The global manganese battery market to grow at a CAGR of 7.12 % during the period 2018-2022.
Global Manganese Battery Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is Demand for cleaner fuels. There are mounting concerns over the quantity of CO2 being produced from various activities worldwide. CO2 emissions have been increasing in line with economic activities. However, efforts by countries in decarbonizing the power system by shifting to renewable energy have helped in controlling CO2 emissions.
The latest trend gaining momentum in the market is decrease in lithium-ion battery price. The Li-ion battery market is gaining momentum rapidly and is flourishing in the global battery market. Liion batteries offer high energy density and better work cycle without affecting the battery life, thus delivering a longer run time. The benefits of Li-ion batteries are adding to their popularity and displacing lead-acid batteries in industrial uses. The differentiating factor between Li-ion and lead-acid batteries is the price. Li-ion batteries are costlier than lead-acid batteries.
Further, the report states that one of the major factors hindering the growth of this market is Widening lithium supply-demand gap. The global lithium market is facing a deficit of lithium, which is likely to continue during the forecast period, owing to the high demand from the EV battery sector. According to the IEA, electric car stocks increased from few hundreds in 2005 to more than 1 million in 2015. This led to an increased demand for lithium, as EVs are generally powered by Li-ion batteries. This sudden increase in demand has resulted in a supply deficit in the market.