Leading market players are investing largely in research and development to expand their product lines, which will help the battery materials market, grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To grow and endure in an increasingly competitive and challenging market environment, the battery materials industry must offer cost-effective items.
One of the most important business strategies manufacturers use in the battery materials industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. In recent years, the battery materials industry has offered some of the most significant advantages to medicine. Major players in the battery materials market, including DowDuPont (US), Mitsubishi Chemical Corporation (Japan), BASF SE (Germany), 3M (US), and others, are investing in research and development operations to improve market demand.
POSCO Chemical Co Ltd manufactures coal chemistry and carbon products. Its primary businesses include, among others, refractory manufacturing and sales, furnace construction and maintenance, lime business, environmental business, comprehensive chemicals, carbon materials, and secondary battery anode materials. In June 2020, POSCO Chemical boosted its anode material production capacity by completing the construction of a second anode material factory in Sejong. This is in response to increased demand for secondary battery material, which prompted the company to extend the anode production systems at the factory, which has a capacity of 44 KT per year.
Volkswagen is a major automobile manufacturer in the world. Volkswagen passenger cars, Audi, Bentley, Lamborghini, Porsche, SEAT, and Skoda, are among the automotive brands. MAN, Navistar, Scania, and Volkswagen are among the commercial vehicle manufacturers. The financial services division of the corporation offers dealer finance to support floor plans, consumer financing for vehicle purchases, leasing, banking, and other financial services. In September 2022, Volkswagen launched a $2.9 billion battery parts joint venture with Belgian materials business Umicore, making it the latest European carmaker to bring battery supplies closer to home as the automotive industry shifts to electric vehicles.
While raw materials such as lithium, cobalt, nickel, and manganese will continue to be sourced ly, cathode manufacture for batteries will take place in Europe as part of the joint venture, most likely at Umicore's Poland plant.