The Global Secondary Battery Materials Market 2026–2037 - Advanced and Emerging Technology Market Research

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Published: July 2026
Pages: 370
Tables: 44
Figures: 46

Secondary (rechargeable) battery materials are the engineered inputs that make up a lithium-ion cell and its surrounding module and pack — cathode and anode active materials, electrolyte, separator, conductive additives and binders, and the copper and aluminium current collectors, together with the busbars, insulation and structural housing that turn cells into a usable pack. Demand is driven overwhelmingly by the electrification of transport and the parallel build-out of stationary energy storage, with consumer electronics a smaller but stable third stream. As global lithium-ion output scales from roughly one terawatt-hour today toward several times that by 2037, material demand rises in step — though not uniformly, because chemistry mix, cell and pack architecture, and processing route all reshape which materials capture value.

The market is defined by a persistent tension between volume and value. High-volume commodities such as LFP cathode and graphite anode grow with capacity but carry thin margins, while smaller, specification-critical materials — silicon anode, carbon nanotubes, LiFSI salt, engineered separators — grow faster in percentage terms and command premium pricing. Cathode active materials remain the largest single value pool, anchored to volatile lithium, nickel and cobalt prices; anode is being reshaped by the gradual introduction of silicon; and separators, electrolytes and current collectors form steady, technically demanding mid-tier markets.

Two structural shifts run through the forecast period. First, pack-level engineering — cell-to-pack, cell-to-body and cell-to-chassis designs — is eroding module content while raising the importance of structural housing materials such as aluminium, high-strength steel and composites. Second, dry-electrode (solvent-free) processing is beginning to reshape binder and conductive-additive demand, favouring PTFE and carbon nanotubes over incumbent PVDF and carbon black.

Supply is acutely concentrated in China across nearly every segment, with nascent Western, Korean and Japanese capacity supported by the US Inflation Reduction Act, Section 45X and the EU Critical Raw Materials Act. Substitution risk — principally sodium-ion in cost-sensitive storage and entry EVs, and solid-state over the longer term — sits alongside recycling and critical-material recovery as swing factors for secondary supply. The result is a large, fast-growing but strategically contested market in which sourcing security, localisation economics and materials innovation increasingly determine competitive position through 2037, rewarding participants who can pair scale with defensible, specification-critical differentiation.

The Global Secondary Battery Materials Market 2026–2037 is a commercial market study of the full lithium-ion battery materials value chain, from cell active materials through to module and pack-structural components. It quantifies demand (in tonnes) and market value (in US dollars) for each in-scope material on a bottom-up basis — global cell output in gigawatt-hours, multiplied by chemistry- and architecture-specific material-intensity factors, then priced — with annual forecasts extended to 2037. The study covers eight value-chain segments: cathode active materials; anode active materials (graphite and silicon); electrolyte, salts and additives; separators; conductive additives and binders; current collectors; module materials; and pack-housing and structural materials. It also provides a dedicated analysis of dry-electrode (solvent-free) processing and its effect on the cell, binder and conductive-additive markets.

Beyond sizing, the report maps demand drivers and end-market splits across electric vehicles, stationary storage and consumer electronics; profiles the supplier landscape and geographic concentration for every segment; sets out pricing trends and cost structures; and assesses supply-chain risk against the US IRA/Section 45X and the EU Critical Raw Materials Act. A comparative-analysis chapter reconciles all segments into a single value-and-volume view with a regional breakdown, and a scenarios chapter tests sensitivity to chemistry mix, silicon loading, dry-process adoption, sodium-ion substitution and localisation. The study closes with a company-profiles directory spanning cathode, anode, electrolyte, separator, additive, binder, foil, upstream raw-material, cell, solid-state, sodium-ion and recycling players.

