* Sees 1.5 bln eur in battery materials sales in 2023
* Cathode materials market expected to grow 21% per year
* BASF has agreed slew of cathode materials partnerships (Adds details on growth plans, competitors)
FRANKFURT, Sept 27 (Reuters) - BASF said its battery materials business would likely generate more than 1.5 billion euros ($1.76 billion) in sales by 2023 and more than 7 billion euros by 2030 as electric vehicle production surges.
The market for cathode materials, the most complex chemical component of an automotive battery, is estimated to grow by about 21% per year until 2030, the German chemicals group said in presentation slides posted on its website on Monday.
Mapping out longer-term growth ambitions for its battery materials business for the first time, BASF said it was targeting a market share of more than 10%, fuelled by capital investments of 3.5-4.5 billion euros from 2022 to 2030.
BASF competes in battery cathode materials with Belgium’s Umicore, China’s Beijing Easpring Material Technology , South Korea’s LG Chem Ltd and Posco Chemical, also of South Korea.
The Ludwigshafen, Germany-based company is developing a global production network for cathode materials and has struck several collaboration deals to secure access to key inputs cobalt and nickel.
BASF’s technology chief said last weak the chemicals giant’s burgeoning auto battery recycling activities will see further investments to secure a scarce stream of nickel, cobalt and other metals for the battery chemicals business.
$1 = 0.8537 euros Reporting by Ludwig Burger Editing by Riham Alkousaa and Thomas Escritt