Lithium-ion Battery Materials Market

The global lithium-ion battery materials market is projected to grow from USD 41.9 billion in 2024 to USD 120.9 billion by 2029, at a CAGR of 23.6% during the forecast period. The increased production of lithium-ion batteries is expected to greatly boost the lithium-ion battery materials industry. As electric vehicles (EVs) gain popularity, spurred by a global push for sustainability and carbon reduction, the demand for efficient, high-capacity batteries grows. This spike in battery production immediately increases demand for essential elements such as lithium, cobalt, nickel, and graphite, all of which are required for battery manufacturing. Furthermore, innovations in energy storage systems and rising consumer electronics demand drive market growth.

Companies such as Umicore (Belgium), Sumitomo Metal Mining Co., Ltd. (Japan), BASF SE (Germany), POSCO Future M (South Korea), and Tanaka Chemical 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.

Umicore

Umicore is a global material technology and recycling group. The company serves diverse 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.

Under its energy & surface technologies segment, it offers other products such as cobalt & specialty materials, rechargeable battery materials, metal deposition solutions, and electro-optic materials. The company operates in over 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.

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 categorized into battery, crystal, powder, package, catalysts, and construction materials. The battery materials develop and market 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, the US, the Philippines, Australia, Chile, Peru, and other countries.

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BASF SE

BASF SE is a global leader in producing and supplying 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 petrochemicals, intermediates, performance materials, polyamide raw materials, performance chemicals, catalysts, 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.

POSCO Future M

POSCO Future M, formerly known as POSCO Chemical, is among the leading lithium-ion battery material players. It offers products and services such as battery materials, advanced chemical materials, and basic industrial materials for a wide range of applications, including electric vehicles, IT devices, electric machines, plasticizers, manufacture of benzene, toluene, xylene, and many others. Under battery materials, it produces cathode material and anode material. The company operates in Europe, Asia Pacific, Middle East & Africa, South America, and North America.

Tanaka Chemical Corporation

Tanaka Chemical Corporation manufactures materials for Ni-MH batteries and Lithium-Ion batteries. The company specializes in a single segment, i.e., positive electrode materials, for lithium-ion and Ni-MH batteries. They are used for secondary batteries and electrical appliances such as mobile devices and Hybrid Electric Vehicles (HEV). Tanaka Chemical Corporation is a subsidiary of Sumitomo Chemical.

Related Reports:

Lithium-ion Battery Materials Market by Battery Chemistry (LFP, LCO, NMC, NCA, LMO), Material (Cathode, Anode, Electrolyte), Application (Portable Device, Electric Vehicle, Industrial, Power Tool, Medical Device), & Region - Global Forecast to 2029

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