Portland, OR, July 19, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global battery materials market generated $45.6 billion in 2020, and is estimated to garner $80.5 billion by 2030, witnessing a CAGR of 5.9% from 2021 to 2030. The report offers an extensive analysis of changing market trends, value chain, top segments, top investment pockets, regional scenarios, and competitive landscape.
Surge in usage of consumer electronics devices such as smartphones and laptops and collaborations between miners and battery manufacturers drive the growth of the global battery materials market. However, regional concentration of battery metal reserves in few countries such as China that poses the risk of supply shortages and environmental concerns related to metal mining hinder the market growth. On the other hand, rise in electric vehicle production and supportive government policies and financial incentives in terms of grants or tax rebates create new opportunities in the coming years.
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Covid-19 Scenario:
- The battery production activities have been hampered due to disruptions in the mining industry. Lack of workforce in mining and shortage of raw materials required for battery production led to reduced production volumes. However, the production volume would grow steadily during the post-lockdown.
- The electric vehicle production activities in the automotive sector also hindered due to lockdown measures implemented by governments of many countries. This led to reduced demand for battery materials. However, the demand would grow during the post-lockdown.
- The demand for battery materials from the consumer electronics industry reduced significantly due to stoppage of production activities during the lockdown.
The report offers detailed segmentation of the global battery materials market based on type, application, and region.
Based on type, the lithium-ion segment accounted for the highest market share in 2020, contributing to more than half of the total share, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 6.1% from 2021 to 2030.
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Based on application, the electronics industry segment held the largest share in 2020, accounting for more than half of the global battery materials market, and is projected to maintain its leadership status during the forecast period. However, the automobile industry segment is expected to portray the fastest CAGR of 6.2% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in 2020, holding more than two-fifths of the total share, and is expected to continue its dominance in terms of revenue by 2030. Moreover, this region is estimated to witness the largest CAGR of 6.2% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading players of the global battery materials market analyzed in the research include Albemarle, Gan feng Lithium Co. Ltd., China Molybdenum Co. Ltd., Livent Corporation, Glencore PLC, Sheritt International Corporation, Norlisk Nickel, Targray Technology International Inc., SQM, Tianqi Lithium, Teck Resources, and Vale S.A.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.