Top 50 Companies in Battery Materials Market Worldwide 2025: Market Research Report (2024–2035)
RELEASE DATE: Sep 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Battery Materials Market Size is projected To Grow from USD 70.39 Billion in 2024 to USD 185.894 Billion by 2035, at a CAGR of 9.23% during the forecast period 2025–2035. The market for battery materials is in greater demand due to their need for cutting-edge materials like lithium, nickel, cobalt, and graphite. The growing demand for energy storage systems and electric vehicles is a major factor. Concurrently, the expansion of consumer electronics such as wearables, laptops, and smartphones fuels the need for longer-lasting, more capacious, and more efficient batteries.
Introduction
The Battery Material Market Size refers to the raw and processed form of a mineral, metal, chemical, or other material used in an advanced battery component. The demand for battery materials is rising exponentially due to the quick global transition to electric vehicles. Lithium-nickel-cobalt-manganese oxide dominates the situation. This amazing expansion highlights the pressing need to significantly increase the supply chains for nickel, cobalt, and lithium while also finding new resources. The growing fleet of electric vehicles and rising battery capacity requirements per vehicle are major drivers of this development. The majority of the metals used in batteries, such as nickel, cobalt, and lithium, come from upstream mining activities that transform mineral ores or brines into refined metals. These metals are then used in premium battery packs that are used in consumer electronics, automotive, and energy storage technologies, among other industries.
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Battery Materials Market Size & Statistics
- The Market Size for Battery Materials Was Estimated to be worth USD 70.39 Billion in 2024.
- The Market is Going to Expand at a CAGR of 9.23% between 2025 and 2035.
- The Global Battery Materials Market Size is anticipated to reach USD 185.894 Billion by 2035.
- Asia Pacific is expected to generate the highest demand during the forecast period in the Battery Materials Market
- North America is expected to grow the fastest during the forecast period in the Battery Materials Market.
Regional growth and demand
North America is expected to grow the fastest during the forecast period in the battery materials market. The market for battery materials is now growing in North America due to advancements in consumer electronics and electric cars. The demand for lithium-ion battery packs used in energy storage systems is being driven by the U.S. government's aggressive promotion of investments in electric vehicles and renewable energy. The market expansion in the clean energy and mobility sectors is being accelerated by this strong support, which includes both financial incentives and legislative backing.
Asia Pacific is expected to generate the highest demand during the forecast period in the battery materials market. The battery materials market with the quickest rate of growth throughout the study period is anticipated to be in the Asia Pacific. Growing consumer demand for electric and hybrid cars, portable devices like laptops and smartphones, cheap manufacturing costs, a plentiful supply of raw materials, and technological advancements are the main drivers of this dominance.
Top 10 trends in the Battery Materials Market
- Surging EV and Energy Storage Demand
- Advances in Recycling & Circular Economy
- Supply Chain Localization and Resilience
- Shifting Battery Chemistries
- Cobalt Reduction & Nickel Rich Cathodes
- Innovation in Anode Materials
- Electrolyte and Thermal Management Improvements
- Grid-Scale & Long Duration Storage Emergence
- Policy and Environmental Pressure
- Diversified End Markets
1. Surging EV and Energy Storage Demand
The accelerated energy transition and expanding electricity demand are driving a sharp increase in the demand for energy storage systems and electric vehicles worldwide. For the first time, according to the IEA, battery demand for EVs and storage exceeded 1 TWh. Energy storage capacity is still increasing; estimates suggest that installations worldwide will total about 221 GWh. Because of their reduced cost, increased safety, and longer lifespan, lithium iron phosphate batteries are becoming more and more popular for both EVs and grid storage. Increased electrification of the power and transportation sectors, including data centres, the integration of renewable energy sources, and EV charging infrastructure, also influences the demand drive.
2. Advances in Recycling & Circular Economy
Innovation in the circular economy and recycling is advancing significantly. Using a magnetically recoverable nano zero-valent iron catalyst, IIT Bhilai in India has created a new, environmentally friendly technique that depolymerises PET plastic back to its original monomer in mild conditions, enabling true circular recycling without the need to separate bottle caps from bottles. Concurrently, the European Union is introducing a Digital Trash Shipment System to completely replace paper with digital tracking, improving trash traceability across borders and promoting effective recycling. When taken as a whole, these developments demonstrate the momentum towards a more sustainable, closed-loop economy that is being pushed by both policy and technology.
