Global Battery Material Market: Key Highlights
Global Battery Material Market: Key Market Dynamics
Global Battery Material Market: Regional Overview
In Asia-Pacific, the battery material market is expected to grow in the forecast period owing to . promising region for the electric vehicles. The demand for electric vehicles is on rise owing to favorable government support to minimize the overall emissions is anticipated to push the demand for battery material market. With ongoing rapid urbanization in Asia countries leading to increase in urban traffic leading to higher pollution. This, drives the attention towards establishing sustainable urban transport by using electric and hybrid vehicles. Initiative undertaken to deploy electric vehicle (EV) in countries such as China, India, Japan, Thailand, Singapore, and the Republic of Korea is further fueling the demand for battery material market
The European Battery Material market is projected to grow owing to rising demand for batteries for cleaner mobility. Higher dependency of the European countries for the battery imports has resulted in to development of European Battery Alliance with investment of USD 113 billion for the battery manufacturing value chain. This, is likely to boost the battery production and escalates the overall demand for battery material. With this investment, it is forecast to settle the battery demand for 400 gigawatt-hours annually by 2025 through establishing the of 15 to 25 lithium-ion giga factories.
Global Battery Material Market: Key Players Overview
Umicore is the material technology company based in the Brussels, Belgium. The company offers a range of products used in energy, automotive, recycling, chemicals, manufacturing, electronics and many other industries. It offers cobalt hydroxide advanced and standard grade, collate nitrate, nickel carbonate, and nickel nitrate among others. In 2019, the company signed an agreement deal with the LG Chem to supply the NMC (Nickel Manganese Cobalt) cathode materials to Umicor’s manufacturing plant based in Poland, Korea and China.
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