Global Lithium-ion Battery Materials Market Set to Reach USD 149.8 Billion by 2030
The lithium-ion battery materials market is witnessing rapid expansion, fueled by the rising adoption of electric vehicles, portable electronics, and renewable energy storage systems. Known for their high energy density, lightweight design, and long cycle life, these materials are becoming essential in shaping the future of sustainable energy solutions.
Market Size
According to Stratview Research, the global lithium-ion battery materials market is expected to grow from USD 42.55 billion in 2024 to USD 149.80 billion by 2030, at a healthy CAGR of 23.34% during 2025-2030.
Market Drivers and Dynamics
This growth is largely driven by the widespread adoption of electric vehicles (EVs), increasing consumer demand for portable electronics, and expanding deployment of renewable energy storage systems. Lithium‑ion batteries are favored for their high energy density, lightweight design, and long cycle life, making them ideal across various sectors.
Application Segmentation
The market is segmented by application into portable devices, electric vehicles, industrial, and other uses. Among these, electric vehicles are anticipated to register the fastest growth, driven by increasing EV uptake globally and supportive government policies and incentives for electrification.
Chemistry Segmentation
On the chemistry front, the lithium‑ion materials market is categorized into Lithium Nickel Manganese Cobalt (NMC), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), Lithium Nickel Cobalt Aluminium Oxide (NCA), and Lithium Cobalt Oxide (LCO). Among these, NMC is expected to demonstrate the highest growth, given its balanced combination of high energy density, safety, and cost-effectiveness.
Regional Outlook
Geographically, the Asia‑Pacific region dominates the market and is forecast to be the fastest-growing region during 2024–2030. This outperformance is driven by factors including large-scale industrialization, strong government initiatives promoting EV adoption, a thriving consumer electronics industry, and abundant access to raw material resources.
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Competitive Landscape
Key players in this market include:
- Umicore
- Sumitomo Metal Mining Co. Ltd.
- BASF SE
- POSCO Future M
- Tanaka Chemical Corporation
- L&F Co. Ltd.
- Toda Kogyo Corp.
- 3M
- Kureha Corporation
- NEI Corporation
These firms compete on dimensions such as pricing, service capabilities, and geographic reach, while also engaging in ongoing development of next-gen materials.
Summary & Future Opportunities
By 2030, the global lithium-ion battery materials market is poised to nearly quadruple, driven predominantly by the electrification of transportation and the digitization of daily life. EVs emerge as the primary demand driver, while NMC chemistry and the Asia-Pacific region stand out as key growth avenues.
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