The battery materials market is projected to grow from USD 43.50 Billion in 2018 to USD 65.78 Billion by 2023, at a CAGR of 8.62% between 2018 and 2023. APAC is the largest consumer of battery materials due to the presence of a large number of battery manufacturers in this region. Low labor cost and growing demand for automobiles, owing to the large population in APAC countries are some of the factors that are driving the battery materials market.
APAC is expected to be the largest battery materials market during the forecast period. The battery materials market in the APAC region is majorly driven by the growing demand for battery materials in China. Heavy investments in automotive, electronics, and ESS is the key factor driving the battery materials market in the country. Government support, the presence of strong manufacturing base, and growing investments by automotive companies in an electric vehicle are driving the battery materials market worldwide.
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Some of the major players in the battery materials market include Umicore (Belgium), Asahi Kasei (Japan), Mitsubishi Chemical Holdings (Japan), POSCO (South Korea), Johnson Matthey (UK), Hitachi Chemical Company (Japan), Kureha Corporation (Japan), Sumitomo Corporation (Japan), Toray Industries (Japan), and Mitsui Mining & Smelting (Japan), among others. These players have adopted various strategies, such as investments & expansions, mergers & acquisitions, and partnerships & agreements to grow in the battery materials market. Investments & expansions was the key strategy adopted by the major players to grow in the battery materials market between 2015 and 2017. This strategy accounted for a share of 61% of the total growth strategies adopted by key market players. This strategy has helped companies enhance their capacity and expand their global presence.
Umicore (Belgium) is a global player in the battery materials market. The company is active in the fields of catalysis, energy & surface technologies, and recycling segment. Cathode materials for lithium-ion batteries are manufactured under the energy & surface technologies segment. The company dedicatedly carries out R&D for clean technologies, such as emission control catalysts, materials for rechargeable batteries, and recycling. In 2017, the company planned to invest approximately USD 339 million between 2017 and 2019 to increase its production of NMC (nickel-manganese-cobalt) cathode materials for lithium-ion rechargeable batteries to cater to the increasing demand for electric vehicles, as it is the most preferred cathode material for these rechargeable batteries.
Asahi Kasei (Japan) is a leading Li-ion and lead-acid battery separators manufacturing company globally, which deliver high-quality, innovative, and sustainable solutions in the battery materials market. The company manufactures separator materials under the brand names, Hipore, Celgard, and Daramic. The company focuses on the development of new products through a combination of the advanced chemical technology and bold creativity. The company has more than 70% sales in Japan and China. In 2018, the company invested approximately USD 66.9 million to increase the production capacity to 1,100 million m2/year for Celgard and Hipore li-ion battery separators at its plants in North Carolina, US, and Shiga, Japan, respectively.
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