North America Battery Material Market 2022-2028 - Rising Focus of Manufactures Towards New Product Development Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "North America Battery Material Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Material, Application, and End-user" report has been added to ResearchAndMarkets.com's offering.

North America battery material market is expected to grow from US$ 5,620.44 million in 2021 to US$ 9,366.00 million by 2028.

Battery is an energy source consisting of one or more electrochemical cells and terminals on both ends. Electrochemical cells transform chemical energy into electrical energy. Anode, cathode, electrolyte, binders, and coatings are different battery materials. Increasing demand for electric vehicles and growing demand from the electronic industry are among the major factors driving the battery material market growth in North America.

Further, the electronics production and spending on consumer electronics have grown rapidly. As a result, major market players are focusing on mergers & acquisitions to produce new products and increase their global presence. Manufacturers are developing new products to meet the growing demand from the electronic and gadgets segment, which is expected to offer lucrative opportunities for the North America battery material market growth in the coming years. The trend of high demand for electronic gadgets would also fuel the market growth in the region during the forecast period.

Based on material, the North America battery material market is segmented into anode, cathode, electrolyte, binders, coatings, and others. The cathode segment held the largest market share in 2021. The cathode is the positive or oxidizing electrode. It acquires electrons from the external circuit and is reduced during the electrochemical reaction.

Nickel cobalt aluminum (NCA), cobalt-based lithium-ion (LCO), and nickel cobalt manganese (NCM or NMC) are cathode materials. Cathode is a key material with the highest impact on battery performance and safety. Cathode materials are the main component of lithium-ion batteries, and there are multiple cathode materials to choose from within the Li-ion battery space.

In 2021, the US held the largest share of the North America battery material market. Major factors driving the market growth in the country are the growing popularity of electric cars and trucks and the rising demand for smart electronic devices. As the automotive industry is rapidly shifting to electric vehicles.

In 2021, President Joe Biden signed an order aiming for half of the new vehicles sold to be electric by 2030. Therefore, the rising demand for electronic vehicles propels the need for batteries and different battery materials, which drives the battery materials market growth in the US. Further, a high demand for computers, TVs, mobile phones, and others results in an increasing demand for batteries, which fuels the market growth in the country.

In February 2022, the US Department of Energy (DOE) issued two notices of intent to provide funding to boost the production of the advanced batteries required for rapidly growing clean energy industries of the future, including electric vehicles and energy storage.

The department aims to fund battery materials refining and production plants, battery cell and pack manufacturing facilities, and recycling facilities. The funding will ensure that the country can produce batteries and materials to increase economic competitiveness and energy independence. Such developments would offer lucrative opportunities for the battery material market growth in the US during the forecast period.

BASF SE, CABOT CORPORATION, Targray Technology International Inc., American Elements, NEI Corporation, Asahi Kasei Corporation, Albemarle Corporation, Solvay S.A., Arkema, PPG Industries Inc., Mitsubishi Chemical Corporation, Electra Battery Materials, Ashland Global Holdings Inc., Ube Corporation, and Pyrotex are among the major players operating in the North America battery material market.

The market players are constantly focusing on strategies such as investments in research and development activities and expansion. Players operating in North America battery material market are highly focused on the development of high quality and innovative product offerings to fulfil the customer's requirements.

Key Market Dynamics

Market Drivers

• Increasing demand for Electric Vehicle
• Growing demand for Electronic Industry

Market Restraints

• Environmental concern on battery recycling

Market Opportunities

• Rising Focus of Manufactures towards New Product Development

Future Trends

• High demand for Electronic Gadgets

Company Profiles

• Cabot Corporation
• Targray Technology International Inc.
• American Elements
• Nei Corporation
• BASF SE
• Asahi Kasei Corporation
• Albemarle Corporation
• Solvay S.A.
• Arkema
• PPG Industries Inc.
• Mitsubishi Chemical Corporation
• Electra Battery Materials
• Ashland Global Holdings Inc.
• Ube Corporation
• Pyrotex

For more information about this report visit https://www.researchandmarkets.com/r/w1vm8m