Increase in demand for smartphones, tablets, and other electronic devices, rise in call for electrical vehicles/hybrid electric vehicles/plug-in hybrid vehicles

WILMINGTON, DE, UNITED STATES, November 18, 2024 /EINPresswire.com/ -- According to the report, the global battery metals market was valued at $11.3 billion in 2019 and is projected to reach $20.5 billion by 2027, registering a CAGR of 8.2% from 2020 to 2027.

Key Market Dynamics

Drivers:

- Rising demand for smartphones, tablets, and other electronic devices.
- Increasing adoption of electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHVs).
- Rapid advancements in the renewable energy sector.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/17377

Restraints:

- Risks associated with supply security hinder market expansion.

Opportunities:

- Investments in electrification of remote and rural areas.
- Growing energy efficiency requirements for advanced consumer gadgets.

Segment Highlights

By Metal Type:

- Lithium: Accounted for nearly 40% of the market share in 2019 and is expected to dominate through 2027, driven by its demand in electric vehicles and consumer electronics.
- Nickel: Poised to exhibit the fastest CAGR of 8.7% due to its applications in nickel-cadmium and nickel-metal hydride batteries.

By Application:

- Consumer Electronics: Held nearly 40% of market revenue in 2019, fueled by increasing demand for gadgets like smartphones, laptops, and tablets.
- Energy Storage Systems: Anticipated to grow at the fastest CAGR of 8.5% due to the rising need for backup power solutions.

Regional Insights

- Asia-Pacific: Dominated the market in 2019 with over two-thirds share, driven by the presence of key players and manufacturing hubs.
- Europe: Forecasted to record the fastest CAGR of 8.7%, supported by demand for batteries in consumer electronics, healthcare, and energy storage.

Key Market Players

- Norlisk Nickel
- Albemarle Corporation
- Sumitomo Metal Mining Co., Ltd.
- Vale
- China Molybdenum Co., Ltd.
- Glencore International AG
- SQM S.A.
- Gan Feng Lithium Co., Ltd.
- Umicore
- Tianqi Lithium

These frontrunners are pivotal in driving innovations and ensuring market supply to meet the growing demand.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/battery-metals-market/purchase-options

About Us:
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.

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Allied Market Research
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