A recent report from Navigant Research examines the global materials supply chain of the advanced batteries industry, including global market forecasts for capacity, shipments, and revenue for key raw materials inputs for advanced batteries through 2023.
Since 1991, when the first mass-produced lithium ion (Li-ion) batteries emerged, the market for advanced batteries and shipments of the materials used to manufacture them has steadily increased. Today, with growing demand for batteries in stationary, portable, and transportation applications, a variety of new advanced battery chemistries are replacing the long-used lead-acid and primary alkaline chemistries, spurring industry-wide growth and transformation.
According to a recent report from Navigant Research, worldwide revenue for materials for advanced batteries is expected to total $132.2 billion from 2014 through 2023.
“With greater manufacturing scale, expertise, and a maturing supply chain, more advanced batteries are being purchased and more products containing them are being sold,” says Sam Jaffe, principal research analyst with Navigant Research. “As the industry continues to transform, capacity and materials shipments are also anticipated to continue to increase, with the number of annual shipments expected to nearly triple during the forecast period.”
While the enhanced capabilities that advanced batteries can enable has been a major driver in the increased shipments of materials for these batteries, a decline in the prices of batteries themselves is also contributing. During the last 5 years, according to the report, the factories in which batteries are made have become larger, while manufacturing yield losses have decreased and supply chain ecosystems have become established, nudging prices down.
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.