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Top 15 Battery Material Suppliers, Worldwide 2023

Comparing 15 vendors in Battery Material across 0 criteria.

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Summary
360 Quadrants releases a list of "Top 15 Battery Material Suppliers, worldwide 2023" in partnership with MarketsandMarkets. The report recognizes standouts in the Battery Material market, ranging from mid-sized enterprises to Fortune 500 companies. The vendor evaluation was conducted on over 100 companies of which the top 15 were categorized and recognized as the new economic quadrant leaders.

  • The battery material market has grown significantly in recent years, owing to the rising use of batteries in numerous industries. The market is likely to grow further as demand for energy storage solutions develops, notably in EVs and renewable energy systems. Technological improvements, government incentives, and reducing battery costs are all helping to drive market expansion.

  • Battery materials were worth USD 57.82 billion in 2022 and are expected to be worth USD 120.39 billion by 2027, growing at a CAGR of 15.8% over the forecast period.

  • The battery material market is a dynamic and rapidly evolving sector, driven by the increasing demand for energy storage solutions in various industries. Here are some key trends in the battery material market:

    Lithium-ion dominance: Lithium-ion batteries continue to dominate the battery material market due to their high energy density, longer lifespan, and wide range of applications. The demand for lithium-ion batteries is fuelled by the growing adoption of electric vehicles (EVs), portable electronics, and energy storage systems.

    Cobalt reduction strategies: Due to ethical concerns and price volatility, there is a strong push to reduce or eliminate the use of cobalt in battery materials. Battery manufacturers are actively developing cobalt-free or low-cobalt chemistries, such as NMC 811 (with reduced cobalt content) and exploring alternative materials to improve sustainability and cost-effectiveness.

    Recycling and sustainability: With the increasing number of batteries reaching the end of their life, recycling and sustainability are gaining importance. Efforts are being made to develop efficient and environmentally friendly recycling technologies to recover valuable materials from used batteries. Additionally, battery manufacturers are exploring sustainable sourcing practices and incorporating recycled materials in battery production.

  • Battery material companies employ various growth strategies to expand their market presence, increase revenue, and capitalize on emerging opportunities in the energy storage sector. Here are some growth strategies commonly adopted by battery material companies:

    Strategic Partnerships and Collaborations: Battery material companies often enter strategic partnerships and collaborations with other organizations, including battery manufacturers, research institutions, and suppliers. These partnerships enable knowledge sharing, technology exchange, and joint development of innovative battery materials or manufacturing processes.

    Umicore, a leading materials technology company, has entered collaborations with various battery manufacturers, including Samsung SDI and LG Chem, to develop and supply advanced cathode materials for lithium-ion batteries. These partnerships enable Umicore to leverage its expertise in materials science while working closely with battery manufacturers to meet their specific requirements.

    Sustainable and Responsible Practices: Battery material companies are focusing on sustainability and responsible sourcing practices to meet evolving environmental and social expectations. This includes incorporating recycled materials, minimizing the use of critical or environmentally sensitive materials, and adopting environmentally friendly manufacturing processes. BASF, a leading chemical company, has established a sustainability strategy for its battery materials. They prioritize the responsible sourcing of raw materials, including cobalt, and are actively engaged in efforts to increase the recycling of batteries. BASF's sustainability efforts aim to meet the growing demand for sustainable battery materials while minimizing environmental impacts.
  • Government rules and subsidies play a significant role in shaping the battery material market by providing incentives, regulations, and support for the development and adoption of batteries and energy storage technologies. Here's an example of government rules and subsidies in the battery material market:Electric Vehicle (EV) Subsidies: Many governments worldwide have implemented subsidies and incentives to promote the adoption of electric vehicles. These measures often include financial incentives or tax credits for EV purchases, reduced registration fees, and exemption from certain taxes or tolls. By encouraging the adoption of EVs, governments indirectly support the demand for battery materials used in EV batteries. The federal government of the United States offers a federal tax credit for qualified plug-in electric vehicles. The tax credit ranges from $2,500 to $7,500, depending on the battery capacity of the vehicle. This subsidy helps make electric vehicles more affordable for consumers and stimulates the demand for battery materials used in EV batteries.
Research and Development Grants: Governments often provide funding and grants for research and development projects related to battery technologies. These grants support scientific advancements, innovation, and the commercialization of new battery materials and technologies. The European Commission's Horizon 2020 program funds numerous research projects in the field of battery materials and energy storage. For instance, the Battery 2030+ project is a European consortium that received €25 million in funding from the European Union. The project aims to develop next-generation battery technologies, including advanced battery materials, with the goal of enabling long-range electric vehicles and grid-scale energy storage.
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Company List

