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Battery Metals Market Size to Reach $32,251.1 Mn, Globally, by 2028 at 12.9% CAGR - Exclusive Report by The Insight Partners

12-09-2022 11:42 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: The Insight Partners

The latest research 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 Systems, and Others)", published by The Insight Partners. The expanding electric vehicles industry in developing countries is driving the battery metals market growth.

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Battery Metals Market: Competition 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 battery metals market. These market players are highly focused on developing high-quality and innovative products to meet the customer's requirements. Albemarle Corporation announced the launch of the Battery Materials Innovation Center (BMIC) at its Kings Mountain, North Carolina, site. The lab produced lithium metal anode technologies that boosted battery energy density by using advanced lithium metal rolling to achieve lithium foils 20 μm thin (i.e., about one-fifth the average thickness of a human hair) or thinner. Jiangsu Ganfeng Power Technology Co., Ltd., a subsidiary of Ganfeng Lithium Industry, officially moved into a new plant and improved production capacity through equipment replacement. Jiangsu Ganfeng offers lithium battery systems of industrial vehicles as its main product to benefit customers with long-life, high-endurance, maintenance-free, and customizable power system solutions and facilitates the iteration of industrial vehicles from lead-acid batteries to iron-lithium batteries.

According to geography segment, Asia Pacific consists of massive demand for battery metals market and also holds the highest share in the battery metals market. The rapid growth of manufacturing sector in developing economies such as China and India are creating huge demand for raw materials. The battery metals are the raw materials required for battery manufacturing. Furthur, ths batteries are used in end use industries such as electric vehicles and electronics. The automotive and electronics industry are fastest growing industries in APAC with electric vehicles segment being the major segment of automotive industries. This is further expected to contribute to the battery metals market growth of battery metals.

Growing Industrialization in Developing Economies to Open Lucrative Growth Opportunities for Battery Metals Manufacturers During Forecast Period:
The rapid industrialization in countries such as China, India, Japan, and South Korea is expected to bolster the battery metal market growth. These countries are witnessing a rise in electric vehicles consumption, which is expected to increase the demand for battery metals in developing economies. Further, battery metals are extensively used in batteries of electronic devices. Lithium-ion batteries are the most common high-capacity secondary batteries used in today's power-consuming devices. In addition, battery metals are used in energy storage systems. Lithium-ion batteries are the primary storage technology for large-scale plants, allowing electricity grids to ensure a reliable renewable energy supply. Hence, the growing demand for batteries is subsequently expected to increase the application of battery metals, which will boost battery metals market growth.

Battery Metals Market: Segmental Overview
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 application of lithium in battery manufacturing. The demand for light weight batteries in the electric vehciles and electronic industry is increasing. Lithium is the best suitable materials used for manufacturing lightweight batteries in electronics and electric vehicles. Lithium-ion batteries are highly used for solar energy battery banks due to their lightweight, less self-discharge, low maintenance, and scalability. The renewable energy sector is expanding exponentially, providing opportunities for market growth.

Based on application, the battery metals market is further 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 rapid growth of pollution-free vehicles due to stringent regulations has bolstered the demand for EVs. In this era of digitalization, the surge in the electronics industry due to the high demand for electronics devices is also impacting the battery metals market of battery metals. Thus, these factors are propelling the growth of the electric vehicles and consumer electronics segment of the battery metals market.

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Impact of the COVID-19 Pandemic on Battery Metals Market:

The ongoing pandemic has drastically altered the status of the chemical and materials sector and impacted the growth of the battery metals market. The implementation of measures to combat the spread of the virus has aggravated the situation and has impacted the growth of several industrial sectors. The massive outbreak of the pandemic has created a temporary distortion in operation efficiencies of industrial bases in the global market. The battery metals market for battery metals has been impacted due to limited operational capabilities due to COVID-19 restrictions. However, the demand for battery metals is expected to rise globally due to reviving of operation facilities and significant measures taken by the government such as vaccination drives. Thus, the battery metals market will have positive growth in the near future due to demand for end use industries.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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