Novel Battery Materials Market: Introduction
- Demand for novel battery materials market has been rising at a rapid pace across the globe. Various manufacturing companies and research institutions are investing significantly in technological advancements of these batteries. These investments are made to create batteries with high power density, long lifecycle, low cost, and high performance. Furthermore, these batteries need to be environmentally friendly. Demand for novel battery materials is high at a global level, and their manufacturing is primarily led by countries in Asia such as Japan, China, and South Korea.
Key Drivers of Novel Battery Materials Market
- Automobile manufacturers have started focusing on electric vehicles, as several countries and their governments have taken initiatives toward green environment and lower carbon dioxide emission. Rise in usage of electric vehicles and portable electronic devices is anticipated to drive the novel battery materials market during the forecast period.
- The market in Asia Pacific is projected to expand at a rapid pace during the forecast period owing to the high demand for electric vehicles in the region. High demand for batteries in the automotive sector due to the increase in the use of electric vehicles is boosting the novel battery materials market in Asia Pacific.
- Increase in government support, presence of a strong manufacturing base, and growth in investments by automotive companies in electric vehicles are propelling the novel battery materials market across the globe
Electric Vehicle Application Segment to Offer Lucrative Opportunities
- In terms of application, the electric vehicle segment is estimated to hold significant share of the market in terms of revenue during the forecast period. Novel battery can charge electric vehicles in under 15 minutes. Thus, it is ideal for consumers.
- Battery electric vehicles enable clean transportation without any emission of pollutants. The power source needs to have high power and high energy densities in electric vehicles. The system includes two different batteries with different energy and power characteristics. One of these batteries has high energy density, while the other has high power density.
Asia Pacific Expected to Hold Major Share of Global Novel Battery Materials Market
- Based on region, the global novel battery materials market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific accounted for the major share of the global novel battery materials market in 2019. The novel battery materials market in the region is expanding significantly due to the growth in electronics and automotive industries, primarily in China and India.
- Rise in FDI investment in automotive and electronics industries in developing economies of Asia Pacific is a key factor likely to fuel the market in the region during the forecast period
- The market in Europe and Middle East & Africa is estimated to expand at a significant pace during the forecast period owing to the growth in automotive and electronics industries in these regions
Key Players in Novel Batteries Materials Market
The global novel battery materials market is fragmented, the leading manufacturers accounting for approximately 20% to 30% share. Prominent players operating in the novel battery materials market include:
- Asahi Kasei Corporation
- Mitsubishi Chemical Holdings
- Hitachi Chemical
- Sumitomo Corporation
- Mitsui Mining & Smelting Company
- The DOW Chemical
- BASF SE
Global Novel Battery Materials Market: Research Scope
Global Novel Battery Materials Market, by Material
Global Novel Battery Materials Market, by Application
- Electric Vehicles
- Portable Devices
- Wire Board
Global Novel Battery Materials Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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