3. Supply Chain Localization and Resilience
In order to increase resilience against geopolitical tensions, climatic hazards, and other shocks, global supply chains are moving more and more towards localised and diversified models. To cut lead times, improve responsiveness, and lessen dependency on unstable international partners, businesses are implementing nearshoring, regional sourcing, and multi-sourced tactics. Digital tools, such as digital twins, predictive analytics, and real-time visibility dashboards, let businesses foresee disturbances and respond quickly. In order to promote agility without sacrificing trade efficiencies, government measures also support open data flows, simplified border processes, and customs. When combined, these flexible tactics seek to maintain stability in increasingly unstable global supply chains.
4. Shifting Battery Chemistries
The desire for safer, more affordable, and environmentally friendly alternatives is driving a rapid evolution in battery chemistry for energy storage and electric cars. Since lithium-iron-phosphate eliminates the need for costly cobalt and nickel, it has risen to nearly 80% of the Chinese EV market. Additionally, automakers are creating lithium-manganese-rich and lithium-manganese-iron-phosphate chemistries, which provide simpler pack construction and increased energy density. In the meantime, mass-produced EVs like the MG4 are starting to use semi-solid-state batteries, which have gel-like electrolytes and offer greater safety, longevity, and energy density. These developments are part of a larger industry trend towards battery technology that is safer, more effective, and more adaptable.
5. Cobalt Reduction & Nickel-Rich Cathodes
To increase energy density, extend EV range, and reduce dependency on unethical cobalt sources, battery manufacturers are rapidly moving towards nickel-rich cathodes while reducing cobalt concentration. High-nickel cells, however, pose stress and durability issues, which have led to advancements like tungsten coatings to increase structural stability and prolong battery life beyond 500 cycles. These changes are part of a larger chemical movement towards EV battery materials that are safer, more effective, and sustainable.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the battery materials market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 32 Companies Leading the Battery Materials Market
- Schaeffler AG
- Tenneco Inc.
- Harman International Industries, Inc.
- Samsung SDI Co., Ltd.
- Shaanxi Fast Auto Drive Group
- Hitachi Astemo, Ltd.
- Dana Incorporated
- Proterial, Ltd.
- Eaton Corporation Plc
- Faurecia SE
- TORAY INDUSTRIES, INC.
- Mitsubishi chemical holdings
- Visteon Corporation
- Posco
- Volkswagen AG
- SEAT S.A.
- China Molybdenum Co. Ltd.
- Audi AG
- Targray Technology International
- Hyundai Motors
- Gan feng Lithium Co. Ltd.
- BMW AG
- TCI Chemicals Pvt. Ltd.
- Johnson Matthey
- Honda Manufacturing
- BYD Automobile Industry Co., Ltd.
- Umicore
- Asahi Kasei
- Norlisk Nickel
- Sheritt International Corporation
- Sumitomo Chemical Co., Ltd.
- Kureha Corporation
- Others
1. Schaeffler AG
Headquarters: Bavaria, Germany
German manufacturer Schaeffler AG is well-known for its high-precision systems and components, particularly rolling element bearings, spherical and plain bearings, mechatronics, and linear guidance solutions. Through original equipment manufacturers, distributors, and direct customer channels, its products serve a variety of industries, including automotive, aircraft, rail, off-road, and industrial automation. It operates under well-known names like INA, FAG, and LuK. The company's global headquarters, which serves as the focal point for strategy, R&D, and administrative activities, is situated in Herzogenaurach, Bavaria, Germany. Schaeffler is dedicated to influencing Mobility for tomorrow, promoting advancements in digitalisation, Industry 4.0 technologies, and electric mobility.
2. Tenneco Inc.
Headquarters: Michigan, Tenneco
Global automobile component designer and producer Tenneco, Inc. is well-known for its powertrain, performance, ride control, emissions control, and aftermarket product solutions. Clean Air, Powertrain, Performance Solutions, and DRiV are its four business groups. It provides cutting-edge technology for engine optimisation, acoustic comfort, and emissions reduction to original equipment manufacturers and the aftermarket. With its corporate headquarters being in Northville Charter Township, Michigan, Tenneco also has a sizable presence in Lake Forest, Illinois. The company's culture is based on principles like radical candour, simplification, velocity, tenacious execution, and winning, and it aims to be the most trusted partner and best manufacturer and distributor in the transportation industry.