Company List +

Company Headquarters Year Founded Holding Type
ASAHI KASEI CORPORATION Tokyo, Japan 1931 Public
BASF SE Ludwigshafen, Germany 1865 Public
Kureha Corp. Tokyo, Japan 1944 Public
Mitsubishi Chemical Chiyoda, Japan 1933 Public
Mitsui Mining & Smelting Tokyo, Japan 1950 Public
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Frequently Asked Questions (FAQs)
The battery material market refers to the global industry that manufactures, supplies, and distributes materials used in the creation of batteries. Metals, chemicals, electrolytes, binders, separators, and other components required for the operation of various types of batteries are among these materials.
Lithium-ion battery materials, lead-acid battery materials, nickel-cadmium battery materials, nickel-metal hydride battery materials, and other developing battery chemistries are the most common types of battery materials. Specific materials are required for each type of battery to enable energy storage and release.
The growing need for batteries in industries such as automotive, consumer electronics, renewable energy storage, and grid energy storage is driving the battery material market. Furthermore, developments in battery technology, government policies encouraging renewable energy, and the shift toward electric vehicles are all contributing to the market's expansion.
Due to the presence of large battery manufacturers and a vibrant consumer electronics industry, Asia Pacific is currently the leading region in the battery material market. China, Japan, and South Korea are major market contributors. However, North America and Europe are also seeing significant development, due to the increasing use of electric vehicles and renewable energy storage systems.
The most commonly used rechargeable batteries, lithium-ion batteries, are made up of important components such as lithium cobalt oxide (LCO), lithium nickel cobalt aluminum oxide (NCA), lithium nickel manganese cobalt oxide (NMC), lithium iron phosphate (LFP), graphite, and electrolytes. These materials are critical to lithium-ion battery performance, energy density, and safety.
Yes, there are environmental issues with battery materials. Certain minerals, such as lithium and cobalt, might have environmental consequences when extracted and processed. Furthermore, appropriate treatment of spent batteries is required to avoid contamination and the release of dangerous compounds. The industry is actively attempting to produce more ecologically friendly and sustainable battery materials and recycling technologies.
In the battery material business, safety is a major factor. Manufacturers are constantly attempting to improve battery safety features by creating new materials with increased thermal stability, smart battery management systems, and tight quality control procedures during the manufacturing process. Regulatory entities are very important in establishing safety guidelines and requirements.
The development of solid-state batteries, which offer higher energy density and improved safety compared to standard lithium-ion batteries, is one of the growing trends in the battery material market. Other trends include the investigation of alternative materials for battery applications such as sodium, magnesium, and zinc, as well as the integration of battery materials with other technologies such as artificial intelligence and the Internet of Things (IoT) for smart and efficient energy storage systems.
Heat-resistant glass and ceramics, lithium grease lubricants, flux additives for iron, steel, and aluminum manufacture, lithium metal batteries, and lithium-ion batteries are only a few of the industrial applications for lithium and its compounds. These applications require more than three-quarters of the lithium produced.
The battery material industry is predicted to increase rapidly in the future years. Factors such as rising demand for electric vehicles, increased renewable energy installations, and battery technological developments.
 
 
Research Methodology
Research Methodology
POWERED BY MARKETSANDMARKETS
Apr 03, 2025

360 Quadrants

360 Quadrants is a scientific research methodology by MarketsandMarkets to understand market leaders in 6000+ micro markets

360 Quadrants

360 Quadrants is a scientific research methodology by MarketsandMarkets to understand market leaders in 6000+ micro markets

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