and partnerships like Celgard and C4V for lithium-ion battery technology advancements, are expected to drive innovation and sustainability in the market.

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Battery Raw Material Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand from Consumer Electronics

      2. 1.1.2 Rising Application in Automotive Industry

    2. 1.2 Restraints

      1. 1.2.1 Stringent Safety Regulations for Batteries through Storage and Transportation

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 By Battery Type

      1. 2.1.1 Lead-acid

      2. 2.1.2 Lithium-ion

      3. 2.1.3 Other Battery Types (Nickel-metal Hydride (NiMH), and Solid-state Batteries)

    2. 2.2 By Material

      1. 2.2.1 Cathode

      2. 2.2.2 Anode

      3. 2.2.3 Electrolyte

      4. 2.2.4 Separator

    3. 2.3 By Application

      1. 2.3.1 Consumer Electronics

      2. 2.3.2 Automotive

      3. 2.3.3 Industrial

      4. 2.3.4 Telecommunication

      5. 2.3.5 Other Applications (Renewable Energy Storage)

    4. 2.4 By Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Thailand

        6. 2.4.1.6 Malaysia

        7. 2.4.1.7 Indonesia

        8. 2.4.1.8 Vietnam

        9. 2.4.1.9 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 France

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Spain

        6. 2.4.3.6 Turkey

        7. 2.4.3.7 Russia

        8. 2.4.3.8 NORDIC

        9. 2.4.3.9 Rest of Europe

      4. 2.4.4 Rest of the World

        1. 2.4.4.1 South America

        2. 2.4.4.2 Middle East and Africa

Battery Raw Material Market Size FAQs

The Battery Raw Material Market size is expected to reach USD 58.70 billion in 2024 and grow at a CAGR of 10.62% to reach USD 97.23 billion by 2029.

In 2024, the Battery Raw Material Market size is expected to reach USD 58.70 billion.

Battery Raw Materials Market Report Snapshots

Battery Raw Materials Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)