- The report added that BASF said it was targeting a market share of more than 10 per cent, driven by capital investments of 3.5-4.5 billion euros from 2022 to 2030
- BASF’s technology chief said last weak the chemicals company’s burgeoning auto battery recycling activities will see further investments to secure a scarce stream of nickel, cobalt and other metals for the battery chemicals business
As per a report by Reuters, BASF said its battery materials business would likely generate more than 1.5 billion euros ($1.76 billion) in sales by 2023 and more than 7 billion euros by 2030 as electric vehicle production surges. It added that the market for cathode materials, the most complex chemical component of an automotive battery, is estimated to grow by about 21 per cent per year until 2030, the German chemicals group said in presentation slides posted on its website.
The report added that BASF said it was targeting a market share of more than 10 per cent, driven by capital investments of 3.5-4.5 billion euros from 2022 to 2030.The Germany-based company is developing a global production network for cathode materials and has struck several collaboration deals to secure access to key inputs cobalt and nickel.
BASF’s technology chief said last weak the chemicals company’s burgeoning auto battery recycling activities will see further investments to secure a scarce stream of nickel, cobalt and other metals for the battery chemicals business.
