Battery Materials Market is expected to show high growth in next five years. Its market is segmented by different types of lithium battery materials which include cathode, anode, electrolyte, separator, binders, and packaging material.
Lithium Batteries are more efficient as compared to others.Lithium battery is known by its high performance with outstanding properties such as high energy density, long discharge cycle, lightweight, and compact size. Lithium batteries have become more widely used over the last five years.
Lithium battery raw materials are Cathode, Anode, separator and electrolyte. Lithium batteries are mostly used in consumer electronics.
Asia pacific region has the biggest share in the consumption of lithium batteries.
Automotive sector is another major driver for use of lithium batteries. Car manufacturing companies are one of the major users of these batteries.
The major reason for this is the efficiency of lithium batteries as compared to its counterparts .As fossil fuel reserves are depleting, manufacturers and consuming are forced to look elsewhere. This trend is even more evident in the automotive sector.
Battery driven vehicles are gaining more attention. Lithium batteries are used in electric vehicles.
However one major drawback in battery vehicles was the higher costs .Recently many innovations have taken place in the area and new lithium batteries which are cheaper and efficient are expected to hit the market. They will provide greater temperature range and power.
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Lithium batteries also find application in consumer electronics such as laptops, cell phones.. Growing consumption of laptops and cell phones is sure to drive the lithium Battery Materials Market.
This is even more prominent in the Asia pacific region. With greater purchasing power consumers are spending more on consumer electronics and this reflected in greater usage of lithium batteries.
Companies manufacturing lithium batteries are making huge investments in R&D .These investments are aimed at improving the efficiency of lithium batteries and also on making them more economical .This will further help to strengthen the market. Researchers at the University of Illinois at Urbana have claimed that they have devised batteries which are 2000 times more powerful than the average battery.
These batteries will also have faster recharge time. This could prove to be a major breakthrough and lead to greater demand for battery raw materials.
This could revolutionize smart phone industry .At the same time electric vehicles will also become much cheaper which would add to their acceptability.
However Lithium batteries have some drawbacks. Safety is one major issue .Lithium batteries have protection circuits.
There have been mishaps in industrial applications of lithium batteries. Shipment of lithium batteries allegedly was a reason for a major cargo accident.
If stricter regulations are introduced, manufacturing costs could go up further.
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