Global Lithium-Ion Battery Anode Market Showing Sturdy Growth: Projected to Grow at a CAGR of 19.6% by 2027
Published | 17 September 2021
Global lithium-ion battery anode market is growing at a high CAGR because of the increasing usage of lithium-ion batteries in the renewable energy sector. Additionally, the market is being driven by the growing need for battery-operated material-handling equipment in the industrial sector...
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global lithium-ion battery anode market was worth USD 7.1 billion in the year 2020. It is estimated to grow at a CAGR of 19.6%, earning revenue of around USD 24.8 billion by the end of 2027. The global lithium-ion battery anode market is gaining significant traction because of its expanding application in industrial use and electric vehicles. The demand for rechargeable lithium-ion batteries is witnessing prolific demand. It is widely used as a power source for portable electronic devices such as laptops, mobile phones, digital cameras, etc. Lithium-ion batteries are preferred for these goods over their counterparts because of their high operation voltage, high energy density, and no memory effect. As a result, the flourishing manufacturing and production operations of these consumer electronic goods in emerging economies such as China, India, Japan, South Korea, etc., significantly propel the lithium-ion battery anode market.
Expanding Production Capacity of Lithium-Ion Batteries
Manufacturers are rapidly investing in extending their production facilities to fulfill the growing demand for lithium-ion batteries. To that end, they are developing production sites, particularly in regional markets, in order to improve product penetration. For example, Exide Industries, a storage battery industry leader, recently announced its first lithium-ion battery cell manufacturing plant in India, named the Advance Cell Chemistry Project or ACC. In the forecast period, such establishments are expected to drive demand for lithium-ion batteries.
Growing R&D Activities in Lithium-Ion Batteries
Lithium-ion battery manufacturers are significantly focusing on R&D activities to overcome the disadvantages or limitations of these battery types. Sila, Inc., a materials company in California, has spent the last decade researching ways to increase the energy stored in lithium-ion batteries to improve the functioning of smaller gadgets and electric vehicles. The company has successfully developed silicon-based particles that can replace graphite in anodes. Such advancements are expected to boost the global lithium-ion battery anode market in the forecast period.
Global Lithium-Ion Battery Anode Market - By End-Use
Based on end-use, the global lithium-ion battery anode market is segmented into automotive and non-automotive. The automotive industry dominates the market because of the increasing production and penetration of electric vehicles. The demand for electric vehicles has witnessed a significant surge over the past few years because of the rising fossil fuel prices and growing environmental concerns. As a result, electric vehicle manufacturers are expanding their production capacities. Additionally, countries like China, Japan, Germany, etc., that are leading EV manufacturers are significantly propelling the demand for lithium-ion battery anodes.
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Global Lithium-Ion Battery Anode Market - Regional Insights
The report by BlueWeave Consulting analyzes the lithium-ion battery anode market for five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among these regions, Asia-Pacific accounts for the largest market share. However, North America also covers a substantial share of the market and is expected to witness a significant growth rate in the forecast period. Leading battery manufacturer giants, such as Tesla, are significantly propelling the demand for the lithium-ion battery anode in this region. Furthermore, the surging demand for electric vehicles because of growing environmental concerns, favorable government policies, and the development of EV charging infrastructure also contribute to the growth of the lithium-ion battery anode market in North America.
Impact of COVID-19 on Global Lithium-Ion Battery Anode Market
The unprecedented outbreak of the COVID-19 pandemic has had a negative impact on the global lithium-ion battery anode market. Moreover, nationwide lockdowns imposed by governments of different countries temporarily halted all battery manufacturing and production. This resulted in severe losses to the lithium-ion battery anode manufacturers. Additionally, the prevalent shortage of chips in the post-COVID-19 period is also obstructing the production of consumer electronics which is hampering market growth. Thus, recovery from this setback will take some time.
The leading players in the global lithium-ion battery anode market are Panasonic Corporation, XALT Energy, Tesla, Amperex Technology Limited, Samsung SDI Co., Ltd., A123 Systems LLC, LG Chem., Shenzhen BAK Technology Co., Saft Groupe S.A., TotalEnergies, CALB USA Inc., Lithium Energy Japan, Tianjin Lishen Battery Co., Ltd, Shenzhen A&S Power Technology Co., Ltd., LITHIUMWERKS, GlobTek, Inc., BYD Company Ltd., VARTA AG., Toshiba Corporation, and other prominent players.
There are several players in the market, and nevertheless, it is highly fragmented due to the penetration of global giants like Panasonic, Tesla, Toshiba, etc. The manufacturers significantly invest in research and development activities to improve their products and expand their production capacities to meet the growing demand. Furthermore, the adoption of competitive strategies like mergers, acquisitions, partnerships, collaborations, etc., are also very prominent in this market.
The report’s in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global lithium-ion battery anode market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global lithium-ion battery anode market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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