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The global battery materials market size is expected to gain momentum by reaching USD 60.61 billion in 2027. This is attributable to the growing consumer demand for electronics across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Battery Materials Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lithium-Ion, Lead Acid, Others), By Material (Lithium-Ion {Cathode [LCO, NMC, NCA, LMO, LFP]), Anode [Artificial Graphite, Natural Graphite, Others], Electrolyte, Separator, Others), (Lead Acid {Cathode, Anode, Electrolyte, Separator, Others}), By Application, and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 47.75 billion 2019 and is projected to exhibit a CAGR of 5.9% between 2020 and 2027.
BASF Expands Cathode Production Facility in Europe to Strengthen its Global Position
In February 2020, BASF announced its investment in a new battery materials production facility located in Schwarzheide, Germany. The expansion of the facility is aimed to strengthen its position in the global market for electric vehicles. The state-of-the-art facility focuses on the production of cathode active materials (CAM) with an initial capacity of manufacturing around 400,000 electric vehicles every year.
Dr. Peter Schuhmacher, President, BASF, said, “The expansion of the plant will offer our customers access to efficient high-nickel cathode active materials in Finland and Germany.” Such initiatives are expected to contribute to the market growth during the forecast period.
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https://www.fortunebusinessinsights.com/industry-reports/battery-material-market-101074
Increasing Demand for Consumer Electronics to Augment Growth
High disposable income and technological advancement have propelled the demand for electronic equipment such as mobile phones, TVs, computers, and others. According to IBEF, the global consumer electronics market generated revenue of about USD 426.1 billion in 2020. The presence of a youth population further drives the demand for advanced gaming consoles that is leading the manufacturers to develop innovative battery materials across the globe. This is expected to favor the global battery materials growth during the forecast period.
Product Development by Prominent Companies to Amplify Their Market Positions
The global battery materials market is consolidated by the presence of major companies focusing on developing advanced battery materials to cater to the increasing demand for automotive and electronic industry. Other key players are striving to maintain their presence by acquiring smaller companies that will boost the market growth in the forthcoming years.
Industry Development:
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
ATTRIBUTE | DETAILS |
Study Period | 2016-2027 |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Period | 2016-2018 |
Unit | Value (USD Billion) |
Segmentation | Battery Type; Material; Application; and Geography |
By Battery Type
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By Material
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By Application
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By Geography
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