North America Battery Metals Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Lithium, Nickel, Cobalt, and Others), Application (Electric Vehicles, Consumer Electronics, Energy Storage Systems, and Others)

North America Battery Metals Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Lithium, Nickel, Cobalt, and Others), Application (Electric Vehicles, Consumer Electronics, Energy Storage Systems, and Others)

North America battery metals market in North America is expected to grow from US$ 1,526.0 million in 2021 to US$ 3,388.4 million by 2028; it is estimated to grow at a CAGR of 12.1% from 2021 to 2028. The consumer electronics industry is witnessing a significant surge due to the increasing usage of electronic appliances, such as smartphones, laptops, and other electronics products. Consumer electronic goods have become a necessity in the technological world. Consumer batteries are commonly used to power small portable electronics, such as laptops, remote controls, cell phones, and other devices. Lithium-ion batteries are mainly used in several consumer electronics, such as laptops and cell phones. These batteries are also used in computers, cameras, toys, wireless headphones, tablets, and other electronic gadgets and items. The demand for various electronic products is increasing due to the constant expansion in the consumer electronics industry. The rising uptake of smartphones, laptops, and other devices is fueling the need for batteries and propelling the battery metals market. In various countries worldwide, the demand for consumer electronics is influenced by the rising trend for premium devices. In addition, the rapidly increasing demand for smartphones, cameras, toys, and other electronic goods provides lucrative opportunities to battery metal manufacturers. Thus, the rapidly growing consumer electronic industry is propelling the demand for battery metals.

The North America battery metals market is segmented into 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 are known for a better alternative of fossil fuel based vehicles. Thus the rise in demand for electric vehicles has boosted the growth of batteries market, which, in turn, is expected to propel the growth of battery metals market.

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 negatively influenced the growth of the various markets. The market for battery metals had been impacted in the region due to distortion in the supply chain with limited operational efficiencies. The pandemic 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 overall North America battery metals market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the North America battery metals market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America battery metals market. Some of the activities undertaken by the companies, which have promoted market growth are mergers and acquisitions, and market initiatives. The companies include Albemarle Corporation; Umicore; LG Chem; Ganfeng Lithium Co., Ltd.; BASF SE; Bolt Metals Corp.; Vale; and Metso Outotec.

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