Raw Materials
It's all about the crude, dude. The U.S. crude steel market could reach $110 billion by 2026, according to a ResearchAndMarkets report, U.S. Crude Steel Industry: Insights & Forecast . The report predicts a 6.1% compounded annual growth rate between 2022 and 2026; however, excess crude steelmaking could hinder this growth. “Growth in the U.S. crude steel market has been supported by factors such as a booming automobile industry and accelerating urban population,” the report states. “The United States-Mexico-Canada Agreement also is likely to have a positive impact on the U.S. crude steel market.” In 2021, the U.S. crude steel market reached $82.22 billion. Typical customers include the construction, automotive, machinery/equipment, energy, and appliances markets. Crude steel market production processes fall into two buckets: electric arc furnace, which is the dominant process in the United States, and basic oxygen furnace. The market also can be segmented by chemical composition. In order of market share, these are carbon steel, alloy steel, stainless steel, and tool steel. STEELING FOR GROWTH
GLOBAL BATTERY MARKET CHARGES TO $91.5 BILLION Lithium ion batteries continue to power the market, driven by rising demand for consumer electronics, the automotive market’s push to oer more environmentally friendly options, and an increased emphasis on the waste management of lead acid batteries. In 2021, lithium ion batteries represented about 48% of overall market share and, as technologies advance, is predicted to see the most growth moving forward, finds an Acumen Research and Consulting report. Industry adoption of recycled lithium ion batteries could spur further growth. The global battery raw materials market accounted for $47.3 billion in 2021, and Acumen predicts the market will grow to $91.5 billion by 2030, with a compounded annual growth rate of 7.7% between 2022 and 2030 ( see chart ). “Because of rising environmental concerns, battery-powered lithium particle batteries are increasingly being used in place of traditional lead corrosive batteries,” says the report. “Utilizing sustainable sources of energy, for example, solar, should also result in increased interest in lithium batteries.”
BATTERIES RAW MATERIALS MARKET 20182030 USD BILLION
Source: Acumen Research and Consulting
12 Inbound Logistics • December 2022
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