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According to the Grand View Research report, the global battery raw materials market is expected to reach $68.
57 billion by 2025, with a compound annual growth rate of 7.
4%.
According to the report, advances and innovations in battery technology used in external power generation systems are the main drivers for the steady and rapid growth of the industry
.
Battery manufacturers will place greater emphasis on sourcing materials, sourcing and processing raw materials
from major companies operating in the market.
The industry is characterized by the presence of a strict regulatory framework and the imposition of regulations
on mining, processing, assembly, packaging, transportation, and waste disposal.
Due to environmental concerns, rechargeable lithium-ion batteries are widely used
compared to conventional lead-acid batteries.
In addition, the growing use of renewable energy sources such as solar energy is expected to lead to an increase
in the demand for lithium batteries.
Overall, the lead-acid battery industry is relatively saturated, so the scope of growth of the technology used in products is relatively limited
.
The declining scope and focus on the use of carcinogens in lead batteries is also expected to limit the industry growth
.
In terms of materials, LTO is expected to be the fastest growing segment, growing at a CAGR of 22.
1% from 2018 to 2025, as materials require less recharge time
.
On an application basis, the automotive segment is expected to witness the fastest growth, growing at a CAGR of 14.
1% from 2018 to 2025, owing to the surge
in some large and medium-sized companies focused on manufacturing electric vehicles.
Due to the increasing innovation and technological advancements in electrode materials to improve operational efficiency, the CAGR of cathode materials used in lead-acid batteries is expected to show a CAGR of 6.
3% from 2018 to 2025
.
According to the Grand View Research report, the global battery raw materials market is expected to reach $68.
57 billion by 2025, with a compound annual growth rate of 7.
4%.
According to the report, advances and innovations in battery technology used in external power generation systems are the main drivers for the steady and rapid growth of the industry
.
Battery manufacturers will place greater emphasis on sourcing materials, sourcing and processing raw materials
from major companies operating in the market.
The industry is characterized by the presence of a strict regulatory framework and the imposition of regulations
on mining, processing, assembly, packaging, transportation, and waste disposal.
Due to environmental concerns, rechargeable lithium-ion batteries are widely used
compared to conventional lead-acid batteries.
In addition, the growing use of renewable energy sources such as solar energy is expected to lead to an increase
in the demand for lithium batteries.
Overall, the lead-acid battery industry is relatively saturated, so the scope of growth of the technology used in products is relatively limited
.
The declining scope and focus on the use of carcinogens in lead batteries is also expected to limit the industry growth
.
In terms of materials, LTO is expected to be the fastest growing segment, growing at a CAGR of 22.
1% from 2018 to 2025, as materials require less recharge time
.
On an application basis, the automotive segment is expected to witness the fastest growth, growing at a CAGR of 14.
1% from 2018 to 2025, owing to the surge
in some large and medium-sized companies focused on manufacturing electric vehicles.
Due to the increasing innovation and technological advancements in electrode materials to improve operational efficiency, the CAGR of cathode materials used in lead-acid batteries is expected to show a CAGR of 6.
3% from 2018 to 2025
.