Contents summary:

Executive summary — headline forecasts, material growth ranking and company landscape
Introduction, scope and methodology — the bottom-up GWh → intensity → tonnage → value model
Global Li-ion demand and the material-intensity model — demand by application, chemistry mix, end-market split
Cathode active materials — LFP, NMC, NCA, LMFP; lithium, nickel, cobalt and manganese
Anode active materials — natural and synthetic graphite; silicon (SiOx, nano-Si, Si-C)
Electrolyte — salts (LiPF₆, LiFSI), solvents and additives
Separators — wet and dry base films; ceramic-coated
Conductive additives and binders — carbon black, CNT; PVDF, SBR/CMC
Current collectors — battery-grade copper and aluminium foil
Dry-electrode (solvent-free) processing — cell, binder and conductive-additive impact
Module materials — busbars, interconnects and insulation
Pack-housing and structural materials — aluminium, steel, composites; CTP/CTB/CTC
Comparative analysis, regional breakdown and supply-chain risk — including IRA/45X and EU CRMA policy
Scenarios and sensitivities — chemistry mix, silicon loading, dry-process, sodium-ion, localisation
Company profiles — 439 companies across the value chain
Appendices — methodology, full assumptions, demand-model tables, Excel sheet index, company directory and related FMI research

Companies profiled include 24M Technologies Inc., 2D Fab AB, 3DOM Inc., 6K Energy, AC Biode, Achelous Pure Metal Company Limited, Addionics, Advanced Solid-State Electrolyte Technology Co. Ltd. (ASET), Advano, AEGIS Critical Energy Defence Corp., AESC, AirMembrane Corporation, Albemarle, Allye Energy, Alsym Energy, Altairnano / Yinlong, Altech Batteries Ltd., Altris AB, AMO Greentech, Ampcera Inc., Amprius Inc., AMTE Power, Amtex, Anaphite Limited, Anhui Anwa New Energy, Anthro Energy, APB Corporation, Appear Inc., Arcadium Lithium, Argylium, Arkema, Asahi Kasei, Ateios Systems, Atlas Materials, Australian Advanced Materials, Avanti Battery Company, AZUL Energy Co. Ltd, BAK Power Battery, Base Power, BASF, Basquevolt, Bedimensional S.p.A, BeePlanet Factory, Beijing Easpring, Beijing WeLion New Energy Technology, Bemp Research Company, BenAn Energy Technology, BGT Materials Ltd., Bihar Batteries, Birla Carbon, Biwatt Power, Black Diamond Structures LLC, Blackstone Resources, Blue Current Inc., Blue Solutions, Blue Spark Technologies Inc., Bodi Inc., BrightVolt Inc., Broadbit Batteries Oy, Brunp (CATL), BTR New Energy Materials Inc., BTRY AG, BYD Energy Storage, Cabot Corporation, CALB, California Lithium Battery, CAMX Power, CAPCHEM, CarbonScape Ltd., CATL, CBAK Energy Technology Inc., CCL Design, CEC Science & Technology Co. Ltd, CellCube, CellsX, CENS Materials Ltd., Central Glass Co. Ltd., Ceylon Graphene Technologies (Pvt) Ltd, Cham Battery Technology, Chasm Advanced Materials Inc., Chemix, China Sodium-ion Times, Chongqing Tailan New Energy Co. Ltd., Cirba Solutions, Clim8, CMBlu Energy AG, Cnano Technology (LB Group), CNGR, Connexx Systems Corp, Conovate, Coreshell, Corporation Guangzhou Automobile New Energy (GAC), Customcells, Cymbet, Daejoo Electronic Materials, Daqus Energy, Denka, DFD, Do-Fluoride, Domolynx, Donut Lab Oy, Dotz Nano, Dreamweaver International, E-Magy, EBS Square, Ecellix, Echion Technologies, Eclipse, Ecobat, EcoPro BM, ElecJet, Electrified Thermal Solutions, Electroflow Technologies, Elegus Technologies, Emerald Battery Labs, Enchem, Energy Plug Technologies, Enevate, Enfucell Oy, ENGYCell, Enovix, EnPower Greentech, Ensurge Micropower ASA, Eonix Energy, Estes Energy Solutions, EticaAG, EVE Energy Co. Ltd, Exencell New Energy, Factorial Energy, Faradion Limited, Farasis Energy, FDK Corporation, Feon Energy Inc., FinDreams Battery Co. Ltd., FlexEnergy LLC, Forge Nano Inc., Forsee Power, Fortum, Front Edge Technology, Fuelium, Fuji Pigment Co. Ltd., Fujitsu Laboratories Ltd., Furukawa Electric, Ganfeng Lithium, Ganfeng Recycling, GDI (Graphenix Development Inc.), Gelion Technologies Pty Ltd., GEM Co., General Motors (GM), Geyser Batteries Oy and more...

