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)

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)

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. 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.

Based on application, the battery metals market is subsegmented into electric vehicles, consumer electronics, energy storage systems, and others. The electric vehicles segment is projected to register the highest CAGR during the forecast period. The rising initiatives by the governments of various countries for adoption of pollution-free vehicles and reduction of greenhouse gas emission are boosting the demand for battery-based vehicles instead of fossil fuel-based vehicles, thereby propelling the growth of the electric vehicles segment.

Based on Geography, the battery metals market is further segmented into North America, Europe, Asia Pacific, South and Central America, and the Middle East & Africa. In 2020, the global battery market was led by the Asia Pacific region holding largest revenue share of the global battery metals market. Rising automotive and electronics industries in various countries in Asia pacific such as China, Japan, South Korea and India is also major factor in creating market dominance. This is responsible for fuelling the battery metals market growth during the forecast period. Several government initiatives adopted sustainable technology solutions, which are also expected to contribute to the battery metals market growth.

Albemarle Corporation; Umicore; LG Chem; Ganfeng Lithium Co., Ltd.; BASF SE; Bolt Metals Corp.; Honjo Metal Co., Ltd.; Lithium Australia NL; Vale; and Metso Outotec are among the key players operating in the global battery metals market.

The overall global battery metals market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the global battery metals market.

Reason to buy

Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global battery metals market, thereby allowing players to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

The List of Companies - Battery Metals Market

1. Albemarle Corporation
2. Bolt Metals
3. Ganfeng Lithium Co.,Ltd.
4. Umicore
5. LG Chem
6. Honjo Metal Co., Ltd.
7. Vale
8. Lithium Australia NL
9. BASF SE
10. Metso Outotec