According to the 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 anticipated to expand exponentially through 2026.

Global battery materials market growth is backed by rapid urbanization, growing government support for energy storage solutions, rising demand for eco-friendly batteries, and increasing digitalization in battery manufacturing.

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For the unversed, battery materials are the earth materials used in the battery manufacturing, and they mostly consist of metals like lithium, cobalt, and nickel. Battery packs are the end goods, and they're employed in a variety of industries, including automotive, consumer electronics, and energy storage devices. The lithium-ion battery is the most widely used battery today.

Based on battery type, the market is divided into lithium-based batteries, lead acid batteries, and others. Among these, lithium-based batteries segment holds substantial revenue share at present and is anticipated to grow at a robust rate during the forecast duration, due to growing incorporation in electric vehicles and portable devices as a result of various advantages.

In terms of end user, worldwide battery materials industry is branched into portable, industrial, and automotive. Among these, automotive segment accounts for substantial market share at present and is expected to grow significantly through 2026, owing to growing need for battery materials in the sector as well as rising sales of electric vehicles.

Regionally, Asia Pacific market accounts for a notable revenue share in 2020 and is poised to expand tremendously over 2021-2026, due to presence of renowned battery producers in China, Japan, and South Korea, as well as rising battery demand in the consumer electronics and automotive sectors, particularly for electric cars.  

BYD Auto Co., Ltd., CBAK Energy Technology, Inc., GS Yuasa Corporation, Targray Technology International, Inc., BASF SE, Asahi Kasei Corporation, Posco Chemical Co., Ltd., EcoPro Co., Ltd., Nichia Corporation, and Umicore N.V. are the leading players in global battery materials market.