Battery Metals Market Drivers Analysis | Industry Segmentation, Key Players Strategies and Value Forecast By 2027

The global battery metals market is experiencing substantial growth, driven by increased demand for smartphones, tablets, and electronic devices. The surge in interest in electric vehicles (EV), hybrid electric vehicles (HEV), and plug-in hybrid vehicles (PHV) is further contributing to this growth. The renewable energy sector's rapid development is also playing a pivotal role.

According to a report by Allied Market Research, the global battery metals industry, valued at $11.3 billion in 2019, is projected to reach $20.5 billion by 2027, with a compound annual growth rate (CAGR) of 8.2% from 2020 to 2027.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞: https://www.alliedmarketresearch.com/request-sample/7544

Key factors influencing this growth include the escalating demand for consumer electronics, electric mobility, and energy storage systems. However, the market faces challenges such as supply security risks. Despite these hurdles, opportunities abound, especially with increased investments in electrifying remote areas and the growing energy efficiency requirements in technologically advanced consumer gadgets.

The COVID-19 pandemic had a notable impact on the market, with a slowdown in the Chinese EV market leading to a global decrease in vehicle sales. Economic recessions in Japan and Europe further exacerbated the decline. The U.S automakers' delay in battery shipments due to lockdowns also adversely affected the global battery metals market. Nevertheless, a post-COVID-19 recovery is anticipated.

Looking at metal types, lithium is expected to dominate the market by 2027, constituting nearly two-fifths of the global share. This is attributed to the rising demand for lithium-ion batteries in electric vehicles and consumer electronics. The nickel segment is projected to witness the fastest CAGR of 8.7%, driven by increased nickel usage in common batteries like nickel cadmium and nickel metal hydride.

In terms of applications, the consumer electronics segment led in 2019, contributing almost two-fifths of the market revenue. It is expected to maintain its dominance until 2027, fueled by the growing demand for gadgets like smartphones, laptops, CPUs, and tablets. Meanwhile, the energy storage systems segment is poised to experience the fastest CAGR of 8.5% from 2020 to 2027, driven by the increasing need for standby backup power.

Geographically, Asia-Pacific, followed by North America, held the major market share in 2019, capturing more than two-thirds of the global battery metals market. Europe is projected to register the fastest CAGR of 8.7% throughout the forecast period due to the rising demand for batteries in various applications.

Key players in the industry include Norlisk Nickel, Albemarle Corporation, Sumitomo Metal Mining Co., Ltd., Vale, China Molybdenum Co., Ltd., Glencore International AG, SQM S.A., Gan Feng Lithium Co., Ltd., Umicore, and Tianqi Lithium. They play a crucial role in driving innovation and growth within the global battery metals market.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/battery-metals-market-A07179

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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