The Battery Raw Material Market size is estimated at USD 58.70 billion in 2024, and is expected to reach USD 97.23 billion by 2029, growing at a CAGR of 10.62% during the forecast period (2024-2029).
The COVID-19 pandemic disrupted the battery materials market. Lockdown measures, factory closures, and restrictions on movement led to disruptions in mining operations, ore processing facilities, and logistics networks, impacting the supply of raw materials. The resumption of economic activities across industries, including automotive, electronics, and energy, contributed to the recovery of the battery raw materials market.
The battery raw material market is fragmented, with the presence of a few large-sized players and a large number of small players operating. The major players (not in any particular order) include Umicore, Asahi Kasei Corporation, Johnson Matthey, Sumitomo Chemical Co. Ltd, and Mitsubishi Chemical Corporation.
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