A new study on the global battery metals market has been recently published by Report Ocean. The report, titled “Battery Metals Market by Metals Type (Lithium, Cobalt, Nickel, and Others) and Application (Consumer Electronics, Electric Mobility, Energy Storage Systems, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027,” offers a detailed study of this market on the basis of its past and current performance.
The global battery metals market stood at US$11.3 bn in 2019. Expanding at a CAGR of 8.2% from 2020 to 2027, the market is projected to reach US$20.5 bn by the end of the forecast period.
The rise in the penetration of smartphones, tablets, and various other electronic devices is significantly contributing toward the growth of the worldwide battery metals market. Apart from this, the increase in the demand for electric or hybrid electric vehicles from both, developed and developing countries, across the world is anticipated to fuel the demand for battery metals. Furthermore, the rapid rise of the renewable energy industry is anticipated to boost the demand for batteries, which, in turn, is driving the market substantially.
On the other hand, the rise in battery waste and the high risk of battery material supply security, owing to international trade relations are expected to hamper the growth of this market over the next few years. However, the increase in investment toward electrification of remote and rural area is projected to create potential growth opportunity for leading players, operating in this market. Moreover, higher energy efficiency requirements in technologically updated consumer gadgets are anticipated to offer remunerative opportunities for the expansion of the global market in the long run.
Impact of Covid 19 on Global Battery Metals Market
Covid 19 indirectly impacted the global battery metals market as the production and sale of batteries were disrupted due to the imposed lockdown. However, now, as there have been some relaxations in restrictions and the production has begun again, the market is expected to regain its momentum soon.
Demand for Lithium to Remain High
The research report analyzes the global battery metals market on the basis of the metal type, application, and the region. Based on the metal type, the market has been categorized into lithium, cobalt, nickel, and others. Among these, the demand for lithium is significantly high. With the increasing penetration of mobile phones, this metal segment is likely to remain reporting high demand in the near future. Due to its high energy density and storage capacity, the demand for nickel is also increasing among consumers. In terms of the application, the market has been classified into consumer electronics, electric mobility, energy storage systems, and others. Regionally, the report assesses the market across North America, Europe, Asia Pacific, and LAMEA.
- The demand for lithium metal is significantly high.
- Due to its high energy density and storage capacity, the demand for nickel is also increasing among consumers.
The global battery metals market is segmented into:
By Metals Type
- Consumer Electronics
- Electric Mobility
- Energy Storage Systems
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Companies Mentioned in the Report
- Glencore International AG
- Albemarle Corporation
- Sumitomo Metal Mining Co., Ltd.
- Tianqi Lithium
- China Molybdenum Co., Ltd.
- SQM S.A.
- Gan Feng Lithium Co., Ltd.
- Norlisk Nickel.
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