Umicore (Belgium) and Asahi Kasei (Japan) are Leading Players in the Battery Materials Market
The global battery material market size is estimated to be USD 57.8 billion in 2022 and is projected to grow at a CAGR of 15.8% during the forecast period to reach USD 120.4 billion by 2027. Asia Pacific accounts for a major share of the overall battery material market due to the increasing demand for EVs, smart devices, and other electronic products related to battery materials, and rising consumer awareness regarding the benefits of using batteries.
Players including Umicore, Asahi Kasei Corporation, Mitsubishi Chemical Holdings, POSCO, and Johnson Matthey have adopted several growth strategies between 2018 and 2022 (April) to expand their global presence and increase their market shares. New product launches/developments, mergers & acquisitions, investments & expansions, partnerships & agreements, and joint ventures & collaborations were the strategies adopted by these players to achieve growth in the battery material market.
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Umicore is a global material technology and recycling group. It focuses on application areas where its expertise in materials science, chemistry, and metallurgy makes a real difference. The company is active in the fields of catalysis, energy & surface technologies, and recycling. Cathode material is manufactured under the energy & surface technologies segment. The company generates most of its revenues and dedicates most of its R&D efforts to clean technologies such as emission control catalysts, materials for rechargeable batteries, and recycling. The company has a strong customer base and operates in many countries of Europe, North America, Asia Pacific, South America, and Africa. The company has 46 production sites and 15 R&D/technical centers.
Asahi Kasei Corporation is a global Japanese chemical company. It is one of the leading Lithium-ion batteries and lead-acid battery separator manufacturing companies, which delivers high-quality, innovative, and sustainable solutions in the battery market. The company has three business segments, namely, material, homes, and healthcare. Separators are produced under the material segment. The company focuses on the development of new possibilities through the combination of advanced chemical technology and bold creativity.
Related Reports:
Battery Materials Market by Battery Type (Lead-Acid, Lithium-ion), Material (Cathode, Anode, Electrolyte), Application (Automotive, EV, Portable devices, industrial), and Region (Aisa Pacific, North America, Europe, RoW) - Global Forecast to 2027
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