Lithium-ion Battery Materials Market Global Forecast to 2028 – Increasing Demand from Electric Vehicle Applications to Drive Market

Dublin, Dec. 05, 2023 (GLOBE NEWSWIRE) — The “Lithium-ion Battery Materials Market by Battery Chemistry (LFP, LCO, NMC, NCA, LMO), Material (Cathode, Anode, Electrolyte), Application (Portable Device, Electric Vehicle, Industrial), & Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.

The Lithium-ion battery materials market is projected to grow from USD 34.2 billion in 2023 to USD 97.5 billion by 2028, at a CAGR of 23.3% from 2023 to 2028. The market for lithium-ion battery materials is witnessing growth across different regions. Asia Pacific and North America are prominent markets. North America is growing rapidly due to increase in electric vehicle adoption and a growing renewable energy sector, while Asia Pacific is driven by electric vehicle expansion and a strong consumer electronics market, reflecting a strong demand for lithium-ion battery materials market.

By battery chemistry, the lithium iron phosphate (LFP) segment accounted for the second-largest share in the lithium-ion battery materials market in 2022.

The lithium iron phosphate (LFP) segment held the second-largest share in 2022. These lithium iron phosphate (LFP) battery chemists are known for their ability to maintain performance over a long time, which makes them a reliable choice for applications that require sustained power, particularly in stationary energy storage systems and electric buses. Additionally, their stable thermal behavior ensures they don’t overheat, enhancing their safety in various uses. With a robust and enduring performance, LFP chemistry addresses safety concerns and offers cost-effective solutions for projects that require reliability and resilience.

By material, the electrolyte material accounted for the second-largest share in the lithium-ion battery materials market in 2022.

The electrolyte material held the second-largest share in 2022. These materials facilitate the flow of ions between the battery’s anode and cathode, allowing for efficient energy storage and release. Their significance is increased as the market experiences a rise in electric vehicles and renewable energy projects, where battery safety and performance are crucial. Electrolyte materials that offer high ionic conductivity, thermal stability, and non-flammable characteristics are particularly in demand, contributing to their substantial market presence. Electrolyte materials are essential for the evolving lithium-ion battery landscape, offering solutions that align with the growing needs of clean energy and transportation sectors.

By application, the portable devices segment accounted for the second-largest share in the lithium-ion battery materials market in 2022.

The portable devices held the second-largest share in 2022. The fast growth of smartphones, laptops, and wearables, coupled with the ever-increasing demand for longer battery life and faster charging, enhances the importance of lithium-ion batteries. These batteries power everyday gadgets, offering high energy density, extended cycle life, and lightweight design, making them the ideal choice for portable electronics.

The Lithium-ion battery materials market in North America accounted for the second-largest share in 2022.

North America was the second-largest consumer of lithium-ion battery materials market in 2022. The region has witnessed a remarkable growth in electric vehicle (EV) adoption, propelled by growing environmental consciousness, government incentives, and increasing consumer demand for sustainable transportation. This surge in EV production and infrastructure development has driven substantial demand for Lithium-ion batteries. Furthermore, North America’s growing consumer electronics sector and the ongoing expansion of renewable energy projects emphasize the importance of lithium-ion battery materials. The collective influence of these factors positions North America as a vital region in the Lithium-ion battery materials market.

Market Dynamics

Drivers

• Growth in Production of Lithium-Ion Batteries
• Surge in Demand for Consumer Electronics

Restraints

• Safety Concerns Regarding Usage of Gadgets or Items Installed with Lithium-Ion Batteries
• Availability of Substitutes

Opportunities

• Growing R&D to Enhance Efficiency and Upgrade Lithium-Ion Batteries
• Decline in Overall Prices

Challenges

• Fluctuating Raw Material Prices

Key Topics Covered:

Executive Summary

• Lithium-Ion Battery Materials Market Snapshot: 2023 vs. 2028
• Cathode Material Segment to Dominate Market During Forecast Period
• Lithium Nickel Manganese Cobalt Segment to Register Highest CAGR During Forecast Period
• Electric Vehicles Segment to Register Highest CAGR During Forecast Period
• Asia-Pacific to Dominate Market During Forecast Period

Premium Insights

• Attractive Opportunities for Players in Lithium-Ion Battery Materials Market -Increasing Demand from Electric Vehicle Applications to Drive Market
• Lithium-Ion Battery Materials Market, by Region -Asia-Pacific to Register Highest CAGR from 2023 to 2028
• Lithium-Ion Battery Materials Market, by Material – Cathode Materials Segment to Lead Market from 2023 to 2028
• Lithium-Ion Battery Materials Market, by Battery Chemistry – Lithium Nickel Manganese Cobalt Segment to Lead Market Between 2023 and 2028
• Lithium-Ion Battery Materials Market, by Application – Electric Vehicles Segment to Dominate Market During Forecast Period

Companies Mentioned

• 3M
• American Elements
• Ascend Elements
• BASF
• BTR New Material Group
• Capchem
• Ecopro
• JFE Chemical Corporation
• Kuraray Co. Ltd.
• Kureha Corporation
• L&F
• Morita Chemical Industries
• NEI
• Nichia
• Posco Future M
• Pulead Technology Industry
• Resonac Holdings
• Sgl Carbon
• Shenzhen Dynanonic
• Sumitomo Metal Mining
• Tanaka Chemical
• Toda Kogyo
• Ube
• Umicore
• Zhejiang Huayou Cobalt

Key Attributes:

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• Global Lithium-ion Battery Materials Market