Sustainable Battery Materials Market Size To Hit USD 78.23 Bn By 2030

Published Date : 07 Dec 2022

The global sustainable battery materials market size was exhibited at USD 46.84 billion in 2022 and is expected to hit around USD 78.23 billion by 2030 with a CAGR of 6.6% over the forecast period 2022 to 2030.

Growth Factors

Many different types of battery materials are utilized in the production of primary and secondary batteries. Zinc, manganese, and potassium account for about 60% of the battery’s composition. Rechargeable secondary-type batteries are constructed of nickel, hydrogen, cadmium, and lithium-ion. Lithium-ion batteries are widely used in the industrial, automotive, and consumer electronics industries. The need for cathode battery materials has surged as a result of Li-ion batteries. The sustainable battery materials market will grow as demand for various types of batteries and battery material grows. 

A prominent sustainable battery materials market trend right now is the increased focus on using recycled li-ion battery materials. A chemical precipitation approach is used in the hydrometallurgical recycling method to recover rare materials and deliver them to battery manufacturers for reuse in new battery production. As a result, the sustainable battery materials market is projected to be driven by an increasing focus on the recycling process in the future years. 

In addition, rising consumer electronics demand will propel the sustainable battery materials market growth. The sustainable battery materials market will be propelled by the surge in the production of electronic products such as laptops, computers, and televisions. The improvement of technology will also have a significant impact on the sustainable battery materials market. 

Sustainable Battery Materials Market Report Scope

Report Coverage Details
Market Size In 2022 USD 46.84 Billion
Market Size By 2030 USD 78.23 Billion
Growth Rate from 2022 to 2030 CAGR of 6.6%
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered By Battery Type, By Material, By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, Middle East and Africa

Report Highlights:

  • Based on the battery type, the lithium-ion segment dominated the global sustainable battery materials market in 2021 with the largest market share. Automobile manufacturers have begun to focus on electric vehicles as a result of various countries and governments taking steps to improve the environment and reduce carbon dioxide emissions.
  • On the basis of material, the cathode segment holds the largest market share in the global sustainable battery materials market in 2021. Cathode materials must be exceedingly pure and free of undesirable metal impurities, particularly iron and Sulphur. The battery family contains a variety of devices to meet the needs of different users who require high energy density or high load capacity.
  • Based on the application, the consumer electronics segment dominated the global sustainable battery materials market in 2021 with the largest market share. The sustainable battery materials market demand will be supported by the growing need for smart electronic gadgets as a result of the rising population and purchasing power parity as well as a shift in lifestyle preferences.   
  • North America region is the fastest growing region in the sustainable battery materials market. The sustainable battery materials market in North America is being driven by rising demand from the automotive sector due to the increased use of electric vehicles and industrial sectors due to use in telecom, power, and railway.
  • Asia-Pacific is the largest segment for the sustainable battery materials market in terms of region. The rising demand for lithium-ion batteries in Asia-Pacific countries is propelling the sustainable battery materials market growth.

Future of Sustainable Battery Materials Market

Electric vehicle demand is increasing around the world due to rapid evolution and ongoing advances in the automotive sector. The demand for zero-emission electric vehicles has risen as a result of favorable government policies such as tax rebates, subsidies, and new vehicle registration as well as rising sensitivity among various government agencies to a cleaner and greener environment. Electric vehicle sales are projected to be driven by the growing desire for carbon reduction and the advent of quick and improved charging stations, which will favor product demand.  

COVID-19 Impact Analysis:

  • The COVID-19 epidemic is rapidly spreading across countries, having a negative effect on the supply chain at all levels. 
  • The shipping delays, production, research and development, and project growth are all challenges for the energy storage industry. 
  • The sales of sustainable battery materials and the rate at which they are produced have both decreased. 
  • Furthermore, supply and logistics difficulties resulting from the ban on the export and import on raw materials for batteries are generating substantial disruptions. 

Key Developments:

  • In June 2020, POSCO Chemical completed the construction of a second anode material factory in Sejong, doubling its anode material capacity. The company expanded the anode manufacturing equipment at the factory, which can produce 44 KT per year, in response to rising demand for secondary battery material.
  • In May 2019, Glencore and Umicore announced a partnership to supply cobalt to Umicore's battery materials value chain. This agreement will help Umicore expand its cobalt supply and market.
  • In December 2018, Mitsubishi Chemical Corporation announced that its Yokkaichi Plant would increase its formulated electrolyte for lithium-ion batteries production capacity from 11,000 to 16,000 tons per year.

Key Players in the Report:

  • TCI Chemicals Pvt. Ltd
  • Mitsubishi Chemical Holdings
  • Kureha Corporation
  • Umicore Cobalt & Specialty Materials
  • NEI Corporation
  • NICHIA Corporation
  • Hitachi Chemical Co. Ltd
  • Asahi Kasei

Market Segmentation

By Battery Type

  • Lithium Ion
  • Lead Acid
  • Others

By Material

  • Cathode
  • Anode 
  • Electrolyte
  • Separator
  • Others 

By Application

  • Consumer electronics
  • Automotive
  • Industrial
  • Others  

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