With increasing penetration of renewable energy sources across the power generation sector and the emergence of energy storage technologies, the global LIB anode market is expected to burgeon in the coming years.
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Recent developments within the active anode materials coupled with cost optimization have created a positive impact on the end users’ adoption rate of anode active materials for manufacturing LIB. Such aforesaid motives are expected to amplify the overall sales of LIB anode materials market over the forecast period, 2019-2027.
The global LIB anode market has transformed over the last few years, owing to increasing production of electric vehicles and increasing transition towards low-emission vehicles. In addition, heightened investment in LIBs and battery materials is anticipated to create remunerative opportunities for the LIB anode market players.
Over the past several years, a lot of wealth and effort have been put forward in the research & development activities related to battery materials, including anode, cathode, electrolytes, and separators involved in the making of a LIB. The significant increment in the investment and R&D activities has led anode material for LIB towards higher production and wider sales among the automakers and consumer electronics manufacturers.
Growth in the adoption of consumer electronics to drive the global LIB anode Market
The consumer electronics market is growing at a fast pace, owing to several technological advancements and significant decline in the prices of smartphones and tablets. Demand from households is set to accelerate, given increased disposable incomes and easier access to credit. Battery electrical storage is the key to future personal electronics, efficient power grids and electric vehicles.
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The vast majority of LIB are utilized in consumer electronics, and increasing popularity of smartphones is one of the major reasons to drive the consumer electronics market, invariably the consumption of LIB anode materials is bound to increase. There has been a rise in the demand for LIB anode materials across the globe, especially from key countries such as China, Mexico and India.
In addition, South Korea, which is one of the leading lithium battery producing country in the world is expected to emerge as a lucrative market for li-ion battery anode manufacturers in the coming decade.
Recently, the government of the Republic of South Korea announced the investment of nearly US$ 12.5 billion in lithium resource projects over the span of next ten years. The government also announced that lithium will be considered as a “strategic commodity” of the nation, which is expected to augur well for li-ion battery manufacturers in the country.
With the emergence of 5G in the global scenario within the next few years, smartphones and tablets will require powerful and efficient LIBs, thereby potentially raising the demand for LIB anode materials. Moreover, LIB with anode materials is expected to replace lead-acid batteries by 2024, due to enhanced efficiency, increased lifespan, relatively low cost, and high energy storage system.
The global LIB anode market is expected to spectate a steady growth, on the account of positive outlook toward utilizing energy storage systems (ESS) coupled with shifting trends toward the deployment of clean energy technologies.
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The demand for clean energy sources is on the rise, as governments and utilities seek to achieve carbon emission reductions. Increased installations of renewable energy sources along with escalating requirements of storing generated electricity for uninterrupted power supply will continue complement the growing demand for LIB with anode materials.
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