EV Battery Chemicals Market Demand, Drivers and Opportunities 2024-2030
EV Battery Chemicals Market Demand, Drivers and Opportunities 2024-2030
Markntel Advisors’ report, EV Battery Chemicals Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2030, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the EV Battery Chemicals presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.
EV Battery Chemicals Market Research Report & Market Summary:
The Global EV Battery Chemicals Market is poised for substantial growth, with an estimated CAGR of around 16.5% during the forecast period from 2024 to 2030. This surge is being propelled by the accelerating global transition to EVs as a cleaner and more sustainable mode of transportation. Lithium-ion batteries continue to dominate the EV market, with lithium playing a pivotal role as a primary component.
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EV Battery Chemicals Market Dynamics:
Key Driver-
Growing Government Efforts to Promote the Adoption of Electric Vehicles Soaring Demand in the EV Battery Chemicals Market– The Global EV Battery Chemicals Market has experienced a substantial boost driven by the increasing government initiatives that have been aimed at promoting the adoption of alternative fuel vehicles (AFVs). These initiatives, spanning across nations worldwide, are rooted in a collective commitment to sustainability and environmental objectives.
By offering incentives for AFVs, particularly electric vehicles (EVs), governments are effectively pushing demand for EV batteries and their indispensable chemical components, including lithium, cobalt, nickel, and graphite. This demand is further propelled by the implementation of stricter emissions standards and goals to phase out internal combustion engine vehicles. For instance,
- In 2021, the European Union unveiled its "Fit for 55" initiative, aimed at harmonizing policies related to climate, energy, land use, transportation, and taxation with the goal of achieving a minimum 55% reduction in net greenhouse gas emissions by 2030.
Simultaneously, the US administration had set a target of having electric vehicles (EVs) constitute 50% of total vehicle sales by 2030. In addition to these regulatory measures, numerous governments worldwide are providing subsidies and incentives to promote the adoption of electric vehicles. This broadening scope amplifies the significance of EV battery chemicals in the global market. Hence, the Global EV Battery Chemicals Market is experiencing increasing demand and a pivotal role in advancing environmental sustainability while reducing reliance on fossil fuels.
EV Battery Chemicals Market Segmentation Analysis:
According to MarkNtel study the market is segmented into the following categories:
By Chemicals
- Cathode- Market Size & Forecast 2019-2030F, USD Million
- Cobalt- Market Size & Forecast 2019-2030F, USD Million
- Nickel- Market Size & Forecast 2019-2030F, USD Million
- Manganese- Market Size & Forecast 2019-2030F, USD Million
- Others (Copper, Aluminium, etc.)- Market Size & Forecast 2019-2030F, USD Million
- Anode- Market Size & Forecast 2019-2030F, USD Million
- Lithium- Market Size & Forecast 2019-2030F, USD Million
- Graphite- Market Size & Forecast 2019-2030F, USD Million
- Silicon- Market Size & Forecast 2019-2030F, USD Million
- Others (Zinc, Sodium, etc.)- Market Size & Forecast 2019-2030F, USD Million
- Electrolytes- Market Size & Forecast 2019-2030F, USD Million
- Potassium Hydroxide- Market Size & Forecast 2019-2030F, USD Million
- Lithium Salts- Market Size & Forecast 2019-2030F, USD Million
- Others (Ethylene Carbonate, Dimethyl Carbonate, etc.)- Market Size & Forecast 2019-2030F, USD Million
- Separator- Market Size & Forecast 2019-2030F, USD Million
- Polyethylene- Market Size & Forecast 2019-2030F, USD Million
- Polypropylene- Market Size & Forecast 2019-2030F, USD Million
- Others (Ceramic Coated Separators, Glass Fibre, etc.)- Market Size & Forecast 2019-2030F, USD Million
By Battery Type
- Nickel Cadmium Batteries- Market Size & Forecast 2019-2030F, USD Million
- Nickel Metal Hydride Batteries- Market Size & Forecast 2019-2030F, USD Million
- Lead Acid Batteries- Market Size & Forecast 2019-2030F, USD Million
- Lithium-Ion Batteries- Market Size & Forecast 2019-2030F, USD Million
Among them ‘Lithium-ion Batteries’ have established their dominance in the market across various sectors. This was primarily due to their exceptional energy density, which allowed them to store a large amount of energy in a relatively compact and lightweight design. Li-ion batteries had become the go-to choice for consumer electronics like smartphones and laptops, as well as electric vehicles (EVs), where their combination of energy storage capacity and the ability to deliver high power output was crucial.
By Vehicle Type
- Two-Wheeler- Market Size & Forecast 2019-2030F, USD Million
- Passenger Cars- Market Size & Forecast 2019-2030F, USD Million
- Commercial Vehicles- Market Size & Forecast 2019-2030F, USD Million
- Vans/Light Trucks- Market Size & Forecast 2019-2030F, USD Million
- Medium & Heavy Trucks- Market Size & Forecast 2019-2030F, USD Million
- Buses- Market Size & Forecast 2019-2030F, USD Million
- Off-Highway Vehicles- Market Size & Forecast 2019-2030F, USD Million
By Propulsion
- Battery Electric Vehicles (BEVs)- Market Size & Forecast 2019-2030F, USD Million
- Hybrid Electric Vehicles (HEVs)- Market Size & Forecast 2019-2030F, USD Million
- Plug-in Hybrid Electric Vehicles (PHEV)- Market Size & Forecast 2019-2030F, USD Million
- Fuel Cell Electric Vehicles (FCEVs)- Market Size & Forecast 2019-2030F, USD Million
Battery Electric Vehicles (BEVs) have been steadily dominating the electric vehicle market due to their numerous advantages and growing consumer acceptance. BEVs are characterized by their pure electric propulsion system, powered entirely by high-capacity lithium-ion batteries, which store energy for propulsion. They offer zero tailpipe emissions, making them environmentally friendly and contributing to reduced greenhouse gas emissions and air pollution. The increasing availability of charging infrastructure, coupled with government incentives and stricter emission regulations, has boosted the appeal of BEVs.
By Method
- Wire Bonding- Market Size & Forecast 2019-2030F, USD Million
- Laser Bonding- Market Size & Forecast 2019-2030F, USD Million
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific.
The Asia-Pacific region has dominated the Global EV Battery Chemicals Market which has been attributed to several key factors.
As indicated in the latest market research report published by Markntel Advisors, “EV Battery Chemicals Research Report: Forecast (2024-2030)”, this report offers a detailed analysis of the industry, featuring insights into the EV Battery Chemicals industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.
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Top Companies Operating in the EV Battery Chemicals Market:
- AlbeMarle Corporation
- Gan feng Lithium Co. Ltd.
- Glencore PLC
- Livent Corporation
- SQM S.A.
- Norilsk Nickel
- Teck Resources
- Vale S.A.
- Tianqi Lithium Industry Co., Ltd.
- Hindustan Zinc Ltd.
- Korea Zinc
- Sheritt International Corporation
- Nyrstar NV
- Mody Chemi Pharma Ltd.
- Mitsubishi Chemical Holdings
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Key Report Highlights:
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
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Frequently Asked Questions (FAQs)-
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- How has the industry been evolving in terms of geography & EV Battery Chemicals Market adoption?
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- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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