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Battery Metals Market

Battery Metals Market Size, Share & Trends Analysis Report By End-Users (Transportation, Consumer Electronics, Energy Storage Systems, Others), By Metal Type (Lithium, Nickel, Cobalt, Others), By Region, And By Segment Forecasts, 2023-2031.

Report ID : 2230 | Published : 2023-11-27 | Pages: 180 | Format: PDF/EXCEL

Battery Metals Market Size is valued at USD 13.31 Bn in 2022 and is predicted to reach USD 25.32 Bn by the year 2031 at a 7.56% CAGR during the forecast period for 2023-2031.

Battery Metals Market

Battery metals play a crucial role in manufacturing batteries, namely those utilized in electric vehicles (EVs) and renewable energy storage systems. These metals are necessary for the creation of high-performance batteries with effective energy storage and delivery. With the growing popularity of EVs and the increasing need for energy storage solutions to complement renewable energy sources, there has been a huge increase in the demand for battery metals. Continuous research and development are being conducted in order to find alternative materials, advance battery technology, and increase the sustainability of the whole supply chain—from mining to recycling. Furthermore, the need to diversify the sources of these vital metals has gained more attention due to supply chain issues and geopolitical considerations.

However, the COVID-19 outbreak has resulted in multiple manufacturing delays, which has slowed the market for lithium-ion battery metals. Disruptions in the supply chain have also hurt the market for lithium-ion battery metals. In order to guarantee seamless operations and a continuous supply of metals, businesses are currently attempting to establish long-term supply contracts with other suppliers.

Market Segmentation:

The Battery Metals Market is segmented based on end-users and metal type. According to end-users, the market is segmented as Transportation, Consumer Electronics, Energy Storage Systems, and Others. The metal type segment includes Lithium, Nickel, Cobalt, and Others.

Based On End-User, The Transportation Segment Is A Major Contributor In The Battery Metals Market. 

The transportation category is expected to hold a major share of the global Battery Metals Market in 2022. The transportation industry's increasing need for battery metals is caused by several causes, especially when it comes to electric vehicles (EVs). The main motivator is the growing popularity of electric cars (EVs). The automotive sector is moving towards electrification in an effort to cut down on fossil fuel consumption and greenhouse gas emissions, which has resulted in a sharp increase in demand for battery metals, including nickel, chrome, and lithium. Furthermore, greater driving ranges, quicker charging periods, and higher energy density have all resulted from advancements in battery technologies, notably those using lithium-ion batteries.

The Lithium Segment Witnessed Growth At A Rapid Rate.

The lithium segment is projected to grow rapidly in the global Battery Metals Market due to the growing need for lithium-ion batteries in the consumer electronics and electric car sectors. Lithium metals market growth is also fueled by the lightweight, high energy density, and low maintenance requirements of lithium-ion batteries. Global demand for lithium batteries is rising as a result of the expanding market for electric cars and consumer electronics like laptops, cell phones, and Internet of Things (IoT) gadgets. Furthermore, the market for lithium battery metals is expanding due to the increasing use of lithium batteries in stationary energy storage systems.

In The Region, The Asia Pacific Battery Metals Market Holds A Significant Revenue Share.

Asia Pacific Battery Metals Market is expected to record the maximum market share in revenue in the near future. This share is credited to China, as it is the largest battery producer. China's ability to manufacture goods is due to its control over the supply chain. It has the greatest capability for producing chemicals from battery-grade raw materials (about 80.0% of global production), accounting for more than 20.0% of the world's supply of battery metals. Moreover, North America is expected to grow significantly in the coming years. The U.S. is the primary battery maker in the region and, thus, the primary metal user in North America. The nation's production capacity is being propelled by the EV sector's growing demand.

Recent Developments:

  • In April 2023, Glencore, FCC, and Iberdrola collaborated to provide circularity solutions for lithium-ion batteries to Spain and Portugal. The goal is to build a purpose-built plant to handle one of the industry's most pressing medium to long-term issues: lithium-ion battery recycling.
  • In July 2022, A supply agreement was established between LG Chem and General Motors Co. whereby LG Chem would provide CAM with Cathode Active Material.   The agreement on supplies assisted GM in meeting its rapidly expanding EV production demands. LG Chem planned to provide GM with more than 950,000 tons of CAM under the long-term supply arrangement beginning in the second half of 2022 and continuing through 2030; this quantity would be adequate to power approximately 5 million Tesla vehicles. 

