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 valued at USD 66.24 billion in 2020 and is slated to witness decent expansion during 2021-2026.

The growth of global battery materials market can be accredited to rapid urbanization, escalating government assistance, and greater adoption of digitalization in battery manufacturing.

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Besides, the advent of eco-friendly batteries is likely to create lucrative prospects for the enterprises in this domain during the review period.

Based on battery type, the business sphere is split into lithium-based batteries, lead acid batteries, and others. Of these, the lithium-based batteries segment holds a considerable revenue share at present and is anticipated to record colossal growth during the evaluation timeline, due to extensive usage in portable devices and electric vehicles, primarily because of its numerous benefits. 

In terms of end-user ambit, worldwide battery materials market is categorized into automotive, industrial, and portable devices. Among these, the automotive vertical is estimated to retain a significant market share during the study period, given that it has one of the largest applications of batteries as well as the constant rise in demand for electric vehicles (EVs).

From a regional standpoint, Asia Pacific market registered a notable growth in 2020 and is poised to record a substantial CAGR during the assessment period, owing to presence of battery manufacturers in economies like Japan, South Korea, and China, combined with the surging demand of batteries in the proliferating EV automotive and consumer electronics sectors.

The report tracks competitive developments, strategies, mergers & acquisitions, and new product developments of the notable companies in global battery materials industry. It includes prominent names like CBAK Energy Technology Inc., Umicore N.V., GS Yuasa Corporation, Nichia Corporation, BYD Co. Ltd., Ecopro, BASF SE, Posco Chemical Co. Ltd., Asahi Kasei Corporation, and Targray Technology International Inc. among others.