Albany, NY -- (SBWIRE) -- 01/15/2018 -- Sensing an obstacle posed by high cost of batteries, key manufacturers of battery materials are pouring money into development low cost, high performance, and durable versions. This is not only leading to a proliferation of products but also more competition.
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Mitsubishi Chemical Holdings Corporation, BASF SE, FMC Corporation, Arkema SA, Cabot Corporation, Albemarle Corporation, Ube Industries Limited, Sumitomo Metal Mining Industries Limited, Asahi Kasei Corporation, and American Elements are to name some such savvy, notworthy players in the global market for battery materials.
A report by Transparency Market Research predicts the market for battery materials to clock a 13.6% CAGR during the forecast period between 2017 and 2025. Rising at this pace, the market is expected to attain a value of US$13.70 bn by 2025, from US$4,419 mn in 2016.
Some of the prominent battery materials are anode (cadmium, lithium, graphite, lead, carbon, magnesium, etc.), cathode (lithium, manganese dioxide, manganese oxide, nickel, lithium cobalt oxide, nickel cobalt aluminum, nickel manganese cobalt, lithium ferrophosphate, etc.), electrolyte (ammonium chloride, alkali metal hydroxide, zinc carbon, sulfuric acid, etc.), binders, and others. Cathode, of them, holds a dominant share in the market.
Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa are key geographic regions in the global market for battery materials. At present, North America leads with a dominant share on the back of an impressive number of automotive manufacturers domiciled in the region. However, by clocking a CAGR of 12.2% over the course of the forecast period, it is expected to lose its dominant share to Asia Pacific in the near future.
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Pressing Need to Store Large Amounts of Energy Leads to Soaring Sales
The surging demand for large-scale energy storage from the flourishing automotive and consumer electronics sector is majorly fuelling sales of battery materials. With increasing penetration of smartphones and PCs, increasing clamp down on highly polluting fossil fuel powered vehicles, and the thrust on non-polluting electric and hybrid vehicles, the demand for battery has soared. This in turn is boosting uptake of battery materials.
Apart from the automotive and consumer electronics sector, pressing need to store electricity, particularly from non-conventional sources have led to the uptake of batteries for grid use.
Despite such strong demand from different end use segments, sales of battery materials are being hampered on account of their steep prices. However, this might be a temporary setback as players are continually focusing on coming up with low cost materials.