1 EXECUTIVE SUMMARY 27

1.1 Report scope and the questions it answers 27
1.2 Headline market size and growth 27
1.3 Key findings by value-chain segment 28
1.4 Material growth ranking 29
1.5 Company landscape at a glance 30

2 INTRODUCTION, SCOPE & METHODOLOGY 32

2.1 Study objectives and scope 32
2.2 Definitions and the boundary of the battery pack 33
2.3 Bottom-up demand methodology 33
2.4 Material-intensity framework (kg/kWh) 34
2.5 Pricing, data sources and assumptions 35
2.6 Limitations and confidence flags 36

3 GLOBAL LI-ION DEMAND & THE MATERIAL-INTENSITY MODEL 37

3.1 Global Li-ion demand by application 37
3.2 Cathode chemistry-mix evolution 38
3.3 Regional production of cells 40
3.4 From GWh to material demand 40
3.5 From demand to market value 41
3.6 End-market split (EV, ESS, consumer, other) 42

4 CATHODE ACTIVE MATERIALS 43

4.1 Overview and role in the cell 43
4.2 Chemistry landscape (LFP, NMC, NCA, LMFP) 44
4.3 Demand outlook by chemistry 45
4.4 Critical raw material — lithium 46
4.5 Critical raw material — nickel 47
4.6 Critical raw materials — cobalt & manganese 47
4.7 Supply landscape and geographic concentration 48
4.8 Pricing and cost structure 49
4.9 Technology & substitution (LMFP, sodium-ion) 50
4.10 Outlook 51

5 ANODE ACTIVE MATERIALS 53

5.1 Overview and role 53
5.2 Graphite — natural vs synthetic 53
5.3 Silicon anode materials (SiOx, nano-Si, Si-C) 55
5.4 Silicon loading roadmap and the 2028–2030 inflection 56
5.5 Demand outlook 57
5.6 Supply landscape 57
5.7 Pricing and cost structure 58
5.8 Technology & substitution 59
5.9 Outlook 60

6 ELECTROLYTE 61

6.1 Overview and function 61
6.2 Salts (LiPF₆, LiFSI) 61
6.3 Solvents (EC, DMC, EMC, DEC, PC) 62
6.4 Additives (VC, FEC) 63
6.5 Demand outlook 64
6.6 Supply landscape and pricing 65
6.7 Outlook 65

7 SEPARATORS 66

7.1 Overview and function 66
7.2 Wet vs dry-process base films 66
7.3 Ceramic-coated separators 67
7.4 Demand outlook 69
7.5 Supply landscape 70
7.6 Pricing and cost structure 71
7.7 Outlook 72

8 CONDUCTIVE ADDITIVES AND BINDERS 73

8.1 Overview and function 73
8.2 Conductive additives — carbon black 73
8.3 Conductive additives — CNT / SWCNT 74
8.4 Binders — PVDF 76
8.5 Binders — SBR / CMC 76
8.6 Demand outlook 78
8.7 Supply, pricing and FMI view 79

9 CURRENT COLLECTORS 81

9.1 Overview and function 81
9.2 Battery-grade copper foil 81
9.3 Battery-grade aluminium foil 82
9.4 Foil-thickness trends and material efficiency 83
9.5 Demand outlook 85
9.6 Supply landscape and pricing 86
9.7 Outlook 87

