Battery Metals Market size is projected to reach $20.5 billion by 2027, growing at a CAGR of 8.2% from 2020 to 2027

According to a new report published by Report Ocean titled, “Battery Metals Market by Metal Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global battery metals market was valued at $11.3 billion in 2019, and is projected to reach $20.5 billion by 2027, growing at a CAGR of 8.2% from 2020 to 2027. Metals used in the production of battery energy storage include cobalt, lithium, nickel, manganese, and others. Rapid increase in the demand for battery metals across the globe for the production of batteries is attributed to increase in demand from applications such as electric vehicles, consumer electronics, and stationary energy storage. Nickel–manganese–cobalt (NMC) cathode is increasingly seeking attention of electric vehicle manufacturers, owing to the advantages such as high energy density, thermal stability, and low cost.

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Significant development in the battery technology to meet the demand for prolonged service life and high efficiency of smart gadgets such as laptops, smartphones, and is expected to drive the growth of the market during the forecast period. In addition, increase in demand for electric vehicles along with the stringent government regulations toward environment pollution across the globe are projected to fuel the growth of the market in the upcoming years. However, improper disposal of waste from battery and high prices are the key factors restraining the growth of the market during the analyzed timeframe.

Depending on the metal type, lithium metal held the highest market share of about 36.7% in 2019, and is expected to maintain its dominance during the forecast period. This is attributed to increase in demand for lithium-ion batteries from the electric vehicle and consumer electronics industries. In addition, characteristics of lithium-ion battery such as high energy density, low maintenance, low self-discharge, and lightweight are the key factors gaining attention of consumers.

On the basis of application, the consumer electronics segment holds the largest market share in 2019, in terms of revenue, and is expected to maintain this trend during forecast period. This is attributed to increase in demand for consumer electronics gadgets such as smartphones, laptops, CPUs, and tablets. China registered the highest market share in the battery metals market for consumer electronics, due to increase in demand for smart gadgets.

Region wise, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2019, and anticipated to continue its dominance during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, the presence of the developing countries such as China, Japan, Australia, and India is anticipated to contribute toward the growth of the battery metals market in Asia-Pacific.

The global battery metals market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Glencore International AG, Albemarle Corporation, Sumitomo Metal Mining Co., Ltd., Umicore, Tianqi Lithium, Vale, China Molybdenum Co., Ltd., SQM S.A., Gan Feng Lithium Co., Ltd., and Norlisk Nickel.

Other players operating in the battery metals market are Bolt Metals, Galaxy Resources Limited, BHP Group, and Anglo-American Plc.

COVID-19 impact on the market

The battery metals market is anticipated to witnessing steady and sluggish growth for the year 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries across the globe. Owing to the lockdown imposed, globally, decrease has been witnessed in the growth rate of the industries such as transportation, electrical & electronics, automotive, and energy sectors. This has further declined the need for batteries, which, in turn, is anticipated to hamper the growth of the battery metals market in the next one or two years. In Europe, economies such as Germany, France, Spain, and Italy are following stringent measures such as maintaining social distance and limiting movements to prevent the spread of coronavirus, which has further impacted the growth of the battery metals market. 

Key Findings Of The Study

In 2019, the lithium segment accounted for majority of the share of the global battery metals market, and is expected to maintain its lead throughout the forecast period.
In 2019, the consumer electronics segment accounted for about 38.2% of the share in the global battery metals market, and is expected to maintain its dominance till the end of the forecast period.
In 2019, the electric mobility segment garnered 25.4% market share in 2019, and is anticipated to grow at a rate of 8.3% in terms of revenue.
The energy storage system segment registered the fastest growth in the battery metals market in 2019, and is expected to grow at a CAGR of 8.5% during 2020–2027.
Europe is expected to witness highest CAGR of 8.9% throughout the forecast period.
In 2019, Asia-Pacific dominated the battery metals market with more than 81.2% of the share, in terms of revenue.

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This release was published on openPR.