The market size of lithium-ion battery anode is estimated at USD 8.4 billion in 2021 and projected to reach USD 21.0 billion by 2026, growing at a CAGR of 19.9%. The growing demand for electric vehicles along with high demand for lithium-ion batteries for industrial applications is driving the market growth. Moreover, strategies such as agreements and plant expansions undertaken by several prominent players in the lithium-ion battery anode industry are further fueling the lithium-ion battery anode industry growth across the globe.
An energy storage device is defined as an apparatus used for storing electric energy. The concept of energy storage technology is quite new but is gaining acceptance. To counteract global warming, energy storage devices are increasingly used in hybrid automobile systems and renewable energy generation. lithium-ion batteries have proven to be suitable for large-capacity energy storage systems. These batteries are designed for superior performance with high power output in various applications. For instance, data centers use UPS, which provides power to a load in emergencies when the main power fails. Larger battery capacity requires more anode materials, therefore, providing better demand opportunities for the lithium-ion battery anode materials
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The automotive end-use industry is expected to be one of the major segments for lithium-ion battery anode market. Battery-driven vehicles such as electric vehicles, e-bikes, and automated guided vehicles, are major consumers of lithium-ion batteries. There is increasing competition between battery models installed in EVs owing to the need for operational excellence. Increasing adoption and awareness of EVs supports the growth of the lithium-ion battery market which in turn enhances the demand for lithium-ion battery anode.
Based on the region, the lithium-ion battery anode market has been segmented into Asia Pacific, Europe, and North America. Asia Pacific is estimated to be the largest market for lithium-ion battery anode, which accounted for the largest share, in terms of value and volume, in 2020. The lithium-ion battery anode market in Asia Pacific is segmented into China, Japan, Australia, South Korea, and Thailand. The lithium-ion battery anode industry in Asia Pacific is growing at a significant pace due to high demand for lithium-ion batteries for industrial applications along with the innovation and technology advances in lithium-ion battery anode materials.
Europe is the second-largest consumer of lithium-ion battery anode and accounted for a share of 6.1% of the global market, in terms of value, in 2020. The region is home to some of the largest battery manufacturers, such as Saft (France) and FIAMM (Italy). Batteries have major applications as clean, sustainable, and compact sources of power in automotive. The region is witnessing significant growth in the demand for EVs which is largely dependent on government incentives and funds. Growth in demand for electric vehicle has increased the demand for lithium-ion battery anode which in return has fueled the demand for lithium-ion battery anode in the region.
The key players in the lithium-ion battery anode market include Showa Denko Materials (Japan), JFE Chemical Corporation (Japan), Kureha Corporation (Japan), SGL Carbon (Germany), Shanshan Technology (China), and POSCO CHEMICAL (South Korea). The lithium-ion battery anode market report analyzes the key growth strategies adopted by the leading market players between 2017 and 2021, which include expansions, investments, and mergers & acquisitions.
Read More: https://www.marketsandmarkets.com/ResearchInsight/lithium-ion-battery-anode-market.asp
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