A lithium-ion battery is a particular kind of rechargeable battery made up of cells where lithium ions travel during discharge from the negative electrode via an electrolyte to the positively charged electrode and back again during charging. Li-ion batteries commonly employ graphite for the negative electrode and an intercalated lithium material for the positive electrode. The global lithium-ion battery metals market is predicted to touch $192,610.3 million by 2030.
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| Lithium-ion Battery Metals Market Revenue Estimation and Growth Forecast Report |
The lithium-ion battery metals market's largest revenue contributor is the automotive sector. The fundamental reason for this is that the biggest emerging and developed economies are placing more and more emphasis on reducing carbon emissions and moving to electric vehicles. In 2021 set a record for this philosophy with 6.6 million electric vehicle sales, or 9% of the worldwide car market. This is causing the demand for the metals used in automobile lithium-ion batteries to increase, particularly those used in electric vehicles.
Read Full Report: Lithium-ion Battery Metals Market Revenue Estimation and Growth Forecast Report
China is the market leader in the EV sector as a result of the government's strict pollution rules and the incentives it is providing to create a favorable EV environment, including for the purchase of vehicles. Additionally, the nation leads the EV market because of its emphasis on a robust battery production sector and extensive accessibility of the charging infrastructure.
Additionally, as part of their efforts to diversify their economies, regional governments are making large investments in the ICT industry, which will boost consumer demand for electronics in the upcoming years. Because these devices run on lithium-ion batteries, the rising demand for them will increase the need for an effective power supply. According to research, the U.S. holds a 36% share of the global ICT market, while the China and EU each hold a share of about 11%.
The lithium-iron phosphate cell chemistry would have the largest CAGR, at 34.1% in the lithium-ion battery metals market. This is due to the LFP chemistry's superior energy density, capacity, and cost-effectiveness versus others. In essence, it is expected that the booming demand for LFP batteries from the automotive and energy storage industries would support the category's leading position in the coming years.
The LFP substance is also less harmful to the environment. Manufacturers have recently dramatically boosted the number of R&D projects they are working on to create LFP batteries and the capacity to make the cells, which has contributed to the expansion of the lithium-ion battery metals market.
Currently, CATL is the leading manufacturer of LFP batteries, which Tesla uses in its Shanghai-made short- and medium-range electric vehicles. CATL also sells these batteries to Europe. Many other LFP battery market participants have been increasing their R&D expenditures and portfolio-enhancing funding like this.
With a 33.8% CAGR, the APAC lithium-ion battery metals market, which presently uses the most lithium-ion battery metals, will have the second-fastest increase throughout the projected period. The growing demand for EVs is the main factor driving the need for the metals required to create Li-ion batteries. The requirement for cathode and anode materials for automotive Li-ion batteries is still on the rise in the area as EVs are being embraced at a rapid rate in Japan, South Korea, Australia, and India.
