New York, United States, April 29, 2024 (GLOBE NEWSWIRE) -- Battery metals are the unprocessed materials needed to produce batteries, including lithium, nickel, cobalt, manganese, and graphite. Batteries for consumer electronics, electric vehicles, and other uses are increasingly using these battery metals. Lithium metal can be discovered in brine and hard rock deposits in China, the Americas, Australia, Canada, Brazil, and Portugal, among other economically developed nations. Cobalt is the most common cathode material used in lithium-ion batteries. Due to its high energy density and storage capacity, nickel is a fantastic material for battery applications. The use of smartphones, tablets, and other electronic devices has grown, benefiting the global battery metal market.
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Increasing Demand for Smartphones, Tablets and other Electronic Gadgets Drives the Global Market
Batteries are frequently used in electronic devices, including tablets, laptops, mobile phones, PCs, and cameras, because of their long lifespan and high energy density. The most battery-intensive apps on all electronic devices are smartphones, tablets, laptops, and personal computers. One essential quality needed in the current commercial environment for the rising sale of electronic devices is battery efficiency. Smartphones, tablets, and laptops/PCs sell more than other electronic gadgets because of their improved performance and low pricing. People typically ask about battery backup before buying any tablet, smartphone, or laptop/PC. In the coming years, there will be a surge in demand for lithium-ion batteries because they provide greater energy longevity than other battery chemistries and are predominantly employed in manufacturing smartphones.
Increase in Funding for Rural and Remote Regions Electrification Creates Tremendous Opportunities
Emerging countries like China, India, and Brazil are investing in electrifying remote and rural areas. The growth in population and the acceleration of urbanization are the main forces behind the need for electrification in these nations, which promotes the demand for batteries for energy storage. Asia-Pacific countries, including Bhutan, Afghanistan, India, Nepal, and Cambodia, experienced the highest electrification growth rate over the preceding five years using on-grid and off-grid solutions. The rise in demand for stationary energy storage in off-grid applications, such as renewable energy power plants, will thus create profitable chances for the market expansion of battery metals during the projection period, considering all aspects mentioned earlier.
Regional Analysis
Asia-Pacific is the most significant revenue contributor and is expected to exhibit a CAGR of 8.45% during the forecast period. The battery metals market in Asia-Pacific is increasing in terms of revenue. China, Japan, India, South Korea, and Australia are leading proponents of this region's growth. Additionally, the rise of the power and consumer electronics industries is fueled by the rapid economic and demographic growth in the Asia-Pacific area. China has the most promising potential for the lithium-ion battery market, followed by Japan. The existence of renowned manufacturers in China and Japan, such as AESC, Panasonic, and China BAK Battery, Inc., explains this. Due to the country's growing interest in e-mobility and consumer electronics, India is anticipated to have the highest CAGR in the global market for battery metals.
North America is anticipated to grow at a CAGR of 8.35% during the projection period. The increase in demand for battery metals from various industrial sectors, including consumer electronics, automotive, power, and other energy storage applications, is what is expected to drive the expansion of the battery metals market during the forecast period. The continual power outages brought on by natural disasters and the deteriorating state of the electric grid infrastructure are two factors propelling the expansion of the battery metals market in North America. The spike in demand for batteries as a backup power source from manufacturing, commercial buildings, and educational institutions has caused the need to expand substantially.
Key Highlights
- The global battery metals market was valued at USD 13,295.10 million in 2022. It is projected to reach USD 27,362.25 million by 2031, growing at a CAGR of 8.35% during the forecast period (2023-2031).
- Based on metal type, the global battery metals market is bifurcated into lithium, cobalt, nickel, and others. The lithium segment is the major contributor to the industry and is estimated to exhibit a CAGR of 8.40% during the forecast period.
- Based on application, the global battery metals market is bifurcated into consumer electronics, electric mobility, energy storage systems, and others. The consumer electronics segment is the major contributor to the market and is estimated to exhibit a CAGR of 8.35% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to exhibit a CAGR of 8.45% during the forecast period.
Market News
- In March 2023, American Battery Technology Company, an American critical battery materials company that is commercializing both its primary minerals manufacturing and secondary minerals lithium-ion battery recycling technologies, announced that it executed a term sheet agreement with global marketing and supply chain platform TechMet-Mercuria for a USD 20 million non-dilutive pre-payment for the purchase of its recycled battery metal products.
- In March 2023, South Star Battery Metals Corp. announced the successful completion of its maiden mineral resource estimate (“MRE”) for the BamaStar Graphite Project located in Coosa County, Alabama, United States (the “Project”).
Global Battery Metals Market: Segmentation
By Metals Type
- Lithium
- Cobalt
- Nickel
- Others
By Applications
- Consumer Electronics
- Electric Mobility
- Energy Storage Systems
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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