Global Battery Chemicals Market

Battery Chemicals Market: Overview

According to Custom Market Insights (CMI), The Global Battery Chemicals Market  Size was estimated at around USD 72.31 billion in 2021 and is expected to reach USD 78.98 billion in 2022 growing at a CAGR of nearly 8.8% from 2022 to 2030. The market is projected to reach approximately USD 163.13 billion by 2030.

The battery chemicals Market offers a comprehensive and deep evaluation of the market stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis.

Certain components, including metals and chemicals, are necessary to construct batteries and impact their price. Manganese (cathode), potassium, and zinc (anode) are the chemicals that make up around 60% of the battery. Rechargeable secondary batteries are made of nickel-hydrogen, lithium-ion, and nickel-cadmium. Because of their great energy density, lithium-ion batteries are widely employed in the automotive, industrial, and consumer electronics industries. The increased demand for materials for cathode batteries results from Li-ion batteries’ improved compatibility and dependability.

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Battery Chemicals Market: Growth Drivers

Some main factors driving current global sales of battery chemicals include the growing electric vehicle market, increased use of consumer electronics like smartphones, tablets, laptops, and gaming consoles, and cooperative development between miners and battery makers. Increased EV manufacturing globally has increased demand for battery components, including lithium, cobalt, and nickel.

In reality, there may be a scarcity of these essential components in the future due to a huge growth in battery output. The switch to renewable energy and the increase in the price of crude oil has helped to increase the sales of electric vehicles worldwide. Favorable government policies and financial incentives, like subsidies or tax breaks, help to increase EV sales. To attain zero carbon emissions, all nations are searching for clean energy.

The development of battery technology aids in meeting emission standards. Several nations push EVs through subsidies, policy changes, and carbon emission regulations. The demand for electric vehicles has expanded globally over the last several years, and China is the market leader. The demand for EVs is mostly driven by China, which sold 3.3 million more cars in 2021 than the entire globe in 2020.

However, the long-term thirst for new consumer devices will increase battery output. Electronic gadgets like smartphones, tablets, and laptops need larger batteries to increase their operating lives and support ever-more-advanced features. Moreover, due to the low cost of internet data plans, there will be a rise in the need for batteries.

Similarly, as income grows, consumer electronics consumption will also expand, propelling the market for battery materials throughout the projected period. Major battery manufacturers work with battery material suppliers to enhance the supply of battery chemicals that are anticipated to experience scarcity to create new battery technologies. All these reasons drive upstream metal mining for battery metals, expanding the worldwide market for battery chemicals.

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Battery Chemicals Market: Regional Analysis

The Asia-Pacific held the biggest market share of the total battery chemicals market. Throughout the projection period, Asia Pacific is anticipated to maintain high growth. The region’s need for battery materials is driven by the steady increase in the production of goods for domestic use and export. With rising demand for battery chemistry, China is a major industrial center.

Battery Chemicals Market: Recent developments

• May 2022: The joint venture between POSCO Chemical and General Motors has been completed, according to the company’s announcement. Its name is Ultium CAM, and Quebec, Canada, will be its location. For the creation of the joint venture, the two businesses are each contributing $327 million (USD) (JV). GM’s Ultium Cells, LLC operations in the US will receive most of the material produced by the Ultium CAM JV’s yearly production of thousands of tons.
• April 2022: A long-term strategic supply deal for EV cathode materials in Europe has been inked by Umicore and Automotive Cells Company (ACC), a partnership comprising Stellantis, Mercedes-Benz, TotalEnergies, and its subsidiary Saft. Future large-scale European battery factories will get next-generation high-nickel cathode materials from Umicore’s greenfield manufacturing facility in Nysa, Poland.
• The first cathode materials factory in Europe, owned by Umicore, will open in Nysa in 2021. The factory will employ four hundred workers when it begins commercial production in the second quarter of 2022. In addition to building Gigafactories in France and Germany, ACC recently revealed intentions to build a third one in Italy.

Key Players:

• Albemarle
• China Molybdenum Co. Ltd.
• Gan feng Lithium Co. Ltd.
• Livent Corporation
• Norlisk Nickel
• Sheritt International Corporation
• SQM
• Glencore PLC
• Targray Technology International Inc.
• Teck Resources
• Tianqi Lithium
• Vale S.A.

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The global Battery Chemicals market is segmented as follows:

By Chemicals

• Cathode
• Anode
• Electrolyte

By Battery Type

• Lead Acid Batteries
• Lithium Ion Batteries
• Others

By Application

• Automotive
• Consumer Electronics
• Household appliances
• Others

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America

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