3. HARMAN INTERNATIONAL INDUSTRIES, INC.
Headquarters: Connecticut, US
A prominent American business, Harman International Industries, Inc., is well-known for creating, developing, and promoting a wide variety of connected technologies. Its product line includes enterprise automation platforms, lifestyle audio solutions, professional lighting and audio systems, and automotive infotainment and connected car systems. More than twenty well-known brands, including JBL, Harman Kardon, AKG, Infinity, Lexicon, Mark Levinson, Revel, Crown, Soundcraft, Studer, AMX, and Martin, are used to promote Harman's products. The corporate headquarters, which is the main centre for strategic direction, superior design, and international coordination, is situated in Stamford, Connecticut, in the United States.
4. Shaanxi Fast Auto Drive Group
Headquarters: Shaanxi Province, China
A well known Chinese producer with a focus on heavy duty automobile gears, driveline systems, and transmissions is Shaanxi Fast Auto Drive Group Co., Ltd. Clutches, hydraulic retarders, hybrid and electric vehicle drivetrains, hydraulic automatic transmissions, and automated manual transmissions are just a few of the company's many product offerings. It has operations in North America, Europe, Southeast Asia, and the Middle East through more than ten subsidiaries and joint partnerships. Among the numerous national awards that Fast Group has received are the National May Day Labour Award and the National Civilised Unit. The company's postdoctoral research programs and National Enterprise Technology Centre reflect its dedication to innovation.
5. Shaanxi Fast Auto Drive Group
Headquarters: Shaanxi Province, China
A well-known Chinese producer with a focus on heavy-duty automobile gears, driveline systems, and transmissions is Shaanxi Fast Auto Drive Group Co., Ltd. Clutches, hydraulic retarders, hybrid and electric vehicle drivetrains, hydraulic automatic transmissions, and automated manual transmissions are just a few of the company's many product offerings. It has operations in North America, Europe, Southeast Asia, and the Middle East through more than ten subsidiaries and joint partnerships. Among the numerous national awards that Fast Group has received are the National May Day Labour Award and the National Civilised Unit. The company's postdoctoral research programs and National Enterprise Technology Centre reflect its dedication to innovation.
Are you ready to discover more about the battery materials market?
The report provides an in-depth analysis of the leading companies operating in the global battery materials market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Schaeffler AG
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Tenneco Inc.
- HARMAN INTERNATIONAL INDUSTRIES, INC.
- Samsung SDI Co., Ltd.
- Shaanxi Fast Auto Drive Group
- Hitachi Astemo, Ltd.
- Dana Incorporated
- Proterial, Ltd.
- Eaton Corporation Plc
- Faurecia SE
- TORAY INDUSTRIES, INC.
- Mitsubishi chemical holdings
- Visteon Corporation
- Posco
- Volkswagen AG
- SEAT S.A.
- China Molybdenum Co. Ltd.
- Audi AG
- Targray Technology International
- Hyundai Motors
- Gan feng Lithium Co. Ltd.
- BMW AG
- TCI Chemicals Pvt. Ltd.
- Johnson Matthey
- Honda Manufacturing
- BYD Automobile Industry Co., Ltd.
- Umicore
- Asahi Kasei
- Norlisk Nickel
- Sheritt International Corporation
- Sumitomo Chemical Co., Ltd.
- Kureha Corporation
- Others
Conclusion
The Battery Materials Market Size is accelerating due to the rise in the use of electric vehicles and the rising need for portable devices. Essential components for EVs, especially those with lithium-ion batteries, include lithium, nickel, cobalt, and graphite. This demand is also being driven by improvements in battery technologies and the growth of high-speed charging infrastructure. Concurrently, the widespread use of laptops, smartphones, and other smart devices is increasing demand for batteries, which is propelling market expansion. In the upcoming years, the market for battery materials is anticipated to continue growing due to the combined influence of these factors.
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