Europe Battery Metals Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Lithium, Nickel, Cobalt, and Others), Application (Electric Vehicles, Consumer Electronics, Energy Storage Systems, and Others)

Europe Battery Metals Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Lithium, Nickel, Cobalt, and Others), Application (Electric Vehicles, Consumer Electronics, Energy Storage Systems, and Others)

Europe battery metals market in Europe is expected to grow from US$ 1,291.7 million in 2021 to US$ 2,927.4 million by 2028; it is estimated to grow at a CAGR of 12.4% from 2021 to 2028. The electric vehicle has proven to be an essential technology in reducing air pollution in densely populated areas and a promising option for contribution in energy diversification and reducing greenhouse gas emission objectives. Various benefits of electric vehicles include zero tailpipe emissions, the potential for greenhouse gas emissions reductions, and better efficiency than internal combustion engine vehicles. Electric vehicles are expanding significantly due to the technological progress in the electrification of two/three-wheelers, buses, and trucks. The continued electrification of transport requires vast volumes of lithium-ion batteries, thereby creating demand for battery metals. The growing adoption of electric vehicles in various countries increased the demand for rechargeable batteries and their input commodities, including lithium, cobalt, nickel, manganese, and copper. The factors mentioned above are responsible for the market's growth, which, in turn, is driving the demand for the battery metals substantially.

The Europe battery metals market is segmented into type, application, and country. Based on type, the Europe battery metals Market is segmented into lithium, nickel, cobalt, and others. In 2021, the electric vehicles segment accounted for the largest market share moreover registered the highest CAGR during the forecast period .The electric vehicles is known for the better alternative of fossil fuel based vehicles. Thus the rise in demand of electric vehicles has boosted the growth of batteries market, which, in turn, is expected to propel the growth of battery metals market.

In Europe, countries such as France, the UK, and Russia got severely impacted by the COVID-19 pandemic. The COVID-19 pandemic created a temporary distortion in operation efficiencies of industrial bases in the European market. The market for battery metals had been impacted due to limited operational capabilities because of COVID-19 restrictions. According to the Global EV Outlook 2020 report from IEA, in France, Germany, Italy, and the UK, sales of electric cars in the first four months of 2020 reached more than 145,000 electric cars, about 90% higher than in the same period last year. In Norway, the number of electric cars sold between January and April 2020 was about the same as in the same period in 2019. Rising demand for battery metals across diverse industrial applications is expected to substantially promote the demand for battery metals in the regional market.

The overall Europe battery metals market size has been derived using 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. The process also serves the purpose of obtaining an overview and forecast for the Europe battery metals market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and to gain more analytical insights into the topic. The participants who typically take part in such a 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 Europe battery metals market. Some of the activities undertaken by the s companies, which have promoted market growth are mergers and acquisitions, and market initiatives. The companies include Albemarle Corporation; Ganfeng Lithium Co., Ltd.; Umicore; LG Chem; Vale; BASF SE; and Metso Outotec.

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