“Global Ultra-High Purity Manganese Sulphate Market by Product Type, by Application, and by Region (North America, Europe, Asia Pacific, and Other Regions) – Forecast from 2020 to 2029” is a recently created report at MarketResearch.biz. It is through in-depth research study, both primary and secondary, inputs from industry experts, as well as systematic segmentation of the market, that the research results and outcome have been presented in a systematic flow in the final report. The report presents the first five-year cumulative revenue (2020 – 2024), which is expected to be valued at around US$ 2 Billion, and this is projected to increase significantly over the latter part of the five-year forecast period.
Browse the full “Global Ultra-High Purity Manganese Sulphate Market by Product Type, by Application, and by Region (North America, Europe, Asia Pacific, and Other Regions) – Forecast from 2020 to 2029” report at https://marketresearch.biz/report/ultra-high-purity-manganese-sulphate-market/
Global Ultra-High Purity Manganese Sulphate Market: Introduction and Dynamics
Development of new plants is increasing in order to increase installed renewable energy generation capacity up to 225 Gigawatt by 2022. Also, awareness regarding benefits of energy storage systems, such as it provides flexibility to integrate intermittent solar and wind energy resources in a better way into the electric grid, is also rising. These factors, clubbed with, another key factor, that is, increasing use of electric storage systems (ESS) using battery technology such as manganese sulphate, are collectively expected to boost growth of the global market to a significant extent.
Growing number of initiatives for R&D of innovative materials for production of high performance lithium-ion batteries is increasing significantly from the recent years. High-performance NMC lithium-ion batteries are gradually being used in EVs and various other energy storage applications. In addition, these batteries take a shorter time to charge, store more energy, last longer, can be considered safer and more importantly are expected to be highly cost-effective. Therefore, manganese sulphate is increasingly being employed as a primary ingredient in manufacturing of electric vehicles, grids, and electronic storage batteries. These are other major factors projected to propel market growth.
Vital factors such as reliability and low cost of raw materials is expected to result into higher adoption of NMC as a dominant technology for producing electric vehicles. Early adopters of this technology include notable companies such as Volkswagen, General Motors, Nissan, Fiat-Chrysler, BMW, Jaguar, Kia, Mercedes-Benz, Hyundai, Renault, Ford and Volvo.
Rising environmental concerns revolving around the use of ICE vehicles including growing carbon emissions, depleting non-renewable fuel resources, reducing dependence on fossil fuels has impacted several governments for taking disciplinary action towards ICE vehicles and promoting the use of electric vehicles. High demand for electric vehicles in the future owing to such concerns is also expected to fuel growth of the global ultra-high purity manganese sulphate market.
Moreover, increasing production capabilities of several major battery producers such as Tesla, CATL, Panasonic, BYD, LG Chem, and others in the coming years is also another factor expected to propel growth of the target market.
Efforts by BASF SE along with Umicore in 2018 to develop the NMC-370, where in the composition of manganese was over 70%, as compared to conventional NMC batteries carrying about 10–20% manganese is expected to impact market growth positively. However, this battery is still in its infancy stage and commercialization will only take place in 2021. Meanwhile, growth of the target market is expected to be limited/ minimal.
Increasing investments and efforts in producing battery-grade UHPMSM, clubbed with growing adoption of the product by major producers of batteries and battery materials is expected to support growth of the target market.
Development and adoption of hybrid cars in developing economies, particularly in Asia Pacific, is expected to drive demand for electric vehicles. This is expected to result in increasing demand for ultra-high-purity manganese sulphate based batteries, which in turn, is expected to create revenue opportunities for players operating in the ultra-high-purity manganese sulphate markets in emerging economies. High investments in research and development and increasing scope of ultra-high-purity manganese sulphate applications are projected to create revenue opportunities for existing players in the ultra-high-purity manganese sulphate market.
Global Ultra-High Purity Manganese Sulphate Market: Segmental Snapshot
The global market report is segmented on basis of type, application, and region. The type segments include Ultra High-Purity Manganese Sulphate (UHPMSM), and High-Purity Electrolytic Manganese Metal (HPMSM). The application segments include battery use, and other uses. The regions covered in the analysis include North America, Europe, Asia Pacific, and Other Regions. Other regions segment includes South America, and Middle East & Africa.
By Type: The UHPMSM segment is expected to register higher growth rate of more than 28.6% over the forecast period as compared to the HPMSM segment
By Application: The battery application segment is projected to record comparatively higher share in terms of revenue and register higher CAGR of more than 23.6%
By Region: The market in other regions (South America, and Middle East & Africa) is expected to register higher CAGR of more than 59% as compared to other regional markets. Asia Pacific market is projected to record majority revenue share in the target market.
Competitive Analysis: Global Ultra-High Purity Manganese Sulphate Market
The research report on the global ships ballast water system market include profiles of some of major players such as PT Stern, Euro Manganese Inc., ISKY Chemicals Co.Ltd., Manganese X Energy Corp., Pilbara Metals Group (Mission New Energy), Element 25 Ltd. (Element 25), Keras Resources PLC, Yantai Cash Industrial Co., Ltd., Mesa Minerals Limited (Hitec Energy Limited), Changsha Haolin Chemicals Co., Ltd., Ningxia Tianyuan Manganese Industry Group Co., Ltd., Pure Minerals Ltd. (Pure Minerals), and GEM Co., Ltd. (GEM).
“Global Ultra-High Purity Manganese Sulphate Market: Insights, Market Size & Share, Growth Rate, Ongoing Trends, and Market Forecast: 2020–2029” report has been produced based on deep market study and analysis, along with inputs from experts in the industry. The report includes present scenario and growth prospects of the market for 2019–2029.
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