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Battery Materials Market to Garner $80.5 Billion, Globally, By 2030 at 5.9% CAGR, Says Allied Market Research
Expansion of electric vehicle market, increase in use of consumer electronics such as smartphones and laptops, and collaborative development between miners & battery manufacturers drive the growth of the global battery materials market. However, environmental concern related to mining of metals hinders the market growth. On the other hand, demand for new consumer electronics present new opportunities in the coming years.
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Based on type, the lithium ion segment held the highest market share in 2020, accounting for more than half of the global battery materials market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.1% from 2021 to 2030. This is attributed to wide usage of metal in battery production.
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Based on application, the electronics industry segment accounted for the largest share in 2020, contributing to more than half of the global battery materials market, and is projected to maintain its lead position during the forecast period. The automobile industry segment consists of the use of batteries in carrying out various electric functions in a vehicle as well as electric vehicles. However, the automobile industry segment is expected to portray the largest CAGR of 6.2% from 2021 to 2030.
Based on region, Asia-Pacific , followed by North America , held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global battery materials market. Moreover, the same region is expected to witness the fastest CAGR of 6.2% during the forecast period, owing to the presence of abundant battery metal reserves in China , India , Australia , and other Asia-Pacific countries.
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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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