Lithium Ion Battery Material Market Anticipated to Reach $371 Billion by 2034, Surging at 23.9% CAGR

 

The global lithium ion battery material market is anticipated to reach a valuation of US$ 43.4 billion in 2024, driven by increasing demand for high density batteries.

The trend is expected to create new opportunities for the market, leading to a projected CAGR of 23.9% between 2024 and 2034, and reaching a total valuation of approximately US$ 371.0 billion by 2034.

Request Your Sample and Stay Ahead with Our Insightful Report!
https://www.futuremarketinsights.com/reports/sample/rep-gb-19277

Ensuring the safety of lithium ion batteries is critical for market growth. Investments in developing safer battery chemistries and manufacturing processes contribute to consumer confidence and market adoption.

The proliferation of wearable electronics, such as smartwatches and fitness trackers, relies on compact and lightweight lithium ion batteries. The growing popularity of wearables contributes to the demand for battery materials.

Advancements in artificial intelligence, Internet of Things, and smart grid technologies create new applications and requirements for energy storage, driving demand for lithium ion batteries and their materials.

The aerospace industry is exploring electrification for aircraft propulsion and auxiliary power units. Lithium ion batteries offer high energy density and lightweight characteristics suitable for aerospace applications, driving demand for battery materials.

The electrification trend extends to two wheeled vehicles such as motorcycles and bicycles. Electric bicycles and scooters are gaining popularity in urban areas as environmentally friendly and efficient modes of transportation, contributing to the demand for lithium ion batteries.

Research and development efforts focused on improving the performance and stability of anode and cathode materials, such as silicon anodes and high nickel cathodes, are driving innovation in the lithium ion battery material market.

Besides electric vehicles, stationary energy storage systems for residential, commercial, and utility scale applications are becoming increasingly important. The systems utilize lithium ion batteries to store excess renewable energy or provide backup power, driving demand for battery materials.

Key Takeaways from the Market Study

  • Global lithium ion battery material market was valued at US$ 34.2 billion in 2023.
  • From 2019 to 2023, the market demand expanded at a CAGR of 28.4%.
  • The market in Japan is expected to expand at a CAGR of 25.9% through 2034.
  • By type, the cathode material segment to account for a CAGR of 23.7% through 2034.
  • The market in Korea is expected to expand at a CAGR of 26.1% through 2034.
  • In terms of application, the automotive segment to account for a share of 23.5% in 2024.

“Collaboration among industry players, including battery manufacturers, material suppliers, and technology providers, accelerates innovation and market expansion by combining expertise and resources,” – remarks FMI analyst.

Competitive Landscape

Prominent players in the lithium ion battery material market are Umicore, Targray, LG Chem, BTR New Energy, Shanshan Technology, Showa Denko K.K, Kureha Battery Materials, Mitsubishi Chemical, Asahi Kasei, and Sumitomo Corporation, among others.

Key Developments

•  In 2023, BASF collaborated with Nanotech Energy, marking a pivotal step towards the local production of lithium ion batteries in North America with a reduced carbon footprint and locally sourced recycled content.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global lithium ion battery material market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand opportunities in the lithium ion battery material market, the market is segmented on the basis of type (cathode material, anode material, lithium ion battery separator, electrolyte), and application (automotive, grid energy storage, consumer electronics, others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East & Africa).

 

Comments

Post a Comment

Popular posts from this blog

Automotive Brake System & Components Industry – Driving Safety and Innovation

  The   automotive brake system and components industry   is estimated to reach a valuation of USD 69,403.5 million in 2023, with projections indicating growth to USD 109,862.1 million by 2033. The market is anticipated to achieve a notable CAGR of 4.7% over the forecast period. The automotive brake system and components industry is at the heart of vehicle safety and performance, continuously evolving to meet modern driving demands. With innovations in braking technology and increasing emphasis on vehicle safety standards, the industry is poised for robust growth. According to market insights, the demand for advanced brake systems and components is accelerating due to rising vehicle production, advancements in electrification, and stricter safety regulations globally. In-Depth Market Analysis:  A Complete Report Key Drivers of Growth Stringent Safety Regulations: Governments worldwide are enforcing stricter safety standards, mandating advanced braking systems such as...
Read more

Global Automotive Tire Market Expands with Surge in Vehicle Sales and Sustainable Mobility Solutions

  The global   automotive tire market   is poised for substantial growth, with its valuation expected to rise from USD 256.1 billion in 2025 to USD 471.7 billion by 2035, representing a compound annual growth rate (CAGR) of 6.3%. This growth is primarily driven by a significant increase in global vehicle production, including both passenger and commercial segments. Evolving consumer preferences for fuel-efficient, performance-oriented, and safer driving experiences are prompting tire manufacturers to focus on innovation in materials and design. The market is also benefiting from the surge in electric vehicles, which require specialized tire configurations to manage higher torque loads and ensure energy efficiency. Developing regions across Asia-Pacific, Latin America, and Africa are contributing heavily to demand growth due to ongoing industrialization, infrastructure development, and urbanization. Additionally, the rapid rise of e-commerce has boosted logistics and trans...
Read more

Valve Seat Inserts Market to Reach USD 9.8 Billion by 2035, Fueled by Emission Regulation & Automotive Production Growth

  The  valve seat inserts market  is likely to expand from USD 6.6 billion in 2025 to USD 9.8 billion by 2035. A CAGR of 3.9% is forecasted during this period. This expansion is driven by rising global automotive production, particularly in emerging markets, and increasingly stringent emission and fuel-efficiency regulations. The implementation of Euro 7 standards in Europe and the USA’s EPA Tier 3 norms has accelerated demand for high-precision inserts that enhance combustion efficiency and reduce pollutant output. As automakers aim to comply with increasingly aggressive carbon neutrality targets, precision engine components like valve seat inserts are essential for achieving optimal engine performance and reduced emissions. The automotive sector continues to be the dominant consumer of valve seat inserts, accounting for a significant share of market demand. These inserts play a crucial role in internal combustion engines by providing a durable sealing surface for intake...
Read more