The majority of these materials are likely to be used in lithium ion batteries, report concludes.
A new report from Navigant Research examines the global materials supply chain of the advanced batteries industry, including global market forecasts for the capacity, shipments, and revenue for key raw materials inputs for advanced batteries through 2023.
The battery industry is in the midst of a dramatic transformation. Long ruled by the lead-acid and primary alkaline chemistries, the market is experiencing a new wave of advanced battery chemistries that is beginning to penetrate the stationary, portable, and transportation markets.
According to a new report from Navigant Research, worldwide revenue from materials for advanced batteries is expected to grow from $7.3 billion annually in 2014 to $19.3 billion in 2023.
“The supply chain that provides materials into the advanced battery industry is no longer a specialty chemicals business,” says Sam Jaffe, principal research analyst with Navigant Research. “It is now a mature and commoditized ecosystem that, while still expected to grow dramatically over the next 10 years, has established the scale and expertise to provide enormous amounts of materials at extremely low price points.”
The majority of those materials, according to the report, will likely go into lithium ion batteries, which are expected to have a leading market share in all three of the major battery application areas: stationary, portable devices, and transportation. Other chemistries, including vanadium oxide and iron chromium flow batteries , are also expected to grow rapidly over the next 10 years..
The report, “Materials for Advanced Batteries,” analyzes the global materials supply chain of the advanced batteries industry. It explores the market drivers and barriers and growth trends for the advanced batteries materials market. Global market forecasts for the capacity, shipments, and revenue of key raw materials inputs for advanced batteries, including lithium, cobalt, nickel, copper, and aluminum, and processed materials such as lithium carbonate, cathode powders, and fully processed graphite, extend through 2023. The report also examines the key advanced battery chemistries and materials and discusses the strengths and weaknesses of the major industry players. An Executive Summary of the report is available for free download on the Navigant Research website.