Battery Metals Market is Growing Due to Increasing Application of Batteries in Electric Vehicles Industry

According to the Insight Partners latest market study on "Battery Metals Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Application," 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.

China dominates in the consumer electronic goods industry. The consumer electronics market in China is a massive sector of the country's e-commerce market. Various smart technologies are driving the growth of the consumer electronics market in China. According to World Population Review, China and India reported 1.6 billion and 1.28 billion cell phones users, respectively, in 2021.

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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.

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.

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Impact of the 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.

By type, the battery metals market is subsegmented into lithium, nickel, cobalt, and others. The lithium segment held the largest market share in 2020 due to the rising integration of lithium-ion batteries in the electric vehicles industry. Lithium is lighter than other metals, such as lead, which makes lithium suitable for use in the end-use industries. Therefore, the segment finds applications in electric vehicles, consumer electronics, and energy storage systems.

Table of Content:

1. Introduction 18
1.1 The Insight Partners Research Report Guidance. 18

1.2 Market Segmentation. 19

1.2.1 Battery Metals Market, by Type. 20

1.2.2 Battery Metals Market, by Application. 21

1.2.3 Battery Metals Market, by Geography. 21

2. Key Takeaways 22
3. Research Methodology 26
3.1 Scope of the Study. 26

3.1.1 Battery Metals Market, by Type and Application. 26

3.2 Research Methodology. 26

3.2.1 Data Collection: 27

3.2.2 Primary Interviews: 27

3.2.3 Hypothesis formulation: 28

3.2.4 Macro-economic factor analysis: 28

3.2.5 Developing base number: 28

3.2.6 Data Triangulation: 28

3.2.7 Country level data: 29

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