What is the market size of battery raw material?

The market for battery raw material is expected to grow at a CAGR more than 7% globally during the forecast period. Battery raw materials are those materials through which batteries are made of like cobalt, graphite, and lithium. The growing product application in the automotive and consumer electronics segment has been driving the market growth.

Does Europe need critical raw materials for the batteries market?

The exponential growth of the batteries market expected in Europe and worldwide during the next decades, especially when considering electric mobility , implies the problem of supplying critical raw materials which is particularly relevant for Europe .

Which region is the fastest growing market for battery raw material?

Asia-Pacific region stands to be the largest and fastest-growing market for battery raw material. China, Japan and South Korea combines consumes majority of the battery raw material as these are the largest manufacturer od batteries across the globe.

What is the global battery materials market size?

The global battery materials market size was USD 47.75 billion in 2019 and is projected to reach USD 60.61 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period. Asia Pacific dominated the battery materials market with a market share of 38.51% in 2019.

Will the EU be reliant on battery raw materials?

However, it is likely that the EU will be import reliant to various degrees for primary and processed (batt-grade) materials. Australia and Canada are the two countries with the greatest potential to provide additional and low-risk supply to the EU for almost all battery raw materials.

What will the global demand for battery materials be in 2040?

The global demand for raw materials for batteries such as nickel, graphite and lithium is projected to increase in 2040 by 20, 19 and 14 times, respectively, compared to 2020. China will continue to be the major supplier of battery-grade raw materials over 2030, even though global supply of these materials will be increasingly diversified.