Wilmington, Delaware, United States,, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the Minerals Market for Lithium Batteries size stood at US$ 14.3 Bn. The global market is anticipated to expand at 15.2% CAGR during the forecast period, from 2022 to 2031. It is estimated that by 2031, the market is expected to touch a value of US$ 58.4 Bn. The demand for minerals required to make lithium batteries is largely driven by the widespread use of lithium batteries in medical devices, electronics, and automotive industries. The automotive industry is likely to account for a considerable Minerals Market for Lithium Batteries share during the forecast period.
Minerals Market for Lithium Batteries analysis elucidates that manufacturers of batteries are concentrating on the production of lithium battery minerals that provide more power, have better power density, and last more whilst still being safer and more affordable. In order to keep track of supply-side trends, mineral producers are expected to upgrade their market intelligence abilities. The use of minerals in lithium batteries, however, is likely to be constrained in the near future by the implementation of strict government laws and mining policies. As a result, mining corporations are required to considerably minimize their environmental impact to meet the demands of stakeholders, investors, and authorities.
In order to reduce emissions from transportation and dependence on imported fuel, there is an increase in demand for electric vehicles (EVs). In 2021, the sale of electric vehicles increased globally. The governments of various nations introduced incentives that reduced the cost of electric vehicles, which is expected to accelerate the Minerals Market for Lithium Batteries growth rate in the years to come.
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Key Findings of Market Report
- The vast majority of electric cars utilize lithium batteries, which are made from battery materials including manganese, cobalt, lithium, graphite, and nickel. Between 2020 and 2022, lithium mining saw spectacular growth due to technological advancements and changes in battery design. The global market is projected to be driven by rising demand and enormous potential for lithium batteries in the transportation and automotive sectors.
- Businesses are spending money on developing new, effective battery technologies as well as on resources, which is likely to raise demand for highly advanced devices throughout the world. Growing dependency on mobile phones and portable power adapters is also anticipated to propel the global Minerals Market for Lithium Batteries during the forecast period.
Global Minerals Market for Lithium Batteries: Growth Drivers
- The extensive demand for battery minerals for use in lithium batteries for next-gen consumer electronics underscores the growth
- The growing popularity of electric vehicles to address fossil fuel-related pollution and decrease dependency on imported fuel opens lucrative opportunities
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Global Minerals Market for Lithium Batteries: Regional Landscape
In terms of lithium battery materials, Asia Pacific was predicted to lead in 2021. In 2021, it had a 54.7% market share. By 2031, it is anticipated to rise at 15.5% CAGR during the forecast period. Sales of e-scooters have increased as a result of China's restriction on the sale of scooters driven by traditional fossil fuels, which was implemented to reduce pollution.
Global Minerals Market for Lithium Batteries: Key Competitors
- Zijin Mining Group Co., Ltd.
- Ganfeng Lithium Co., Ltd.
- Anglo American Plc
- MMG Australia Limited
- Tianqi Lithium Corp
- Pilbara Minerals
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Global Minerals Market for Lithium Batteries: Segmentation
Mineral
- Lithium
- Cobalt
- Nickel
- Manganese
- Graphite
- Others
Battery Type
- Lithium Iron Phosphate Battery
- Lithium Cobalt Oxide Battery
- Lithium Manganese Oxide Battery
- Lithium Nickel Manganese Cobalt Oxide Battery
- Lithium Nickel Cobalt
- Aluminum Oxide Battery
- Others
End Use
- Automotive and Transportation
- Energy Storage
- Aerospace
- Consumer Electronics
- Marine
- Medical
- Others
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