Research and development focused on bringing technological advancements are the driving force behind the tremendous growth and expansion of the chemicals industry and the introduction of advanced and more efficient battery systems. A range of advanced batteries are available in the market today, however, the most widely used are lithium-ion (Li-ion). From electric vehicles to consumer electronic devices such as mobile phones and laptops, Li-ion batteries find their applications across various industries.
However, with their increasing usage, the need for enhancing the functioning of Li-ion batteries has increased manifold. Innovations in the anode electrode of a battery are gaining much traction in the industry and hold the potential to transform the conventional Li-ion batteries. The latest innovations in anode electrode have been majorly focused on the introduction of next-generation anode materials such as silicon/silicon oxide blend, silicon-graphene, silicon-carbon composite, and lithium titanium oxide (LTO).
A recent report by BIS Research titled “Global Next-Generation Anode Materials Market- Analysis and Forecast (2019-2029),” is focused on the increasing use of next-generation anode materials and the expected growth of the market during the forecast period, 2019-2029. According to the report, the global next-generation anode materials market is anticipated to reach $6.28 billion by 2029 from $1.13 billion in 2018, registering a CAGR of 16.96% during the forecast period.
Further, the report provides key insights into the market for the four primarily used anode materials along with the applications for each material. Amongst the four major anode materials, silicon/silicon oxide blend material is expected to acquire the largest market share during the forecast period. The high growth of the market can be attributed to its increasing use across sectors such as transportation, electrical and electronics, and energy storage. Further, the increasing demand and adoption of electric vehicles are also contributing to the growth of this segment. Technology giants such as Tesla Inc. are using silicon oxide blend as an anode material in their electric vehicles.
Additionally, the market shares and the applications of other anode materials namely silicon-graphene, silicon-carbon composite, and lithium titanium oxide (LTO) are also discussed in detail in the report.
BIS Research analysis of the market also discusses the competitive landscape of the market in terms of the leading players, key strategies adopted, latest developments, and the market concentration of the major next-generation anode materials. In terms of latest developments, Daimler AG, a leading company, which aims at totally electrifying the Mercedes-Benz car range by 2022 provided funding worth $170 million to Sila Nanotechnologies Inc. The company, Sila Nanotechnologies Inc., aims at developing efficient battery materials by improving their energy capacity by 20%.
Other key players venturing in the next-generation anode materials market include BTR New Energy Material Ltd., Enevate Corporation, NEXEON LTD., and Talga Resources Ltd. The companies are adopting strategies to further expand their businesses and gain a competitive edge in the market.