Battery Materials Market predicted to grow from USD 46.14 billion to USD 62.12 billion by 2033.

From GlobeNewswire: 2024-08-09 08:30:00

Exactitude Consultancy, a division of Ameliorate Digital Consultancy, releases comprehensive research report on the Battery Materials Market, predicting growth from USD 46.14 billion in 2024 to USD 62.12 billion by 2033 with a CAGR of 3.42%. Key driver is the rising demand for lithium-ion batteries and the focus on recycling materials, spearheaded by companies like Fortum. As the electric vehicle industry expands worldwide, the need for battery materials is increasing significantly. Initiatives like Advanced Battery Concepts’ responsible battery systems and ENTEK’s expansion plans in the US are shaping the market. The battery materials market is segmented by type, battery type, application, and region, with Lithium-ion batteries dominating the market due to the surge in electric vehicle demand. North America holds a strong market position, while Europe and Asia-Pacific show immense growth potential, particularly in countries like Germany and India. Major players like Volkswagen and POSCO Chemical are investing heavily in research and development to meet the growing demand for battery materials, driving innovation and market expansion.



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