Battery materials market to reach $89.27 billion by 2032, driven by demand for electric vehicles

From GlobeNewswire: 2024-12-11 08:00:00

The Battery Materials Market was valued at USD 43.63 billion in 2023 and is projected to reach USD 89.27 billion by 2032, growing at a CAGR of 8.31%. Rising demand for energy storage, driven by the shift to electric vehicles, has boosted lithium and cobalt demand, with hybrid and electric vehicles reducing emissions by up to 89%. Technological advancements in batteries are also fueling market growth.

The Lead Acid batteries segment dominated the market in 2023, with a 62% share due to their reliability and low cost. Lithium-ion batteries are expected to grow rapidly, offering advantages like higher energy density and faster charging. The Cathode segment led in 2023, while the Anode segment is projected to experience the fastest growth, driven by silicon-based innovations.

Asia-Pacific led the battery materials market in 2023, with China as a major lithium producer and EV market. North America is poised for rapid growth due to sustainability initiatives and increasing EV production. Recent developments include CATL’s TECTRANS battery system for commercial vehicles and Panasonic’s contribution to CO₂ reduction through EV batteries. Samsung has unveiled a solid-state EV battery with a 600-mile range and 9-minute charging time, set for mass production by 2027. The company aims to accelerate EV adoption and combat climate change with this breakthrough technology.

A comprehensive battery materials market report outlines production capacity, recycling rates, technological advancements, and end-user analysis. The report also includes a competitive landscape, market segmentation by battery type and application, regional analysis, company profiles, and use cases. For more information, visit the link provided.



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