Abstract
Summary
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, lithium iron phosphate (LFP) segment accounted for the second-largest share in 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 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 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.
Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 65%, Tier 2 –20%, and Tier 3 – 15%
• By Designation: C-level Executives – 25%, Directors – 30%, and Others – 45%
• By Region: North America – 30%, Europe –20%, Asia Pacific – 40%, Middle East & Africa-7%, South America –3%
The lithium-ion battery materials report is dominated by players, such as BASF SE (Germany), Umicore (Belgium), 3M (US), Sumitomo Metal Mining Co., Ltd. (Japan), Resonac Holding Corporation (Japan), and others.
Research Coverage:
The report defines, segments, and projects the size of the lithium-ion battery materials market based on battery chemistry, materials, application, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments, such as joint ventures, collaborations, partnerships, acquisitions, agreements, investments, and expansions undertaken by them in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them with the closest approximations of revenue numbers of the lithium-ion battery materials market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (growth in the production of lithium-ion batteries, surge in demand for consumer electronics), restraints (substitute related to lithium-ion battery, safety concerns regarding the transportation and storage of lithium-ion battery), opportunities (growing R&D to enhance efficiency and upgrade the lithium-ion batteries, decline in the overall price of lithium-ion battery), and challenges (fluctuation in raw material prices) influencing the growth of the synthetic fuels market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the lithium-ion battery materials market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the Lithium-ion battery materials market across varied regions.
• Market Diversification: Exhaustive information about new products, various types, untapped geographies, recent developments, and investments in the lithium-ion battery materials market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players such as BASF SE (Germany), Umicore (Belgium), 3M (US), Sumitomo Metal Mining Co., Ltd. (Japan), Resonac Holding Corporation (Japan), POSCO FUTURE M (South Korea), Tanaka Chemical Corporation (Japan), Toda Kogyo Corp. (Japan), LANDF CORP. (South Korea), JFE Chemical Corporation (Japan), SGL Carbon (Germany), NEI Corporation (US), KUREHA CORPORATION (Japan), BTR New Material Group Co., Ltd. (China), UBE Corporation (Japan), and others in the lithium-ion battery materials market.
Table of Contents
1 INTRODUCTION 36
