Battery Metals Market is expected to reach US$ 32,251.1 million by 2028

The scope of our recent study on the "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)" consists of the factors fueling the battery metals market growth, revenue estimation, and market share analysis. It also includes the identification of significant market players along with their key developments.

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

Market Dynamics

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. The battery metals market is anticipated to experience growth during the forecast period, owing to the steady expansion of the automotive and electronics industries, which is being driven by population growth and urbanization. Furthermore, significant investments in the automotive industry in countries such as China and India to meet global demand are also contributing to the growth of the battery metals market.  

Market Segmentation 

The battery metals market is divided into subsegments based on type, including lithium, nickel, cobalt, and others. The largest market share in 2020 was held by the lithium segment, which can be attributed to the increasing integration of lithium-ion batteries in the electric vehicles industry. Compared to other metals like lead, lithium is lighter, which makes it well-suited for use in various end-use industries. As a result, the lithium segment has applications in electric vehicles, consumer electronics, and energy storage systems. The battery metals market is classified into five primary regions, namely North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America (SAM). In 2020, the Asia Pacific region held the largest market share in the battery metals market.  

Impact of COVID-19

The pandemic has taken a toll on the global economy, and governments in various regions have implemented measures to control the spread of the virus. Country-wide lockdowns have had a direct impact on the growth of industrial sectors, and as a result, many electric vehicle manufacturers have faced difficulties sourcing lithium-ion batteries. China, along with South Korea and Taiwan, is a major supplier of lithium-ion cells to other countries. Additionally, supply constraints have led to a significant increase in the costs of battery metals, and prices of battery-grade lithium carbonate have risen as well.

The "Global Battery Metals Market Analysis to 2028" report is a comprehensive and detailed analysis of the chemicals and materials industry, focusing on the analysis of global market trends. The report provides an overview of the battery metals industry, which is segmented based on type, application, and geography. The types of battery metals analyzed in the report include lithium, nickel, cobalt, and others, while the applications of battery metals are segmented into electric vehicles, consumer electronics, energy storage systems, and others.

Furthermore, the battery metals market is sub segmented into five primary regions, namely North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America, in the report. The aim of the report is to offer a specialized and detailed study of the battery metals market to provide insights and knowledge to the stakeholders and assist them in making informed decisions.

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