Battery Metals Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2027
The global battery metals market size is anticipated to reach USD 17.8 billion by 2027, expanding at a CAGR of 2.4%, according to a new report by Grand View Research, Inc. The increasing requirement of batteries in electric vehicles and energy storage systems is boosting market growth. Battery structure consists of 5 major components; casing, electrodes, separator, electrolyte, and collector. Metals are majorly used in electrodes with different chemistries. Various metals are utilized in batteries, where lithium, cobalt, and nickel account for major share. Lithium-based batteries’ prominence is increasing owing to its rapid adoption in electric vehicles and energy storage systems. Nickel is a major component in lithium-ion and other rechargeable batteries and its adoption is increasing at an accelerated rate, owing to its phenomenal properties and low cost. In near future, batteries are expected to form a major cost component in electric vehicles and other applications, and hence, it becomes vital for manufacturers to lower the manufacturing cost. Cobalt, one of the largest product segment of the market is witnessing a declining demand trend owing to its high cost and growing concerns towards human rights and child labor during its mining in Democratic Republic of Congo. Factors including human and financial costs and high demand for energy density have propelled battery makers to reduce the reliance on cobalt. For instance, major manufacturers such as SK Innovation and LG Chem
are in the process of developing cathodes with NMC 811 chemistry that consists of 80.0% nickel and 10.0% cobalt. Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/batterymetals-market The market is highly competitive in nature owing to presence of major players such as Sumitomo Albemarle; SQM; Sumitomo Metals Mining Co. Ltd.; Vale; Umicore; and Glencore. Long-term agreements are observed in the market amongst automotive, battery, and refined metal manufacturers. In order to maintain a competitive share in the market, companies are engaged in capacity expansion and acquisitions. For example, in 2020, Pacific Rim Cobalt (now, Bolt Metals Corp) secured its government approval for registration of the Cyclops Nickel-Cobalt Project license in Indonesia. The project aims towards fulfilling increasing demand for metals in batteries for long-term.
Battery Metals Market Report Highlights
Europe expected to witness a CAGR of 3.0% in terms of revenue across the forecast period, on account of increasing expansion of battery production capacity in the region
Electric vehicles is fastest growing application segment, with a CAGR of 2.9% in terms of revenue during the forecast period. Growing production of EVs across the globe is propelling battery and eventually metals demand
Starter, lighting, and igniting held a volume share of 25.0% in 2019 as automotive constitutes the major application share of batteries. The share is anticipated to reduce over the forecast period owing to rising adoption of EVs over conventional vehicles.
In terms of revenue, nickel is expected to witness a CAGR of 3.9% in terms of revenue over the coming years, owing to its increasing demand in nickel cadmium, nickel metal hydride, and lithiumion batteries.
Growing demand from the EV industry has augmented battery makers to increase their production capacity. For example, in January 2020, joint venture of Suzuki, Toshiba, and Denso announced an investment of ₹3,715 crore (~USD 490 million) for production of EV batteries in India.
Battery Metals Market Segmentation Grand View Research has segmented the global battery metals market on the basis of application, product, and region: Battery Metals Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 2027)
Starter, lighting, and ignition
Electric vehicles
Electronic devices
Stationary battery energy storage
Others
What questions do you have Get quick response from our industry experts @
https://www.grandviewresearch.com/request-free-consultation/450574/rfc Battery Metals Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027) Lithium
Cobalt
Nickel
Others
Battery Metals Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027) North America o
Europe o
U.S.
Germany
Asia Pacific o
China
o
Japan
o
South Korea
Central & South America
Middle East & Africa
List of Key Players of Battery Metals market Albemarle
China Molybdenum Co., Ltd.
Ganfeng Lithium Co. Ltd.
Glencore
Sumitomo Metal Mining
Umicore
Vale
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization 1.6. Data Validation & Publishing Chapter 2. Executive Summary 2.1. Market Snapshot Chapter 3. Battery Metals Market Variables, Trends & Scope 3.1. Market Outlook 3.2. Penetration & Growth Prospect Mapping 3.3. Industry Value Chain Analysis Continue……….. About Grand View Research, Inc.: Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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