1.1 STUDY OBJECTIVES 36
1.2 MARKET DEFINITION 36
1.2.1 INCLUSIONS AND EXCLUSIONS 37
1.3 MARKET SCOPE 37
1.3.1 REGIONS COVERED 38
1.3.2 YEARS CONSIDERED 38
1.4 CURRENCY CONSIDERED 38
1.5 UNITS CONSIDERED 39
1.6 LIMITATIONS 39
1.7 STAKEHOLDERS 39
1.7.1 IMPACT OF RECESSION 39
2 RESEARCH METHODOLOGY 40
2.1 RESEARCH DATA 40
2.1.1 SECONDARY DATA 41
- 2.1.1.1 Key data from secondary sources 41
2.1.2 PRIMARY DATA 41
- 2.1.2.1 Key data from primary sources 41
- 2.1.2.2 Companies participating in primary research 42
- 2.1.2.3 Breakdown of primary interviews 42
2.2 DEMAND-SIDE MATRIX CONSIDERED 43
2.3 MARKET SIZE ESTIMATION 43
2.3.1 BOTTOM-UP APPROACH 44
2.3.2 TOP-DOWN APPROACH 44
2.4 METHODOLOGY FOR SUPPLY-SIDE SIZING OF LITHIUM-ION BATTERY MATERIALS MARKET (1/2) 45
2.5 METHODOLOGY FOR SUPPLY-SIDE SIZING OF LITHIUM-ION BATTERY MATERIALS MARKET (2/2) 45
2.5.1 CALCULATIONS FOR SUPPLY-SIDE ANALYSIS 46
2.5.2 DATA TRIANGULATION 46
2.5.3 GROWTH FORECAST 47
2.5.4 GROWTH RATE ASSUMPTIONS 47
2.5.5 RESEARCH ASSUMPTIONS 47
2.5.6 RESEARCH LIMITATIONS 48
2.5.7 RISK ANALYSIS 48
2.5.8 IMPACT OF RECESSION 48
3 EXECUTIVE SUMMARY 49
4 PREMIUM INSIGHTS 53
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN LITHIUM-ION BATTERY MATERIALS MARKET 53
4.2 LITHIUM-ION BATTERY MATERIALS MARKET, BY REGION 53
4.3 LITHIUM-ION BATTERY MATERIALS MARKET, BY MATERIAL 54
4.4 LITHIUM-ION BATTERY MATERIALS MARKET, BY BATTERY CHEMISTRY 54
4.5 LITHIUM-ION BATTERY MATERIALS MARKET, BY APPLICATION 55
5 MARKET OVERVIEW 56
5.1 INTRODUCTION 56
5.2 MARKET DYNAMICS 56
5.2.1 DRIVERS 57
- 5.2.1.1 Growth in production of lithium-ion batteries 57
- 5.2.1.2 Surge in demand for consumer electronics 57
5.2.2 RESTRAINTS 57
- 5.2.2.1 Safety concerns regarding usage of gadgets or items installed with lithium-ion batteries 57
- 5.2.2.2 Availability of substitutes 58
5.2.3 OPPORTUNITIES 58
- 5.2.3.1 Growing R&D to enhance efficiency and upgrade lithium-ion batteries 58
- 5.2.3.2 Decline in overall prices 58
5.2.4 CHALLENGES 59
- 5.2.4.1 Fluctuating raw material prices 59
5.3 PORTER’S FIVE FORCES ANALYSIS 60
5.3.1 THREAT OF NEW ENTRANTS 61
5.3.2 THREAT OF SUBSTITUTES 61
5.3.3 BARGAINING POWER OF BUYERS 61
5.3.4 BARGAINING POWER OF SUPPLIERS 62
5.3.5 INTENSITY OF COMPETITIVE RIVALRY 62
5.4 ECOSYSTEM 62
5.5 VALUE CHAIN ANALYSIS 64
5.5.1 RAW MATERIALS 65
5.6 TECHNOLOGY ANALYSIS 65
5.7 GLOBAL REGULATORY FRAMEWORK AND ITS IMPACT ON LITHIUM-ION BATTERY MATERIALS MARKET 66
5.7.1 REGULATIONS RELATED TO BATTERIES 66
5.7.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 66
5.8 CASE STUDY 68
5.8.1 RECYCLING OF LITHIUM-ION BATTERIES 68
5.9 KEY CONFERENCES AND EVENTS, 2023 AND 2024 69
5.10 PATENT ANALYSIS 69
5.10.1 METHODOLOGY 69
5.10.2 MAJOR PATENTS 70
5.11 KEY STAKEHOLDERS AND BUYING CRITERIA 71
5.11.1 KEY STAKEHOLDERS IN BUYING PROCESS 71
