Report : North America 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 North America Battery Metals Market during 2021–2028
According to a new market research study on “North America Battery Metals Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Application and Country” is expected to reach US$ 3388.4 million by 2028 from US$ 1526.0 million in 2021. The market is estimated to grow at a CAGR of 12.1% from 2021 to 2028.The report provides trends prevailing in the North America 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.
North America is one of the worst affected economies due to the COVID-19 pandemic. The unprecedented rise in the number of COVID-19 cases across the US and Canada and the subsequent lockdown of numerous manufacturing facilities in the countries have negatively influenced the growth of the various markets. The market for battery metals has been impacted in the region due to distortion in the supply chain with limited operational efficiencies. The pandemic has also impacted the automotive and consumer electronics industry in the region. However, the market is reviving on account of significant measures taken by the government such as vaccination drives. In the US, according to the car registration data from Experian, about 378,466 electric vehicles were registered from January to October 2021, which was 94% more than in 2020. In 2021, sales of electric vehicles in the US were record-breaking despite supply chain issues. This is expected to provide the impetus for market growth.
The market for North America Battery Metals Market is segmented into the type, application and country. Based on type, the North America 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; Umicore; LG Chem; Ganfeng Lithium Co., Ltd.; BASF SE; Bolt Metals Corp.; Vale; 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 North America Battery Metals Market is segmented into type and application. Based on type, the North America Battery Metals Market is segmented lithium, nickel, cobalt, and others. Based on application, the North America Battery Metals Market is segmented into electric vehicles, consumer electronics, energy storage systems, and others. By Geographically, North America Battery Metals Market is segmented into (US, Canada, and Mexico).
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