According to the market research report titled ‘Global Battery Materials Market (2022 Edition) - Analysis By Battery Type (Lead Acid, Lithium-Based, Others), End User (Industrial, Portable Devices, Automotive), By Region, By Country: Market Insights and Forecast with Impact of Covid-19 (2021-2026)’, available with MarketStudyReport, global battery materials market was worth USD 66.24 billion in 2020 and is poised to grow at a healthy CAGR over the forecast period 2021-2026.

Report findings suggest that rapid urbanization, favorable government policies, growing adoption of digitalization in battery manufacturing, and burgeoning demand for eco-friendly batteries are the primary factors driving global battery materials market growth.

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Considering battery type, lithium-based batteries segment presently captures a major market share and is estimated to expand at a notable pace during the forecast period. This can be attributed to their extensive use in electric vehicles, and other portable devices.

Based on end user spectrum, automotive segment holds a major share in the market as it has the largest demand of battery materials from electric vehicles sector. The surging preference for EVs is also expected to drive segmental growth in the upcoming years.

From a regional frame of reference, the research literature on worldwide battery materials industry spans across major regions including Americas (United States, Canada), Europe (Germany, France, United Kingdom, Norway), and Asia Pacific (China, Japan, India, South Korea). Among these, Asia Pacific captured a major share of industry revenue in 2020 and is expected to follow similar trends over the forecast period. Substantial presence of major battery manufacturers in Japan, South Korea, and China, and surging demand for batteries in the automotive and consumer electronics sectors are anticipated to propel regional market growth over the stipulated timeframe.

Speaking of the competitive landscape, major players such as BYD Auto Co. Ltd., CBAK Power Battery Co. Ltd., GS Yuasa Corp., Targray Technology International Inc., BASF SE, Asahi Kasei Corp., Posco Chemical Co. Ltd., Ecopro, Nichia Corp., and Umicore N.V. are prominently influencing global battery materials market trends.