Description
The global battery materials market was valued at USD 45.6 billion in 2020 and is projected to reach USD 64.3 billion by 2027, growing at a CAGR of 5.9% from 2021 to 2027. Battery materials are the starting material in upstream battery production. It mainly consists of nickel, cobalt, and lithium, among others. Major mining companies mine these metals before being processed into metal compounds and precursors. Battery metal precursors are used for making anodes and electrolytes. Lithium can be mined from close to 100 different mineral ores; however, petalite, lepidolite, eucryptite, spodumene, and amblygonite are the five main sources of Lithium metal. Additionally, there are sources of obtaining battery materials such as brines.
The annual growing electric vehicle market, ongoing surge in the consumer electronics market for laptops and smartphones owing to rising consumer incomes, and increasing demand for energy storage systems in power generation and utility segments drive the global market for battery materials. The global electric vehicle market is gaining from the worldwide trend of shifting away from conventional fuels and renewable energy. It has further strengthened its presence in the mainstream automotive market.
New manufacturing plants and development centers mean more stimulus for battery materials development. Battery manufacturers are estimated to collaborate with battery metal suppliers to strengthen the supply of battery metals that are projected to face a shortage in the future. All such factors will positively impact the battery metals supply chain, thus driving the global battery materials market during the forecast period. Also, the growth of the market is presently driven by the electronics chain that has adopted new product launches to sustain the market competition
Get Full PDF Sample Copy of Report: https://www.marketstatsville.com/request-sample/battery-materials-market
COVID-19 Impact on the Global Battery Materials
The COVID-19 pandemic led to a major decline in the global electric vehicle market, thus hampering the uptake of critical battery materials. In addition, due to the lockdown imposed, the mining sector witnessed reduced production, thus creating a shortage of battery material supply. A similar decrease was witnessed in the industries’ growth rate, such as transportation, electrical & electronics, automotive, and energy sectors. This further hampered the growth of the global battery materials market.
Overall, the global economy declined, thus reducing the investments in battery technology. In Europe, economies such as Germany, France, Spain, and Italy comply with the stringent measures imposed, such as maintaining social distancing and limiting movements to prevent coronavirus spread.
Global Battery Materials Market Dynamics
Drivers: Growing electric vehicle market
The growing electric vehicle market offers fresh opportunities for the growth of the global battery materials market. Currently, there is an increase in the demand for EVs due to a surge in demand for high-performance, fuel-efficient, and low-emission vehicles across the globe. Batteries are necessary for the decarbonization of the transport sector. The value of the materials within them has resulted in development policies and regulations around battery reuse and recycling, with the European Commission (EC) looking to review its Battery Directive in 2020.
The implementation of government regulations toward vehicles emission and environmental pollution is expected to fuel the demand for electric vehicles, which will drive the demand for battery metals during the production of batteries. Globally, governments have taken an active role in this decarbonization by providing incentives to increase EV sales through tax benefits. For instance, electric vehicles in Austria are exempt from fuel consumption/pollution tax, ownership tax, and company car tax. All such factors prove to be conducive for the battery supply chain, increasing the demand for battery materials.
Restraints: Environmental concerns related to the mining of battery materials
An increase in battery waste and a rise in concern regarding its disposal are the major factors that limit the market’s growth. Batteries are made from lead, nickel, lithium, cadmium, nickel-metal hydride, and mercury. These toxic chemicals and metals are required to be disposed of and recycled appropriately. In addition, improper disposal of heavy toxic metals can pollute soil and water, negatively impacting wildlife and the environment. Thus, improper disposal and recycling of battery materials are expected to hamper the market growth.
Make an Enquire before Purchase @: https://www.marketstatsville.com/buy-now/battery-materials-market?opt=2950
Opportunities: Increase in investment on electrification of remote & rural area
The necessity for electricity is projected to increase during the forecast period, mainly in Vietnam, India, China, and Brazil. The projected spike is attributed to the rise in industrialization and urbanization. Emerging economies such as Brazil, India, and China, invest in the electrification of remote and rural areas.
