The battery metals market projects to reach $32,251.1 million by 2028 from $13,770.9 million in 2021; it is expected to grow at a CAGR of 12.9% from 2021 to 2028.
The Insight Partners published the recent study on “Battery Metals Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Type and Application.”
This research shows how electric vehicles, consumer electronics, and energy storage systems are expanding the battery metals market of lithium, nickel, cobalt, and other minerals.
Battery Metals Key Players
Between the market players, the list includes Albemarle Corporation; Umicore; LG Chem; Ganfeng Lithium Co., Ltd.; BASF SE; Bolt Metals Corp.; Honjo Metal Co., Ltd.; Lithium Australia NL; Vale; and Metso Outotec.
Especially these players are concentrate on developing high-quality and innovative products to satisfy the customers.
As a result, Albemarle Corporation launched the Battery Materials Innovation Center (BMIC) at Kings Mountain, North Carolina; and besides Jiangsu Ganfeng Power Technology Co., Ltd., moved to a new plant to improve the production.
Asia Pacific the primary market
Mainly Asia Pacific has a high demand for the battery metals market; it also has the highest share in the industry.
In particular, China and India have great demand, resulting from the fast growth of the manufacturing sector, basically for the electric vehicles and electronic industries.
Other countries that will grow their market are Japan and South Korea. These countries are viewing an increase in the consumption of electric vehicles, which will raise the demand for battery metals in developing economies.
Furthermore, battery metals are the main component in batteries of electronic devices. Today lithium-ion units have high capacity. In addition, they are used in energy storage systems, as lithium-ion batteries are employed for large-scale plants, ensuring a reliable renewable energy supply.
Lithium had the largest market share in 2020, resulting from power bank manufacturing, as it delivers a lightweight power unit for electronics and vehicles. It is also used for solar energy battery banks; due to their lightweight, less self-discharge, low maintenance, and scalability.
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The future of the industry
Since we live in an era of digitalization, the electronics industry has a high demand, positively impacting the battery metals market.
Also, the electric vehicles segment projects to register the highest CAGR during the forecast period, consequently of the fast growth of pollution-free vehicles regulations.
Finally, the pandemic changed the sector and knocked the growth of the battery metals market. Implementing actions to combat the spread made a temporary distortion in operation efficiencies of industrial bases in the global market.
However, the expectation is that the demand will rise globally due to reviving of operation facilities and measures such as vaccination.
The Insight Partners
Insight Partners gives solutions to research requirements. They specialize in semiconductors and electronics, aerospace and defense, automotive, and transportation.
The group also reaches other sectors such as biotechnology, healthcare IT, manufacturing and construction, medical device, technology, media and telecommunications, chemicals, and materials.
For more information, visit: https://www.theinsightpartners.com/inquiry/TIPRE00024358/
