The Global Battery Metals market accounted for $14.80 billion in 2019 and is expected to reach $20.89 billion by 2027 growing at a CAGR of 4.4% during the forecast period. Rising adoption of electric vehicles and growing demand for batteries in the automotive industry & stationary battery energy storage (BES) are the major factors driving the market growth. However, disposal of batteries waste that has toxic effects on the environment is restraining the market growth.
Based on application, the starter, lighting, and ignition (SLI) segment is likely to have a huge demand as it has been the key application area in the market for battery metals during past many years. SLI battery is used in conventional vehicles for starting and igniting the engine and provides electricity to the car. By geography, Asia Pacific is going to have a lucrative growth during the forecast period. This share is attributable to China as it is the largest battery manufacturer in the world. The manufacturing capacity of China is owing to its dominance over the supply chain. Read more…..
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