The global market for battery materials will grow to $65.78 billion in 2023

The global market for battery materials is expected to grow from $43.5 billion in 2018 to $65.78 billion in 2023, with a compound annual growth rate of 8.62 percent over that period, according to a report from MarketsandMarkets.

The asia-pacific region will lead the global market for battery materials. Battery materials are used to make batteries. The cathode, anode, electrolyte and separator are the main components of the battery system. Different materials are used to make the cathode, anode, electrolyte and separator of different rechargeable batteries. Lead-acid battery materials and lithium-ion battery materials account for the majority of the global market.

Lead-acid batteries will become the largest battery type in the market for battery materials in 2018. This large share can be attributed to its reproducibility and increasing use in backup power sources, emergency lighting, utilities, safety systems, railway backup systems, oil and gas, renewable energy systems and other applications. Batteries reduce carbon emissions and provide renewable and recyclable energy.

Lead dioxide is the preferred cathode material for lead-acid batteries. The cathode is the most used part of the lead-acid battery material because it makes up the largest part of the lead-acid battery. In addition, as cathode material manufacturers create a balance between high quality and low price, the increase in innovation and r&d investment in high-capacity and low-price materials will boost the cathode material market.

The asia-pacific region will become the largest market for battery materials by 2023. The asia-pacific market for battery materials is mainly driven by the growth of demand for battery materials in China. Heavy investment in cars, electronics and energy storage systems has been a key driver of China's battery materials market. Government support, a strong manufacturing base and growing investment by car companies in electric vehicles are driving the global market for battery materials.

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