BASF battery sales to grow to Eur7 billion by 2030: director - S&P Global

Highlights

Roughly 10% of market share by 2030

CAM market forecast to grow to 4.2 million mt in 2030

NCM chemistry expected to be dominant technology in 2030

Germany-based battery and chemical manufacturer BASF is targeting its battery materials business to achieve over Eur1.4 billion ($1.6 billion) in sales by 2023 and over Eur7 billion in sales by 2030, which would equal around a 10% market share, as it ramped up its cathode active material, or CAM, portfolio due to growing demand from the electric vehicle sector.

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The battery business also assumed capital expenditure of around Eur3.5 billion-Eur4.5 billion by the end of the decade, covering CAM, precursor cathode active material and recycling investments, said Markus Kamieth, a member of the BASF's board of executive directors, in a Sept. 27.

Kamieth estimated the CAM market was forecast to grow by around 21% per year to a market size of 4.2 million mt, equivalent to a market value of roughly Eur100 billion, by 2030, up from 750,000 mt in 2021, driven by battery performance, safety and cost.

"So, within a decade we are really looking at the emergence of a major market opportunity that is fully within reach for a company like BASF, which is why this is extremely attractive us to participate in this strong market growth," he said.

Of the total CAM demand forecast in 2030, Asia is expected to account of 55%, Europe...

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