Astute Analytica published a new report on the global lithium-ion battery market. The global market report has extensive information on market size, drivers, threats, opportunities, and growth factors. In addition, the research report contains the impact of COVID-19, regional information, competitor analysis, and segmentation.
The size of the global lithium-ion battery market was US$60,385.6 million.
n in 2021. The global lithium-ion battery market size is forecast to reach US$1,85,040.3 million by 2027, growing at a compound annual growth rate (CAGR) of 20.5% during the forecast period to 2022 to 2027.
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According to a 2019 estimate from the International Council of Chemical Associations, the chemical industry is one of the largest in the world, contributing $5.7 trillion to global GDP and supporting nearly 120 million jobs. To reduce the negative environmental impact of chemical manufacturing, chemical industries are progressively adopting sustainable and ecological procedures. Chemical companies are using a green alternative, such as using carbon dioxide from the atmosphere to make fuels, industrial products, and other chemicals. Technological advances and the development of chemical sciences are playing an important role in this transition in the industry.
COVID-19 impact analysis:
Almost every product that people use has chemicals. Chemical companies are operating in a radically different paradigm as the effects of COVID-19 spread across the globe and economic activity grinds to a halt. There is an abyss in the demand for chemical products in the final markets. Global supply networks were disrupted, share prices of chemical companies took a huge hit, and competitive orders from chemical manufacturers shifted rapidly in the United States, the Middle East, China, and Europe.
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Regional perspectives:
As economies reopen and countries lift limitations, the U.S. chemical industry is forecast to rebound significantly in 2022, potentially boosting utilization rates at plants that were hit hard by the pandemic. . In the United States, industrial production is forecast to increase 5.5% in 2021 and 4.3% in 2022. Chemical volumes in the United States are forecast to increase 1.5% in 2021 and a 3.0% in 2022, while shipments will increase by 8.0% in 2021 and 2022, after a drop of 13.5% in 2020.
Asia Pacific region size value was 36.0% market share, holding the largest market share across all regions. As a result of the existence of critical developing economies like China, India and Japan in this region, recording the largest market share in the market. Paints and coatings, water treatment, ingredients and cosmetics for personal care, electronics, agriculture and other sectors use chemicals throughout the Asia-Pacific area. For foreign investors, these places provide excellent investment options. China was the largest specialty chemicals market in Asia in 2019, accounting for about 38.9% of the global market. India came in second place with a 23.1% share of the total market.
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