Report : Europe Battery Metals Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Lithium, Nickel, Cobalt, and Others), Application (Electric Vehicles, Consumer Electronics, Energy Storage Systems, and Others).
Electronic Vehicles segment has the Largest Share of Application in the Europe Battery Metals Market during 2021–2028
According to a new market research study on “Europe Battery Metals Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Application and Country” is expected to reach US$ 2927.4 million by 2028 from US$ 11291.7million in 2021. The market is estimated to grow at a CAGR of 12.4% from 2021 to 2028.The report provides trends prevailing in the Europe battery metals market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to increase in demand for electrical vehicles and growing demand from consumer electronics industry are the key factors driving the market growth. However, the market is expected to experience slow growth during the forecast period owing to volatility in the raw material prices of battery metals.
In Europe, currently, France, the UK, and Russia are the worst-impacted countries by the COVID-19 pandemic. The massive outbreak of the pandemic has created a temporary distortion in operation efficiencies of industrial bases in the European market. The market for battery metals has been impacted due to limited operational capabilities due to COVID-19 restrictions. According to the Global EV Outlook 2020 report from IEA, in France, Germany, Italy and the United Kingdom, sales of electric cars in the first four months of 2020 reached more than 145 000 electric cars, about 90% higher than in the same period last year. In Norway, the number of electric cars sold between January and April 2020 was about the same as in the same period in 2019. Rising demand for battery metals across diverse industrial applications is expected to substantially promote the demand for battery metals in the regional market.
The market for Europe Battery Metals Market is segmented into the type, application and country. Based on type, the Europe Battery Metals Market is segmented into lithium, nickel, cobalt, and others. In 2021, the electric vehicles segment accounted for the largest market share moreover registered the highest CAGR during the forecast period .The electric vehicles is known for the better alternative of fossil fuel based vehicles. Thus the rise in demand of electric vehicles has boosted the growth of batteries market, which, in turn, is expected to propel the growth of battery metals market.
Albemarle Corporation, Ganfeng Lithium Co., Ltd., Umicore, LG Chem, Vale, BASF SE, and Metso Outotec. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The market for Europe Battery Metals Market is segmented into type and application. Based on type, the Europe Battery Metals Market is segmented lithium, nickel, cobalt, and others. Based on application, the Europe Battery Metals Market is segmented into electric vehicles, consumer electronics, energy storage systems, and others. By Geographically, Europe Battery Metals Market is segmented into (Germany, France, Italy, UK, Russia, and Rest of Europe).
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