PUBLISHER: Meticulous Research | PRODUCT CODE: 1576696
PUBLISHER: Meticulous Research | PRODUCT CODE: 1576696
Electric Vehicle Battery Materials Market by Material (Cathode Material, Anode Material, Battery Foil, Binders, and Electrolyte), Source (Virgin Raw Materials, Recycled Raw Materials), and Geography-Global Forecast to 2031.
The research report titled, 'Electric Vehicle Battery Materials Market by Material (Cathode Material, Anode Material, Battery Foil, Binders, and Electrolyte), Source (Virgin Raw Materials, Recycled Raw Materials), and Geography-Global Forecast to 2031', provides an in-depth analysis of the electric vehicle battery materials market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.
The electric vehicle battery materials market is projected to reach $156.0 billion by 2031, at a CAGR of 30.7% from 2024-2031.
The growth of the electric vehicle battery materials market is driven by the increasing adoption of electric vehicles worldwide, growing investments in developing lithium-ion battery capacity, and increasing investments by leading automotive OEMs in manufacturing EV batteries. However, considerable ESG-related challenges throughout the battery value chain and rising geopolitical dependency concerns due to the limited availability of raw materials restrain the market's growth.
Furthermore, the increasing focus on battery recycling is expected to offer significant growth opportunities for players operating in the electric vehicle battery materials market. However, the volatile supply chain and high cost of battery recycling are major challenges impacting the market's growth.
Meticulous Research(R) has segmented this market based on material (cathode materials, anode materials, binders, battery foils, and electrolytes), source (virgin raw materials and recycled raw materials), and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on material, the electric vehicle battery materials market is segmented into cathode materials, anode materials, binders, battery foils, and electrolytes. In 2024, the cathode material segment is expected to account for the largest share of 38% of the electric vehicle battery materials market. Cathode materials significantly influence the voltage and capacity of batteries. It determines the energy density of batteries; higher energy density cathodes contribute to batteries with greater energy storage capacity, allowing for longer-lasting and more powerful battery systems. The choice of cathode material influences the specific properties of the battery, such as safety, cycle life, and cost. Moreover, the durability and cycle life of a battery is influenced by the cathode material. Batteries with high-quality cathodes can withstand more charge-discharge cycles, making them suitable for long-term use. These benefits drive the increased utilization of cathode materials in batteries, consequently contributing to the large market share of this segment.
Based on source, the electric vehicle battery materials market is segmented into virgin raw materials and recycled raw materials. In 2024, the virgin raw materials segment is expected to account for the largest share of the electric vehicle battery materials market. Virgin materials often provide higher and more consistent quality and purity, which are essential for maintaining desired battery specifications and performance characteristics. Furthermore, the infrastructure for extracting and processing virgin raw materials for batteries is typically well-established and widely available, making it more practical and cost-effective for battery manufacturers to procure virgin materials. These factors contribute to the large market share of this segment.
Based on geography, the electric vehicle battery materials market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 58% of electric vehicle battery materials. Asia-Pacific's significant market share can be attributed to China's extensive capacity in manufacturing lithium-ion batteries. China also leads in other key areas of the battery supply chain, including the mining, refining, and processing of crucial materials such as lithium and graphite.
The key players operating in the electric vehicle battery materials market are BASF SE (Germany), Targray Technology International Inc. (Canada), Mitsubishi Chemical Group (Japan), Kureha Corporation (Japan), Resonac Holdings Corporation (Japan), Umicore (Belgium), UBE Corporation (Japan), Nichia Corporation (Japan), Nei Corporation (U.S.), Tanaka Chemical Corporation (Japan), Toda Kogyo Corp (Japan), ENTEK International LLC (U.S.), Epsilon Advanced Materials Pvt Ltd (India), Ascend Elements, Inc. (U.S.), and Arkema SA (France).
Electric Vehicle Battery Materials Market Assessment-by Material
Electric Vehicle Battery Materials Market Assessment-by Source
Electric Vehicle Battery Materials Market Assessment-by Geography
(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)