5.11.2 BUYING CRITERIA 72
5.12 TRADE ANALYSIS, IMPORT-EXPORT SCENARIO 73
5.12.1 EXPORT SCENARIO 73
5.12.2 IMPORT SCENARIO 73
5.13 PRICING ANALYSIS 74
5.13.1 AVERAGE SELLING PRICE FOR LITHIUM-ION BATTERY, BY APPLICATION 74
5.13.2 AVERAGE SELLING PRICE FOR LITHIUM-ION BATTERY PACK, BY REGION 75
5.13.3 AVERAGE SELLING PRICE FOR LITHIUM-ION BATTERY, OF MARKET PLAYERS BY BATTERY CHEMISTRY 75
6 LITHIUM-ION BATTERY MATERIALS MARKET, BY APPLICATION 76
6.1 INTRODUCTION 77
6.2 PORTABLE DEVICES 79
6.2.1 RAPID TECHNOLOGICAL CHANGES TO DRIVE DEMAND 79
6.3 ELECTRIC VEHICLES 80
6.3.1 GOVERNMENT REGULATIONS AND INCENTIVES PROMOTING CLEAN ENERGY SOLUTIONS TO DRIVE SEGMENT 80
6.4 INDUSTRIAL 82
6.4.1 FOCUS ON ENVIRONMENTAL SAFETY AND DURABILITY OF EQUIPMENT TO INCREASE DEMAND 82
6.5 OTHER APPLICATIONS 83
7 LITHIUM-ION BATTERY MATERIALS MARKET, BY BATTERY CHEMISTRY 85
7.1 INTRODUCTION 86
7.2 LITHIUM IRON PHOSPHATE 88
7.2.1 COST-EFFECTIVENESS TO INCREASE DEMAND 88
7.3 LITHIUM COBALT OXIDE 89
7.3.1 HIGH ENERGY DENSITY TO DRIVE DEMAND 89
7.4 LITHIUM NICKEL MANGANESE COBALT 91
7.4.1 STABILITY AND HIGH CHARGE & DISCHARGE LIFE TO DRIVE MARKET 91
7.5 LITHIUM MANGANESE OXIDE 92
7.5.1 EXCELLENT SAFETY CHARACTERISTICS TO DRIVE MARKET 92
7.6 LITHIUM NICKEL COBALT ALUMINUM OXIDE 94
7.6.1 LARGE NUMBER OF CHARGE AND DISCHARGE CYCLES BEFORE CAPACITY DEGRADATION TO DRIVE MARKET 94
8 LITHIUM-ION BATTERY MATERIALS MARKET, BY MATERIAL 96
8.1 INTRODUCTION 97
8.2 ANODE MATERIALS 98
8.2.1 GROWING DEMAND FOR LITHIUM-ION BATTERIES 98
8.3 CATHODE MATERIALS 100
8.3.1 GROWING DEMAND FOR ELECTRIC VEHICLES 100
8.4 ELECTROLYTE MATERIALS 101
8.4.1 ENHANCEMENT OF OVERALL OUTPUT OF LITHIUM-ION BATTERY 101
8.5 OTHER MATERIALS 102
9 LITHIUM-ION BATTERY MATERIALS MARKET, BY REGION 104
9.1 INTRODUCTION 105
9.2 NORTH AMERICA 106
9.2.1 RECESSION IMPACT 106
9.2.2 US 112
- 9.2.2.1 Demand growth of electric vehicles and portable electronic devices to drive market 112
9.2.3 CANADA 114
- 9.2.3.1 Increasing government investments in electric vehicle industry to create growth opportunities 114
9.2.4 MEXICO 115
- 9.2.4.1 Growing use in manufacturing sector to drive market 115
9.3 EUROPE 116
9.3.1 RECESSION IMPACT 117
9.3.2 GERMANY 123
- 9.3.2.1 Growing initiatives for renewable and electric vehicle sectors to influence market growth 123
9.3.3 UK 124
- 9.3.3.1 Growing sales of electric vehicles to increase demand for lithium-ion batteries 124
9.3.4 FRANCE 126
- 9.3.4.1 Government initiatives to lower CO2 emissions to drive market 126
9.3.5 REST OF EUROPE 127
9.4 ASIA PACIFIC 128
9.4.1 RECESSION IMPACT 128
9.4.2 CHINA 134
- 9.4.2.1 Growing production for electric vehicles to drive demand 134
9.4.3 JAPAN 136
- 9.4.3.1 Presence of leading lithium-ion battery manufacturers to drive market 136
9.4.4 INDIA 137
