Battery Metals Market to Record a Valuation of USD 32,251.1 Mn by 2028

Increasing Application of Batteries in Electric Vehicles Industry to Escalate its Battery Metals Market Growth During 2021–2028

NEW YORK, UNITED STATES, January 31, 2022 /EINPresswire.com/ -- According to our latest market study on “Battery Metals Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Lithium, Nickel, Cobalt, and Others) and Application (Electric Vehicles, Consumer Electronics, Energy Storage Sytems, and Others),” the battery metals market is projected to reach US$ 32,251.1 million by 2028 from US$ 13,770.9 million in 2021; it is expected to grow at a CAGR of 12.9% from 2021 to 2028. The report highlights key driving factors and prominent market players along with their developments in the battery metals market.

Strategic Insights

Market Size Value in - US$ 13,770.9 million in 2021
Market Size Value by - US$ 32,251.1 million by 2028
Growth rate - CAGR of 12.9% from 2021 to 2028
Forecast Period - 2021-2028
Base Year - 2021
No. of Pages - 144
No. Tables - 58
No. of Charts & Figures - 70
Historical data available - Yes
Segments covered - Type, and Application
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Battery metals such as lithium, cobalt, nickel, and manganese are used as raw materials in manufacturing batteries. These are also used in electric vehicles, consumer electronics, and other applications.

Growing Demand for Battery Metals from Consumer Electronics Industry

The consumer electronics industry is witnessing a significant surge due to the increasing usage of electronic appliances, such as smartphones, laptops, and other electronics products. Consumer electronic goods have become a necessity in the technological world. Consumer batteries are commonly used to power small portable electronics, such as laptops, remote controls, cell phones, and other devices. Lithium-ion batteries are mainly used in several consumer electronics, such as laptops and cell phones. These batteries are also used in computers, cameras, toys, wireless headphones, tablets, and other electronic gadgets and items. With the constant expansion in the consumer electronics industry, the demand for various electronic products is increasing. The rising uptake of smartphones, laptops, and other devices is fueling the need for batteries, and in turn, propelling the battery metals market.

Impact of COVID-19 Pandemic on Battery Metals Market

The global economy have been hit hard due to the pandemic. The governments of various regions are taking possible steps to restrict the spread of the virus by announcing country-wide lockdown, which has a direct impact upon the growth of industrial sectors. Many electric vehicle manufacturers had struggled to source lithium-ion batteries. China is a major supplier of lithium-ion cells to other countries apart from South Korea and Taiwan. Moreover, supply constraints have significantly raised costs of battery metals. Prices of battery-grade lithium carbonate had also gone up. The COVID-19 pandemic had a great impact on consumer electronics market across the globe with huge decline in the sales of electric vehicles. However, the battery metals market has bounced backed with the sales of electric cars rebounded strongly.

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Battery Metals Market: By Application

Based on application, the battery metals market is sub segmented into electric vehicles, consumer electronics, energy storage systems, and others. The electric vehicles segment is projected to register the highest CAGR during the forecast period. The rising initiatives by the governments of various countries for adoption of pollution-free vehicles and reduction of greenhouse gas emission are boosting the demand for battery-based vehicles instead of fossil fuel-based vehicles, thereby propelling the growth of the electric vehicles segment.

Battery Metals Market: Competitive Landscape and Key Developments

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 are among the key players operating in the global battery metals market.

The overall global battery metals market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the global battery metals market.

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