Battery Grade Manganese Sulphate Market Size, Share, Growth and Industry Analysis by Process (Process Route: From Manganese Ore, Process Route: From Electrolytic Manganese, And, Resources Recovery) By Application (NCM333, NCM523, NCM622, And, NCM811) Regional Forecast To 2031

Updated On: 22 April 2024

Battery Grade Manganese Sulphate Market Report Overview

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The global Battery Grade Manganese Sulphate market size is USD 391 million in 2022 & the market is expected to generate USD 1593 million by 2031 with a CAGR of 16.9% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Battery grade manganese sulphate is one of the most important components in the production of lithium-ion batteries, which are used in a lot of applications such as electric vehicles, consumer electronics, and renewable energy storage systems. This chemical is produced through the chemical reaction of manganese dioxide and sulfuric acid. Most of the manufacturers prefer to use this compound as it is known for its high purity and consistent quality.

Better grade manganese sulphate with improved performance and efficiency are being introduced in the market. This is considered as the latest trend in the market.

Manganese sulphate forms a key component in lithium-ion batteries and therefore have vast applications. They can be used in electric vehicles, and consumer electronics. All of these factors have contributed in the development of the battery grade manganese sulphate market growth.

COVID-19 impact:  Increasing Adoption of Electric Vehicles and Renewable Energy Systems During Pandemic Period Increased Market Growth

The COVID-19 pandemic created a lot of challenges and obstacles for the functioning of all the markets throughout the world. The lockdowns and restrictions on trade led to problems such as shortage of labor, and fluctuation in the prices of raw materials. This in turn has affected the production activities of many industries.

However, the pandemic has also created new opportunities for the battery grade manganese sulphate market, as the demand for energy storage solutions has increased. This is due to the rise of remote working and online activities. Increasing adoption of electric vehicles and renewable energy systems helped in the development of the market even during the pandemic.

LATEST TRENDS

"Improved Efficiency and Performance of Battery Grade Manganese Sulphate to Impede Market Growth"

Due to the increasing environmental issues the adoption of sustainable and environmentally friendly production processes has increased. Recycled materials, such as scrap metal and waste batteries, are being used as a source of raw materials. This not only reduces the reliance on virgin materials but also reduces the environmental impact of mining and processing. Use of renewable energy sources, such as solar and wind power in order to reduce the carbon footprint has become prevalent in the market.

A lot of companies and research centers are also investing in R&D to improve the efficiency and performance of battery grade manganese sulphate. They are focusing on increasing energy density, reducing self-discharge rate, and extending cycle life. All of these are considered as the latest trend in the market.

Battery Grade Manganese Sulphate Market Segmentation

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• By Route:

The market can be divided on the basis of route into the following segments.

Process route: from manganese ore, process route: from electrolytic manganese, and, resources recovery. The process route: from manganese ore segment is expected to lead the market during the forecast period.

• By Application:

Classification based on application is as follows:

NCM333, NCM523, NCM622, and, NCM811. The NCM333 segment is expected to lead the market during the forecast period.

DRIVING FACTORS

"Rising Popularity of Consumer Electronics to Accelerate Market Growth"

With the advent of technology and increasing dependency on gadgets, the demand for consumer electronics has increased. Post pandemic, the sale of gadgets such as laptops, computers, and smartphones have increased considerably. This factor has positively impacted the market growth and development.

Both lithium-ion batteries, and manganese sulphate form a major component of gadgets and electronics. Battery grade manganese sulphate is also being used in the automotive sector. Government authorities are taking up initiatives to increase the usage of electric vehicles to reduce pollution. All of these factors are propelling the market growth.

"Adoption of Renewable Sources of Energy in Industries to Amplify Market Growth"

Non-renewable sources of energy cannot be regenerated once it is depleted. These sources of energy also cause a lot of pollution and effect the environment. This has persuaded industries to adopt themselves to renewable sources of energies such as wind, and solar power to overcome the limitations of non-renewable sources of energy.

With increasing adoption of renewable and cleaner sources of energy, the necessity to find a suitable energy storage solution has also aroused. Lithium-ion batteries consisting of battery grade manganese sulphate is the perfect choice for this. All of these factors are propelling the battery grade manganese sulphate market share.

RESTRAINING FACTOR

"Fluctuation in the Prices of Important Raw Materials to Decrease Market Growth"

In spite of having numerous benefits and advantages, manganese sulphate also has certain disadvantages which can limit the growth and development of the market. The major restraining factor for the market is the constant fluctuation in the price of the raw materials that are required for the preparation of the chemical compound.

The two main chemical raw materials that are required for production of better grade manganese sulphate are sulfuric acid, and manganese. These are not readily available in the market and their prices keep on fluctuating in the market. This can negatively impact the cost-effectiveness of the product. All of these factors can bring down the market share.

Battery Grade Manganese Sulphate Market Regional Insights

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"Asia Pacific to Dominate Market During Forecast Period"

Asia Pacific is the leading region in terms of investment and revenue production in the market. A lot of factors have assisted in the growth of the market in the countries of Asia Pacific. Countries such as Japan, Korea, and China have an upper hand in the production of lithium battery ions. Manganese sulphate is a key component of these batteries.  

Urbanization, and increasing employment opportunities in developing economies have increased the standard of living as well as the disposable income of people. This has influenced people to buy electric vehicles. All of these factors are impeding market growth and development in Asia Pacific.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Guizhou Dalong Huicheng New Material (China)
• ISKY Chemicals (China)
• Guizhou Redstar Developing (China)
• Guizhou Manganese Mineral Group (China)
• Guizhou Jinrui New Materials (China)
• Lantian Chemical (China)
• South Manganese Group (Hong Kong)
• Guangxi Yuding New Materials (China)
• Guangxi Menghua Technology (China)
• Prince (ERACHEM Comilog) (Belgium)
• Xiangtan Electrochemical Scientific (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. FAQs have also been given to outline the report.