- 9.4.4.1 Development of smart cities and demand growth of electric vehicles to drive market 137
9.4.5 SOUTH KOREA 138
- 9.4.5.1 Initiative to increase production of electric vehicles to drive market 138
9.4.6 REST OF ASIA PACIFIC 140
9.5 REST OF WORLD 141
9.5.1 SOUTH AMERICA 146
- 9.5.1.1 Growing investments in energy storage and electric vehicles to create huge market potential 146
9.5.2 MIDDLE EAST & AFRICA 147
- 9.5.2.1 Consumer goods and automobile sectors to drive demand 147
10 COMPETITIVE LANDSCAPE 149
10.1 INTRODUCTION 149
10.2 STRATEGIES ADOPTED BY KEY PLAYERS 149
10.2.1 OVERVIEW OF STRATEGIES ADOPTED BY KEY MANUFACTURERS 149
10.3 REVENUE ANALYSIS 150
10.4 MARKET SHARE ANALYSIS 151
10.4.1 RANKING OF KEY MARKET PLAYERS, 2022 151
10.4.2 MARKET SHARE OF KEY PLAYERS 151
10.5 COMPANY EVALUATION MATRIX (TIER 1) 154
10.5.1 STARS 154
10.5.2 EMERGING LEADERS 154
10.5.3 PERVASIVE PLAYERS 154
10.5.4 PARTICIPANTS 154
10.5.5 COMPANY FOOTPRINT 156
10.6 START-UPS/SMES EVALUATION MATRIX 160
10.6.1 PROGRESSIVE COMPANIES 160
10.6.2 RESPONSIVE COMPANIES 160
10.6.3 DYNAMIC COMPANIES 160
10.6.4 STARTING BLOCKS 160
10.6.5 COMPETITIVE BENCHMARKING 162
10.7 COMPETITIVE SCENARIOS AND TRENDS 163
10.7.1 DEALS 163
10.7.2 OTHERS 167
11 COMPANY PROFILES 169
11.1 KEY PLAYERS 169
11.1.1 UMICORE 169
11.1.2 SUMITOMO METAL MINING CO., LTD 174
11.1.3 BASF SE 177
11.1.4 POSCO FUTURE M 181
11.1.5 TANAKA CHEMICAL CORPORATION 184
11.1.6 TODA KOGYO CORP 186
11.1.7 RESONAC HOLDINGS CORPORATION 188
11.1.8 L&F CO., LTD 190
11.1.9 JFE CHEMICAL CORPORATION 192
11.1.10 3M 193
11.1.11 SGL CARBON 196
11.1.12 NEI CORPORATION 199
11.1.13 KUREHA CORPORATION 200
11.1.14 BTR NEW MATERIAL GROUP CO., LTD 202
11.1.15 UBE CORPORATION 203
11.1.16 KURARAY CO., LTD 206
11.1.17 SHENZHEN DYNANONIC CO., LTD 208
11.1.18 ZHEJIANG HUAYOU COBALT 210
11.1.19 AMERICAN ELEMENTS 213
11.1.20 MORITA CHEMICAL INDUSTRIES CO., LTD 214
11.2 OTHER PLAYERS 215
11.2.1 ECOPRO BM 215
11.2.2 CAPCHEM 217
11.2.3 NICHIA CORPORATION 219
11.2.4 ASCEND ELEMENTS, INC 220
11.2.5 PULEAD TECHNOLOGY INDUSTRY CO., LTD 222
12 ADJACENT AND RELATED MARKETS 223
12.1 INTRODUCTION 223
12.2 LIMITATIONS 223
12.3 LITHIUM-ION BATTERY MATERIALS INTERCONNECTED MARKETS 223
12.3.1 BATTERY MATERIALS MARKET 223
- 12.3.1.1 Market definition 223
- 12.3.1.2 Market overview 223
- 12.3.1.3 Battery materials market, by battery type 224
- 12.3.1.3.1 Lithium-ion 224
- 12.3.1.3.2 Lead-Acid 224
- 12.3.1.3.3 Other Batteries 224
12.3.2 LITHIUM METAL MARKET 226
- 12.3.2.1 Market definition 226
- 12.3.2.2 Market overview 226
- 12.3.2.3 Lithium Metal Market, By Source 226
- 12.3.2.3.1 Salt Lake Brine 226
- 12.3.2.3.2 Lithium Ore 226
13 APPENDIX 228
13.1 DISCUSSION GUIDE 228
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 231
13.3 CUSTOMIZATION OPTIONS 233
13.4 RELATED REPORTS 233
13.5 AUTHOR DETAILS 234