This is anticipated to fuel the demand for batteries for energy storage in these countries. Countries such as Bhutan, Afghanistan, India, Nepal, and Cambodia in Asia-Pacific registered the highest electrification growth rate in the past five years with the help of on-grid and off-grid solutions. Thus, considering all factors mentioned above, the demand for stationary energy storage in off-grid solutions such as renewable energy power plants is expected to provide remunerative opportunities to expand the battery materials market during the forecast period.
Scope of the Report
The study categorizes the battery materials market based on battery type and end-use at the regional and global levels.
By Battery Type Outlook (Sales, USD Million, 2017-2027)
- Lithium-Ion
- Lead Acid
- Others
By End-Use Outlook (Sales, USD Million, 2017-2027)
- Automobile Industry
- Household Appliances
- Electronics Industry
- Others
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Request for Complete TOC and Figures & Graphs @ https://www.marketstatsville.com/table-of-content/battery-materials-market
The lithium-ion battery segment is projected to account for the largest market share by battery type
On the basis of battery type, the global battery materials market is categorized into Lithium-Ion, Lead Acid, and Others. The global lithium-ion battery materials market covered 51.1% in 2020, which was accounted for the largest market share in 2020. Lithium-ion battery consists of lithium as a core to generate the electricity needed by the products. Lithium is a soft, white, and lustrous alkali metal. The rapid growth of the electric vehicle industry boosts the demand for Li-ion batteries, which propels the growth of the battery materials market. Li-ion battery is the rapidly adopted battery type, owing to its lightweight and high consumer acceptance drive its demand, thereby augmenting the market growth. The advantages offered by the Li-ion battery, such as its high energy density, low maintenance, low self-discharge, and lightweight, are the key factors, which draw the attention of consumers, thus fueling the market growth. The demand for battery materials is expected to increase with the growth of the EV market. In addition, the proactive research & development carried out in battery technologies is expected to benefit the uptake of Lithium metal in the battery supply chain during the forecast period.
Asia Pacific accounts for the highest CAGR during the forecast period
Region-wise, the battery materials market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is expected to hold the highest CAGR in the global battery materials market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia-Pacific. The region’s growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.
In the smartphone market, the deployment of 5G services is expected to help in pushing new smartphone sales. In 2019, the 5G services were launched in major Chinese cities—China Mobile, China Telecom, and China Unicom. It will be used to develop 5G applications such as unmanned vehicles and 5G transformation of venues for the 2022 Winter Olympics. As India is one of the largest markets for data services, telecom companies focus on launching 5G services in the country during the forecast period. The launch of 5G was scheduled for 2020, but it is expected to be rolled out by 2021. However, telecom operators are preparing to get hold of the 5G network market share by upgrading their network infrastructure.
Request For Report Description @ https://www.marketstatsville.com/battery-materials-market
Key Market Players
The global battery materials market is highly consolidated in nature, with players such as Albemarle, Gan Feng Lithium Co. Ltd., China Molybdenum Co. Ltd., Glencore PLC, Norlisk Nickel, Sheritt International Corporation, Livent Corporation, SQM, Teck Resources, Tianqi Lithium, Targray Technology International Inc., and Vale S.A.
About US:
Market Statsville Group (MSG) partners with companies and society to confront their essential risks and challenges to capture the enormous opportunities for them. MSG initiated its work in 2017, and since then, the brand is moving to become a pioneer in business advisory and market research services.
We the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact.
Contact US: Market Statsville Group
Eric Martin
416, East standsberry street,
Perkins, Oklahoma 74059, US
USA: +1-580-205-2707 | India: +91-702-496-8807
Email: mailto:sales@marketstatsville.com
MSG Blog https://marketstatsvilleblogs.com/
Web: https://marketstatsville.com/
LinkedIn | Facebook | Twitter