Report : North America Battery Material Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material (Anode, Cathode, Electrolyte, Binders, Coatings, and Others), Application (Primary Batteries and Secondary Batteries), and End User (Transportation, Consumer Electronics, and Industrial)
Growing Demand form Electronics Industry to Escalate North America Battery Material Market Growth during 2021–2028
According to our latest market study on “North America Battery Material Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material (Anode, Cathode, Electrolyte, Binders, Coatings, and Others), Application (Primary Batteries and Secondary Batteries), and End User (Transportation, Consumer Electronics, and Industrial),” the market is expected to grow from US$ 5,620.44 million in 2021 to US$ 9,366.00 million by 2028; it is expected to grow at a CAGR of 7.7% from 2022 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
A combination of various materials, including anode, cathode, electrolyte, binders, and coatings, is used to make batteries. Different anode materials are lithium, cobalt, lead, carbon, and graphite. Increasing demand for electric vehicles and a growing demand from the electronic industry are among the major factors driving the growth of the battery material market in North America. Players operating in North America battery material market are developing new products to meet the growing demand from the electronic and gadgets segment. This will offer lucrative opportunities for the market growth in the coming years. Further, the trend of high demand for electronic gadgets will also fuel the market growth in North America region during the forecast period.
The surging population, rising disposable incomes, and falling electronics prices contribute to the developing economies progress. The rise in requirement for smart accessories, smart home devices, and others and the increase in environmental awareness encourage the adoption of energy-efficient products. Moreover, continuous investments by manufacturers in R&D for the development of new consumer electronic products to enhance features fuel the growth of the consumer electronics industry. Thus, the growth in the electronics industry positively impacts the battery material market growth.
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. These players are highly focused on the development of high quality and innovative product offerings to fulfil the customer’s requirements.
Impact of COVID-19 Pandemic on North America Battery Material Market
The COVID-19 pandemic has negatively impacted the growth of the North America battery material market. The pandemic has disturbed manufacturing processes due to restrictions imposed by government authorities in various countries. The pandemic disrupted the supply chain of batteries and components. Due to the adverse effect of the pandemic, the demand for battery materials for different applications in North America reduced. However, the demand for battery materials for different applications is increasing due to the recovery of various industrial activities.
North America Battery Material Market Breakdown –by Region
The report includes the segmentation of North America battery material market as follows:
North America battery material market, by material, is segmented into anode, cathode, electrolyte, binders, coatings, and others. Based on application, North America battery material market is segmented into primary batteries and secondary batteries. Based on end user, North America battery material market is segmented into transportation, consumer electronics, and industrial. By country, the market is segmented into the US, Canada, and Mexico.
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