- The vital battery raw materials are magnesium, lithium, cobalt, and lead. A recent study by Grand View Research Inc. foresees substantial growth for the worldwide battery raw material market from 2015 to 2022. This may be attributed to increasing applications of battery raw materials in laptops, portable devices, cars, household devices, etc.
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in the sectors of consumer electronics and automotives in emerging economies like India, Vietnam, and China are also fuelling demand for batteries, and consequently, the market. Technological advancements are introducing batteries with longer lives, higher power densities, and higher discharge lives. This will also provide impetus to the market.
A key challenge for the battery raw material market is issues linked with safety. Short circuits and heat-related battery failures are also likely to deter the use of batteries. Ultra capacitors are giving stiff competition to rechargeable batteries. High prices of raw materials will lower the profit margins of manufacturers.
The study segments the market on the basis of types, applications, and regions. The types are electrolytes, separators, anodes, and cathodes. The applications include camcorders, portable devices, digital cameras, laptops, automotives, cellular, household devices, and others.
Household devices lead the battery raw material market, while consumer electronics occupy second spot. Highest growth will be witnessed by automotives due to demand for battery vehicles. Lithium batteries are used in advanced transportation systems like electric and hybrid vehicles, etc. Demand for such vehicles is rising due to governmental initiatives towards the reduction of fuel consumption.
North America led the battery raw material market in the recent past, as a result of the adoption of battery-run vehicles. Robust demand for consumer electronics is another contributing regional growth factor. Europe landed second position. This was owing to stringent environmental regulations promoting the usage of batteries in transportation and industrial sectors.
Asia Pacific will experience the highest growth over the next seven years. This would be due to escalating demand for digital cameras, camera-phones, portable devices, etc. Significant growth will also occur in the regions of Middle East and Africa, and Central and South America. The players in the battery raw material market are Saft Groupe, Valence Technology Inc., TCL Hyperpower Batteries Inc., and BYD Company Ltd.
Information Source: Grand View Research
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