10 DRY-ELECTRODE (SOLVENT-FREE PROCESSING) 88

10.1 Dry-electrode processing 88
10.2 Cell market and dry-process adoption 89
10.3 Impact on the binder market 90
10.4 Impact on the conductive-additives market 91
10.5 Cost, capex and qualification barriers 92
10.6 Outlook 93

11 MODULE MATERIALS 94

11.1 Overview — module vs cell-to-pack 94
11.2 Busbars and interconnects (Cu, Al) 94
11.3 Module insulation & dielectric films 95
11.4 Demand outlook (major-material level) 96
11.5 Supply and pricing 98

12 PACK-HOUSING & STRUCTURAL MATERIALS 99

12.1 Overview — the enclosure's structural role 99
12.2 Aluminium (extruded & die-cast) 100
12.3 High-strength steel 101
12.4 Structural composites (SMC/GFRP, CFRP) 101
12.5 Structural pack integration (CTP/CTB/CTC) 103
12.6 Demand outlook (major-material level) 104
12.7 Outlook 105

13 COMPARATIVE ANALYSIS, REGIONAL BREAKDOWN & SUPPLY-CHAIN RISK 106

13.1 Cross-material forecast comparison 106
13.2 Value-vs-volume divergence 107
13.3 Regional demand & value breakdown 107
13.4 Supply-chain concentration 108
13.5 Critical-material supply risk 109
13.6 Policy landscape (US IRA / 45X, EU CRMA) 110
13.7 Localisation outlook 111

14 SCENARIOS & SENSITIVITIES 112

14.1 Scenario framework 112
14.2 Chemistry-mix sensitivity 113
14.3 Silicon-loading sensitivity 114
14.4 Dry-process adoption sensitivity 115
14.5 Sodium-ion substitution sensitivity 116
14.6 Localisation sensitivity 116
14.7 Combined scenario outcomes 117

15 COMPANY PROFILES 119

15.1 Cathode active materials 119 (45 company profiles)
15.2 Anode — graphite & carbon 144 (23 company profiles)
15.3 Anode — silicon 158 (29 company profiles)
15.4 Electrolyte, salts & additives 173 (22 company profiles)
15.5 Separators 185 (18 company profiles)
15.6 Conductive additives (CNT, graphene, carbon black) 195 (38 company profiles)
15.7 Binders 215 (9 company profiles)
15.8 Current collectors (foils) 220 (12 company profiles)
15.9 Upstream raw & critical materials 226 (15 company profiles)
15.10 Li-ion cell & pack manufacturers 234 (51 company profiles)
15.11 Solid-state, Li-metal & Li-S 262 (51 company profiles)
15.12 Sodium-ion materials & cells 289 (24 company profiles)
15.13 Recycling & material recovery 302 (14 company profiles)
15.14 Additional advanced-battery & materials developers 309 (94 company profiles)

16 APPENDICES 360

16.1 Methodology detail & full assumption set 360
16.2 Demand-model tables (full annual series to 2037) 361
16.3 Glossary & abbreviations 362

