The Lithium-ion battery materials market is projected to grow from USD 34.2 billion in 2023 to USD 97.5 billion by 2028, at a CAGR of 23.3% from 2023 to 2028. The market growth is expected to be driven by high energy density and efficiency of lithium-ion batteries, ongoing technological advancements, and a growing focus on sustainability and recycling. Government initiatives, such as incentives and subsidies for renewable energy and electric vehicle adoption, present significant opportunities for the lithium-ion battery market, leading to an increase in demand for lithium-ion battery materials.
Companies such as BASF SE (Germany), Umicore (Belgium), 3M (US), Sumitomo Metal Mining Co., Ltd. (Japan), and Resonac Holding Corporation (Japan), fall under the winners’ category. These are leading players in the lithium-ion battery materials market globally. These players have adopted the strategies of acquisitions, expansions, partnerships, and investments to increase their market shares.
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BASF SE is a global leader in the production and supply of advanced materials, chemicals, and solutions. It has diversified operating business segments, namely, chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions, and others. The company offers products and solutions such as petrochemical, intermediates, performance material, polyamides raw material, performance chemical, catalyst, personal care & hygiene, oil & gas, and others.
BASF SE offers lithium-ion battery materials under the catalysts division of the surface technologies segment. It manufactures and distributes cathode active materials that support lithium-ion batteries for electrified vehicles with energy, density, reliability, and performance. The company operates in more than 80 countries in Europe, North America, Asia Pacific, South America, Africa, and the Middle East.
Umicore is a global material technology and recycling group. The company serves a diverse range of industries, including energy, automotive, recycling, chemicals, manufacturing, optics & displays, precious metals and electronics. It operates through 3 business segments namely, catalysis, energy & surface technologies, and recycling. It offers lithium-ion battery materials under its energy & surface technologies segment.
Umicore's under its energy & surface technologies segment offer other products such as cobalt & specialty materials, rechargeable battery materials, metal deposition solutions, and electro-optic materials. The company operates in more than 90 countries across Europe, North America, Asia Pacific, South America, and Africa. The company has more than 40 production sites and 15 R&D/technical centers globally.
3M is a global manufacturer with R&D capabilities in more than 45 countries, and it owns 51 technology platforms, which range from adhesives and abrasives to ceramics and nanotechnology. 3M's products are used in various industries, including healthcare, automotive, electronics, energy, and consumer goods.
The company operates through four business segments, namely, safety and industrial, transportation & electronics, health care, and consumer. The company offers battery electrolyte under transportation & electronics segment. The company operates more than 75 manufacturing facilities in more than 25 countries such as Germany, Belgium, and others. The company has a regional presence in Asia Pacific, Europe, Americas, and the Middle East & Africa.
Sumitomo Metal Mining Co., Ltd.
Sumitomo Metal Mining Co., Ltd. often referred to as SMM, is a global leader in the production and supply of materials for the lithium-ion battery industry and is engaged in mining, non-ferrous metal smelting & refining, and advanced materials businesses. The company operates through 3 business segments namely, mineral resources, smelting & refining, and materials.
The materials business segment is further categorized into battery materials, crystal materials, powder materials, package materials, catalyst, and construction materials. The battery materials develop and markets cathode materials such as lithium nickel cobalt aluminum oxide (NCA), lithium nickel manganese cobalt oxide (NMC), and nickel hydroxide. The company primarily operates in Japan, along with an active presence in China, US , the Philippines, Australia, Chile, Peru, and other countries.
Resonac Holding Corporation
Resonac Holdings Corporation is a chemical company that provides products used in electronics, energy, environment, and other industrial sectors. The company has 4 segments, namely semiconductor & electronic materials, mobility, innovation enabling materials and chemicals.
The anode material falls within the mobility segment, which encompasses various products, such as automotive products (plastic molded items, friction materials, and powder metals) and lithium-ion battery materials (aluminum laminated film SPALF, additives for cathodes and anodes, and carbon anode materials). The company operates in Japan, China, and others.
Lithium-ion Battery Materials Market by Battery Chemistry (LFP, LCO, NMC, NCA, LMO), Material (Cathode, Anode, Electrolyte), Application (Portable Device, Electric Vehicle, Industrial), & Region (APAC, Europe, North America, ROW) - Global Forecast to 2028
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