PUBLISHER: The Insight Partners | PRODUCT CODE: 1103502
PUBLISHER: The Insight Partners | PRODUCT CODE: 1103502
North America battery material market is expected to grow from US$ 5,620.44 million in 2021 to US$ 9,366.00 million by 2028; it is expected to grow at a CAGR of 7.7% from 2022 to 2028.
Battery is an energy source consisting of one or more electrochemical cells and terminals on both ends. Electrochemical cells transform chemical energy into electrical energy. Anode, cathode, electrolyte, binders, and coatings are different battery materials. Increasing demand for electric vehicles and growing demand from the electronic industry are among the major factors driving the battery material market growth in North America. Further, the electronics production and spending on consumer electronics have grown rapidly. As a result, major market players are focusing on mergers & acquisitions to produce new products and increase their global presence. Manufacturers are developing new products to meet the growing demand from the electronic and gadgets segment, which is expected to offer lucrative opportunities for the North America battery material market growth in the coming years. The trend of high demand for electronic gadgets would also fuel the market growth in the region during the forecast period.
Based on material, the North America battery material market is segmented into anode, cathode, electrolyte, binders, coatings, and others. The cathode segment held the largest market share in 2021. The cathode is the positive or oxidizing electrode. It acquires electrons from the external circuit and is reduced during the electrochemical reaction. Nickel cobalt aluminum (NCA), cobalt-based lithium-ion (LCO), and nickel cobalt manganese (NCM or NMC) are cathode materials. Cathode is a key material with the highest impact on battery performance and safety. Cathode materials are the main component of lithium-ion batteries, and there are multiple cathode materials to choose from within the Li-ion battery space.
In 2021, the US held the largest share of the North America battery material market. Major factors driving the market growth in the country are the growing popularity of electric cars and trucks and the rising demand for smart electronic devices. As the automotive industry is rapidly shifting to electric vehicles. In 2021, President Joe Biden signed an order aiming for half of the new vehicles sold to be electric by 2030. Therefore, the rising demand for electronic vehicles propels the need for batteries and different battery materials, which drives the battery materials market growth in the US. Further, a high demand for computers, TVs, mobile phones, and others results in an increasing demand for batteries, which fuels the market growth in the country.
In February 2022, the US Department of Energy (DOE) issued two notices of intent to provide funding to boost the production of the advanced batteries required for rapidly growing clean energy industries of the future, including electric vehicles and energy storage. The department aims to fund battery materials refining and production plants, battery cell and pack manufacturing facilities, and recycling facilities. The funding will ensure that the country can produce batteries and materials to increase economic competitiveness and energy independence. Such developments would offer lucrative opportunities for the battery material market growth in the US during the forecast period.
BASF SE, CABOT CORPORATION, Targray Technology International Inc., American Elements, NEI Corporation, Asahi Kasei Corporation, Albemarle Corporation, Solvay S.A., Arkema, PPG Industries Inc., Mitsubishi Chemical Corporation, Electra Battery Materials, Ashland Global Holdings Inc., Ube Corporation, and Pyrotex are among the major players operating in the North America battery material market. The market players are constantly focusing on strategies such as investments in research and development activities and expansion. Players operating in North America battery material market are highly focused on the development of high quality and innovative product offerings to fulfil the customer's requirements.
The overall North America battery material market size has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in North America battery material market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the North America Battery Material market, thereby allowing players to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.