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The latest report by IMARC Group, titled “Battery Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global battery materials market size reached US$ 47.65 Billion in 2021. Battery materials refer to various compounds present in cell electrodes, electrolytes, and separators. They mainly consist of metals such as Lithium, Cobalt, and Nickel that are extracted from mining operations and processed afterward. They exhibit high energy-density properties and are compatible with various metals. At present, there is an escalating demand for battery materials due to the increasing applications of batteries in household appliances, military electronics, medical equipment, and portable devices.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Battery Materials Market Trends:
The market is primarily driven by the growing reliance on electronic devices such as smartphones, tablets, and laptops. In addition, the increasing utilization of lithium-ion batteries (LIBs) as an alternative to gasoline in speed boats and yachts, wheelchairs, bikes, scooters, and other mobility aids represents another major growth-inducing factor. Besides this, governments of numerous countries are implementing favorable policies and offering subsidies and financial incentives like grants or tax rebates to encourage the adoption of electric vehicles (EVs) and reduce carbon emissions. This, coupled with various technological advancements in the automotive industry, is positively influencing market growth. Moreover, the increasing partnerships, and mergers and acquisitions (M&A) activities amongst key players are also creating a favorable market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 68.67 Billion by 2027, exhibiting a CAGR of 6.10% during the forecast period (2022-2027).
Market Summary:
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