17 REFERENCES 364

List of Tables

Table 1. Headline forecast summary — value, volume and CAGR by segment 27
Table 2. Leading suppliers by value-chain segment 30
Table 3. In-scope value-chain segments and materials 32
Table 4. Material-intensity assumptions by chemistry (kg/kWh) 34
Table 5. Principal data sources and vintage 35
Table 6. Li-ion demand by application (GWh), 2026–2037 38
Table 7. Chemistry mix by year 39
Table 8. Aggregate material demand (kt) by segment 40
Table 9. Aggregate material market value (US$bn) by segment 41
Table 10. Cathode chemistry technical comparison 44
Table 11. Cathode demand and value by chemistry, 2026–2037 45
Table 12. Nickel content and demand by chemistry 47
Table 13. Cathode price assumptions by chemistry (US$/kg) 50
Table 14. Natural vs synthetic graphite comparison 54
Table 15. Anode material technical comparison 55
Table 16. Anode demand and value by type 57
Table 17. Anode price assumptions (US$/kg) 58
Table 18. Electrolyte salt comparison 61
Table 19. Solvent mix and function 62
Table 20. Electrolyte demand and value, 2026–2037 64
Table 21. Wet vs dry separator comparison 66
Table 22. Separator demand (m², kt) and value 69
Table 23. Separator price assumptions (US$/m²) 71
Table 24. Conductive-additive comparison 74
Table 25. Binder-system comparison 77
Table 26. Additive & binder demand and value 78
Table 27. Cu vs Al foil specifications 82
Table 28. Current-collector demand and value 85
Table 29. Cell market and dry-process share, 2026–2037 89
Table 30. Binder market by type (incl. PTFE) with growth 90
Table 31. Busbar material demand (kt) 94
Table 32. Insulation material types 95
Table 33. Module material demand and value 97
Table 34. Aluminium enclosure demand (kt) 100
Table 35. Structural-material comparison 102
Table 36. Pack-structural material demand and value 104
Table 37. All segments — value, volume and CAGR, 2026–2037 106
Table 38. Material value by region, 2026–2037 107
Table 39. Supply-chain risk matrix by material 109
Table 40. Key policies affecting material localisation 110
Table 41. Scenario definitions (base, high, low) 112
Table 42. Market value by scenario, 2037 117
Table 43. Full material-intensity assumption set 360
Table 44. Full demand model, 2026–2037 361

List of Figures

Figure 1. Total in-scope material market — value and volume, 2026–2037 27
Figure 2. Material market value by segment, 2026 vs 2037 28
Figure 3. Segment CAGR vs 2037 market size (bubble) 29
Figure 4. Anatomy of a Li-ion cell, module and pack 33
Figure 5. Model architecture: GWh → material intensity → tonnage → value 33
Figure 6. Li-ion cell output (GWh) by application, 2026–2037 37
Figure 7. Cathode chemistry mix (% of GWh), 2026–2037 38
Figure 8. Cell output by region 40
Figure 9. Material demand by end-market 42
Figure 10. Cell energy density by cathode chemistry 44
Figure 11. Cathode active-material demand (kt) by chemistry 45
Figure 12. Lithium demand and price outlook 46
Figure 13. Cathode precursor / CAM capacity by region 49
Figure 14. Cathode market value forecast, 2026–2037 49
Figure 15. Graphite demand (kt) — natural vs synthetic 54
Figure 16. Reversible specific capacity of anode materials 55
Figure 17. Average silicon-loading scenarios, 2026–2037 56
Figure 18. Graphite / anode capacity by region 57
Figure 19. LiPF₆ vs LiFSI demand, 2026–2037 62
Figure 20. Electrolyte market value forecast 64
Figure 21. Electrolyte capacity by region 65
Figure 22. Separator area demand (m²) and coated share 68
Figure 23. Separator capacity by region 70
Figure 24. Conductive-additive market by type 75
Figure 25. Binder market by type, 2026–2037 79
Figure 26. Additive / binder value forecast 79
Figure 27. Copper-foil demand (kt), 2026–2037 82
Figure 28. Foil-thickness roadmap 84
Figure 29. Foil capacity by region 86
Figure 30. Wet vs dry electrode process flow 88
Figure 31. Dry-process share of cell output 89
Figure 32. Binder-mix shift (PVDF → PTFE) 90
Figure 33. Additive loading — wet vs dry 91
Figure 34. Module-content trend under CTP / CTB 94
Figure 35. Module material value, 2026–2037 97
Figure 36. Pack enclosure architecture (tray, cover, cross-members) 99
Figure 37. Material split of the enclosure by architecture 103
Figure 38. Pack-structural market value, 2026–2037 104
Figure 39. Material market value stack, 2026–2037 106
Figure 40. Value vs volume growth by segment 107
Figure 41. Regional share of material value 107
Figure 42. Geographic concentration (HHI) by segment 108
Figure 43. Cathode demand under chemistry scenarios 113
Figure 44. Anode value under silicon scenarios 114
Figure 45. Binder / additive mix under dry-process scenarios 115
Figure 46. LFP volume under sodium-ion scenarios 116

The Global Secondary Battery Materials Market 2026–2037

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