Market research firm Markets and Markets has said that the battery materials market is expected to grow from $83.95 billion in 2025 to $147.93 billion by 2030, at a CAGR of 13.7% during the forecast period.
The firm considered battery types including both lead-acid and lithium-ion and applications including EV, portable devices and industrial, as well as regions in its report. It said the lithium-ion segment is expected to have the largest share in value for the battery materials market out of all the other battery types during the forecast period. This will be driven by demand for EVs, consumer electronics and renewable energy storage. This growth is supported by the energy density, durability, and efficiency of lithium-ion technology, along with progress in materials like lithium, nickel, cobalt and graphite.
Also cited as significant were the advances in battery chemistry, especially high-nickel cathodes and silicon-based anodes, as well as developments in solid-state technology and recycling efforts.
The EV segment is expected to have the largest market share in terms of volume, with a desire for carbon neutrality and clean mobility increasing. The report said that automakers are looking for large, energy-dense battery packs, with improvements in material efficiency and sustainability being essential.
Government incentives, stricter emission regulations, and expanding charging infrastructure are supporting the industries’ growth, while innovations in battery chemistry and recycling work to improve the long-term scalability.
Asia Pacific is expected to have the largest market share in terms of volume and value throughout the forecast period. This includes China, Japan, South Korea, and India where investments in battery manufacturing with government policies, domestic production goals and EV targets are sustaining growth.
Malaysia, Taiwan, Indonesia, and Australia are seen as emerging markets, which have focused on infrastructure projects and renewable energy.
Image: A stock image of an EV being charged, which is expected to be the largest application for the battery materials market. Credit: Rawpixel.
