- The Asia Pacific will see high growth during the forecast period due to the rapid urbanization and industrialization
- The growing demand for smartphones, laptops, smart electronic wearables, digital cameras, and tablets will boost demand for battery materials
The global battery materials market size is predicted to reach $83.43 billion by 2026, exhibiting a compound annual growth rate (CAGR)of 8.3 per cent during the forecast period as per a report by Fortune Business Insights. It also said that the growing demand for lithium-ion and lead-acid batteries will accelerate this market revenue during the forecast period.
Lithium-ion batteries are extensively used for high energy density in automotive, industrial, and consumer electronics applications. The improved compatibility and reliability of Li-ion batteries have led to the demand for cathode battery materials that will boost the battery materials market in the coming years.
The report titled, “Battery Materials Market Size, Share and Industry Analysis, By Battery Type, Anode By Application, and Regional Forecast, 2019-2026”, the market size stood at $ 44.25 billion in 2018. It said that the emergence of COVID-19 has brought the world to a standstill. Rising support from governments and several companies can help in the fight against COVID-19.
Growing demand for consumer electronics
The report said that the growing demand for computers, TVs, mobile phones, and other electronic devices has led to the high production of electronics. This has increased opportunities for the battery materials market during the forecast period. The increasing technological advancements and boost in the gaming industry will contribute positively to the market share for battery materials in the coming years.
The report also said that the growing demand for smartphones, laptops, smart electronic wearables, digital cameras, and tablets will boost demand for battery materials. The rising investments by major companies for the development of efficient and batteries will also accelerate the growth of this market.
Asia Pacific will see high growth
As per the report, the market in North America stood at $8.4 billion in 2018 and is predicted to grow significantly during the forecast period. This is due to the high adoption of electric vehicles in the region. The growing demand for consumer electronics will boost the market in the region. The increasing investments in renewable and electric vehicle industries will spur sales opportunities for the market in North America.
It is predicted that the Asia Pacific will see high growth during the forecast period due to the rapid urbanization and industrialization. It said that increasing consumer spending on electronic goods will help the market in the Asia Pacific.
