Rise in demand for smartphones, tablets, and other electronic devices, increase in call for electrical vehicles/hybrid electric vehicles/plug-in hybrid vehicles (EV/HEV/PHV), and rapid development in the renewable energy sector fuel the growth of the global battery metals market. By type, the lithium segment held the major share in 2019. By region, on the other hand, Asia-Pacific appeared as the highest revenue holder in the same year.
According to the report, the global battery metals industry was estimated at $11.3 billion in 2019, and is expected to hit $20.5 billion by 2027, registering a CAGR of 8.2% from 2020 to 2027.
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The lithium segment contributed to nearly two-fifths of the global battery metals market share in 2019 and is expected to maintain the lion’s share by 2027. This is owing to increase in demand for lithium ion batteries from the electric vehicle and consumer electronics industry applications. The nickel segment, on the other hand, would portray the fastest CAGR of 8.7% during the study period, due to increase in use of nickel in the most common batteries such as nickel cadmium and nickel metal hydride in the electric vehicle and other battery storage applications.
The consumer electronics segment contributed to nearly two-fifths of the total market share in 2019 and is expected to retain its dominance by the end of 2027. Simultaneously, the energy storage systems segment would register the fastest CAGR of 8.5% during the study period.
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Asia-Pacific, followed by North America, held the major share in 2019, garnering more than two-thirds of the global battery metals market. The presence of large number of key players and availability of the manufacturing facilities in region have augmented the market growth. Simultaneously, Europe would register the fastest CAGR of 8.7% throughout the forecast period. This is due to increase in demand for batteries from consumer electronics, hospitals, educational institutes, and other energy storage applications.
The key market players analyzed in the global battery metals market report include Albemarle Corporation, Umicore, Gan Feng Lithium Co., Ltd., Sumitomo Metal Mining Co., Ltd., Norlisk Nickel, Tianqi Lithium, Vale, China Molybdenum Co., Ltd., SQM S.A., and Glencore International AG. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
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