Lithium-ion Battery Materials Market Estimated to Expand at a Robust CAGR over 2027

Lithium-ion Battery Materials Market Demand,Size

Lithium-ion Battery Materials Market: Introduction

A lithium-ion battery is a type of rechargeable battery wherein lithium-ions move from the negative electrode to the positive electrode. It uses an intercalated lithium compound as an electrode material. Lithium-ion batteries are commonly used as rechargeable batteries in portable electronics, due to their high energy density, insignificant memory effect, and low self-discharge. The key component used in these batteries is lithium cobalt oxide, which offers high energy density, but entails safety risks. Lithium iron phosphate, lithium-ion manganese oxide, and lithium nickel manganese cobalt oxide batteries offer lower energy density but longer lifespan. They involve less possibility of fire or explosion.

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Key Drivers of Global Lithium-ion Battery Materials Market

  • Demand for lithium-ion batteries is increasing, owing to their extensive use in consumer electronics products, as these devices are highly dependent on a portable power source for better performance and high reliability. This factor is driving the global lithium-ion battery materials market. Application of lithium-ion batteries in the automotive sector in plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) improves the efficiency and reduces the maintenance cost of these vehicles. This is also expected to fuel the demand for lithium-ion battery materials during the forecast period. Increasing awareness regarding use of lithium-ion batteries is also one of the driving factors for the global lithium-ion battery materials market. For instance, various organizations such as China Association of Automobile Manufacturers and Advanced Automotive Battery Conference have taken initiatives to raise awareness regarding use and benefits of electric vehicles (EVs). This, in turn, is propelling the global lithium-ion battery materials market.

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  • Lithium-ion batteries are applied in material handling equipment, cutting machines, drillers, and crane pulley systems, due to their higher energy density and longer battery backup compared to the conventional batteries. This, in turn, is anticipated to drive the global lithium-ion battery materials market during the forecast period. Decreasing prices of lithium-ion batteries lead to use of these batteries in other sectors. This can create immense opportunities for the global lithium-ion batteries market between 2019 and 2027.

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Overheating of Lithium-ion Batteries to Hamper Market

  • Safety concerns caused due to overheating of lithium-ion batteries and insufficient charging infrastructure in the automotive industry are likely to hamper the global lithium-ion battery materials market from 2019 to 2027

Key Segments

  • Cathode material in lithium-ion batteries is a major component, which determines energy density of the cell. The working mechanism of lithium-ion batteries is based on intercalation and deintercalation compounds, where lithium-ions from the cathode are transmitted to the anode during charging of the battery and they are extracted during discharge of the battery. Anode materials account for 10% - 18% of costs of materials of lithium-ion batteries.

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North America to hold a Major Share of Global Lithium-ion Battery Materials Market

  • North America is expected to hold the leading share of the global lithium-ion battery materials market during the forecast period, owing to increasing production of electric and hybrid vehicles in the region. The market in Asia Pacific is expected to expand rapidly in the next few years, due to continuous growth of consumer electronics and automotive sectors in the region. China is anticipated to hold a leading share of the lithium-ion battery materials market in Asia Pacific in the near future, followed by South Korea and Japan.
  • Consumer spending in China and India is increasing due to urbanization and increasing earnings of households. This is driving the demand for new consumer electronics devices. This, in turn, increases the demand for lithium-ion battery materials in these countries. Strict environment-related rules regarding carbon emissions in North America and Europe are likely to create lucrative opportunities for the lithium-ion battery materials market in these regions during the forecast period. Due to rise in environment-related issues, Europe is witnessing a shift toward electric vehicles to control carbon emissions from the automotive sector.

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Key Players Operating in Global Market

The global lithium-ion battery materials market is highly concentrated, with the top manufacturers accounting for 30%–40% of the market share. A few of the key players operating in the global lithium-ion battery materials market are:

  • AESC
  • Panasonic Corporation
  • Hitachi Chemical Co., Ltd.
  • GS Yuasa International Ltd.
  • Johnson Controls

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