Furthermore the use of unmanned aerial vehicles across various consumer segments such as food
delivery, ecommerce delivery has had a positive impact on growing the battery materials market
further. Growth of aerospace sector on account of investment by defense and civil aviation sector to
upgrade aircrafts has also increase the demand for battery materials. In addition excessive use of lead
acid batteries in automotive sector and due to the growth of electric vehicle segment is a driving
factor for growth of battery material market. Moreover, depletion of fossil fuels has forced
automotive manufacturers to move towards manufacturing electric vehicles which use lithium
batteries to power the vehicle. Further, the continuous innovation by battery manufacturers in terms
of making batteries more efficient and cost effective have helped the market to grow further.
Batteries such as the lithium battery have faster recharge time which leads to a greater demand of
such batteries hence driving the battery material market. However, safety is a major restraint for the
growth of this industry. Shipment of batteries was a reason for a major cargo accident. Moreover
strict regulations on disposal of raw materials and transportation of battery could prove to be further
hindrance to battery material market. Battery materials market can be segmented on the basis of
type of raw material such as metals, lead-acid predominantly used in the automotive sector and nickel
metal hydride. It can also be segmented on the basis of end use. Batteries find use in many
applications such as consumer electronics, automotive and aerospace.
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Battery material market growth would be led by Asia Pacific owing to high demand of electronics,
cars and other technically advanced products in the emerging economies of the region. In addition,
as the economies of the region grow and solidify their position as global manufacturers, the growing
trade activity in the emerging markets of Asia Pacific along with the government initiatives such as
the ambitious Make in India program of the Indian government will augment the growth of battery
material market. Countries such as India, Indonesia, Malaysia, Singapore and Thailand are Asia
Pacific’s most competitive and promising manufacturing hubs. India along with the 10- Nation ASEAN
Bloc is setting the new bar for international manufacturing standards. The major consumer electronics
manufacturing happen in Asia Pacific region and are transported worldwide. As the manufacturing of
consumer electronics increase the demand for battery materials shall also increase and grow the