Top 10 chemical stocks that could benefit from booming EV battery supply chain
batteries have taken centre stage. As major automotive markets rapidly embrace EVs, there's a robust demand for batteries, opening vast opportunities for EV battery manufacturers. Companies, big and small, are now diversifying with an eye on the EV battery value chain.
Recent media reports said Vietnam’s EV maker VinFast is set to open its first Indian manufacturing facility to make batteries in Tamil Nadu. Developments like these where big companies diversify and set up facilities for EV batteries have become common. So, it should come as no surprise that Indian chemical companies are also vying for a major slice of the pie of the EV battery supply chain.
According to research reports, for manufacturing batteries, massive investment is required towards cathode, anode, electrolytes, among other chemical components. In this article, let’s look at 10 such top chemical companies that are setting up facilities and investing heavily in the EV battery value chain. In December 2023, Himadri Specialty Chemicals announced that it will invest ₹48 billion (bn) over the next 5-6 years to set up a manufacturing facility for lithium-ion battery components.
The company will set up a manufacturing facility for production of lithium battery components with total annual production capacity of 200,000 tonnes, either directly and/or through its subsidiaries. This move is expected to help in indigenisation of lithium-ion battery raw materials for global and India's EV & energy storage system (ESS). Currently categorised as a smallcap company, Himadri Specialty Chemicals is transforming into a diversified chemical company with its toes dipped in niche segments.
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