Battery materials are the basic raw materials and compounds in the battery supply chain and mainly consist of metals such as Lithium, Cobalt, and Nickel, among others. According to BlueQuark Research & Consulting, the global Battery materials market is predicted to witness a significant growth rate during the forecasted period. Factors such as the demand for electric vehicles is anticipated to rise due to the creation of quick and advanced charging infrastructure is expected to drive the Battery materials market in the forecasted period. Further, growing usage of consumer electronics like smartphones and laptops and cooperative research miners and battery producers are the key market drivers enhancing the Battery materials market growth in the forecasted period. Furthermore, the rising research and development in vanadium flow technology, which utilizes household energy storage, will likely deliver opportunities for the battery material market in the forecasted period. However, poor charging infrastructure will likely delay the launch of EV vehicles and is expected to hamper the battery materials market in the forecasted period.

The demand for battery materials is expected to grow significantly during the forecasted period owing to the rapidly surging demand for electric vehicles across the globe. Rapid evolution with the continuing developments in the automotive industry is propelling the demand for electric cars worldwide. Favourable government norms regarding subsidies, tax rebates, and new car registration, along with the growing sensitivity of various government organizations towards a cleaner and greener environment, have surged the demand for zero-emission electric vehicles. The increasing demand for reduction in carbon emissions and the introduction of fast and advanced charging stations are likely to drive electric vehicle sales, which in turn shall favour the product demand. In addition, the commercial electric sector has expanded due to the growing use of electric buses, particularly in China and India. Most electric vehicle batteries are lithium-based and comprise a combination of nickel, manganese, cobalt, graphite, and other elements. Due to increased manufacturing volume and more efficient production processes created by the manufacturers, lithium-ion battery prices have significantly decreased. Automotive manufacturers are witnessing an increase in the usage of batteries due to the low self-heating rate of batteries, which makes them extremely useful in electric vehicles, which augments the demand for battery raw materials. Initiatives beneath Clean Energy Ministerial (CEM), like the electric vehicle initiative and shifting preference from fuel energy to battery energy due to CO2 emission regulations, will likely drive the consumption of battery raw material shortly. The increasing adoption of electric vehicles aligns with the clean energy policy. The government of China is planning to ease restrictions on automakers importing cars into the country. All the factors above are anticipated to drive the battery raw material market during the forecast period.

Asia-Pacific region stands to be the biggest and fastest-growing market for battery raw materials. China, Japan, and South Korea combined consume most of the battery raw material as these are the largest manufacturer of batteries globally. The growing need for energy, high demand for battery energy systems, and increasing battery consumers in countries like China, India, South Korea, etc., are expected to propel the market growth. Factors such as low production cost, abundant raw material availability, and unique technology are expected to drive the battery raw material market. Increasing usage of lightweight and rechargeable batteries in consumer electronics products such as laptops and other portable electronic devices will likely provide thrust to the growth of the battery raw material market. The high demand for batteries from industrial sectors powered by usage in telecom, power, railways, and other industrial applications is driving the battery raw materials market in the Asia-Pacific region. Valve-regulated batteries, which use gel-based electrolytes mixed with sulfuric acid, find application in security and emergency lighting systems owing to their lower maintenance. The increasing government initiatives to minimize carbon footprint and greenhouse gas emissions to attain sustainability fuel the adoption of electric vehicles. The surging demand for consumer electronics among the population and rising government efforts to make regulatory changes to boost the adoption of electric vehicles are the prominent actors significantly augmenting the growth of the global battery materials market. The rising preference for rechargeable and lightweight batteries plays a vital role in market growth. The rapidly boosting demand for lightweight and rechargeable batteries is attributed to the rising adoption of consumer electronics such as laptops, desktops, and smartphones, which extensively need lightweight batteries. The surging investments by manufacturers in the processing, mining, and manufacturing of battery materials are expected to boost the production of batteries to meet the rapidly surging demand for batteries globally. The rising awareness about sustainably sourced battery materials, efficient disposal of wastes, and recycling of wastes are anticipated to improve the demand for battery materials. Furthermore, the rising adoption of the technologies such as Nano-filtration systems, solvent extraction methods, and rotary electric kiln furnace methods are increasingly being adopted by manufacturers to improve the efficiency and performance of the battery materials based on the requirements. Hence, all such market trends are awaited to drive the demand for the battery raw material market in the forecasted period.

The market's key players are Umicore, Asahi Kasei Corporation, Johnson Matthey, Sumitomo Chemical Co., Ltd., and Mitsubishi Chemical Corporation.

In September 2022, Volkswagen launched a USD 2.9 billion battery components joint venture with Belgian materials business Umicore, becoming the latest European automaker to move battery supplies closer to home in the drive to electric vehicles.

June 2022, Umicore and Idemitsu Kosan Co., Ltd have agreed to collaborate on the growth of high-performance catholyte materials for solid-state batteries, combining their respective expertise in active cathode materials and solid electrolytes to provide the technological breakthrough needed to extend the driving range and thus propel e-mobility.

Global Battery Materials Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Battery Materials market by segmenting based on Battery Type (Lithium Ion, Lead Acid, Others), By Application (Automobile Industry, Household Appliances, Electronics Industry, Others). The report examines the market drivers and restraints and the impact of Covid-19 on market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.