Battery Metals Market Report Scope

Report Attribute

Specifications

Market Size Value In 2022

USD 13.31 Bn

Revenue Forecast In 2031

USD 25.32 Bn

Growth Rate CAGR

CAGR of 7.56% from 2023 to 2031

Quantitative Units

Representation of revenue in US$ Bn, Volume (KT) and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By End-User, Metal Type

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea

Competitive Landscape

Glencore, Albemarle Corporation, Umicore, Tinaqi Lithium, Norilsk Nickel, Ganfeng Lithium Co., Ltd., LG Chem, Sumitomo Metal Mining Co. Ltd., Vale, Bolt Metals, MITSUBISHI MATERIALS, CMOC, SQM SA., Eramet, Anglo-American PLC, Galaxy Resources Limited, BHP Group, BASF SE, Honjo Metal Co., Ltd. Lithium Australia NL, Others

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Battery Metals Market Snapshot

Chapter 4. Global Battery Metals Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: By Metal Type Estimates & Trend Analysis

5.1. By Metal Type, & Market Share, 2020 & 2031

5.2. Market Size (Value US$ Mn) & Volume (KT) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Metal Type:

5.2.1. Lithium

5.2.2. Nickel

5.2.3. Cobalt

5.2.4. Others

Chapter 6. Market Segmentation 2: By End Users Estimates & Trend Analysis

6.1. By End Users & Market Share, 2020 & 2031

6.2. Market Size (Value US$ Mn) & Volume (KT) & Forecasts and Trend Analyses, 2020 to 2031 for the following By End Users:

6.2.1. Transportation

6.2.2. Consumer Electronics

6.2.3. Energy Storage Systems

6.2.4. Others

Chapter 7. Battery Metals Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Battery Metals Market revenue (US$ Million) & Volume (KT) estimates and forecasts By Metal Type, 2019-2031

7.1.2. North America Battery Metals Market revenue (US$ Million) & Volume (KT) estimates and forecasts By End Users, 2019-2031

7.1.3. North America Battery Metals Market revenue (US$ Million) & Volume (KT) estimates and forecasts by country, 2019-2031

7.2. Europe

7.2.1. Europe Battery Metals Market revenue (US$ Million) & Volume (KT) By Metal Type, 2019-2031

7.2.2. Europe Battery Metals Market revenue (US$ Million) & Volume (KT) By End Users, 2019-2031

7.2.3. Europe Battery Metals Market revenue (US$ Million) & Volume (KT) by country, 2019-2031

7.3. Asia Pacific

7.3.1. Asia Pacific Battery Metals Market revenue (US$ Million) & Volume (KT) By Metal Type, 2019-2031

7.3.2. Asia Pacific Battery Metals Market revenue (US$ Million) & Volume (KT) By End Users, 2019-2031

7.3.3. Asia Pacific Battery Metals Market revenue (US$ Million) & Volume (KT) by country, 2019-2031

7.4. Latin America

7.4.1. Latin America Battery Metals Market revenue (US$ Million) & Volume (KT) By Metal Type, (US$ Million) 2019-2031

7.4.2. Latin America Battery Metals Market revenue (US$ Million) & Volume (KT) By End Users, (US$ Million) 2019-2031

7.4.3. Latin America Battery Metals Market revenue (US$ Million) & Volume (KT) by country, 2019-2031

7.5. Middle East & Africa

7.5.1. Middle East & Africa Battery Metals Market revenue (US$ Million) & Volume (KT) By Metal Type, (US$ Million) 2019-2031

7.5.2. Middle East & Africa Battery Metals Market revenue (US$ Million) & Volume (KT) By End Users, (US$ Million) 2019-2031

7.5.3. Middle East & Africa Battery Metals Market revenue (US$ Million) & Volume (KT) by country, 2019-2031

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. Glencore

8.2.2. Albemarle Corporation

8.2.3. Umicore

8.2.4. Tinaqi Lithium

8.2.5. Norilsk Nickel

8.2.6. Ganfeng Lithium Co., Ltd.

8.2.7. LG Chem

8.2.8. Sumitomo Metal Mining Co. Ltd.

8.2.9. Vale

8.2.10. Bolt Metals

8.2.11. MITSUBISHI MATERIALS

8.2.12. CMOC

8.2.13. SQM S.A.

8.2.14. Eramet

8.2.15. AngloAmerican PLC

Segmentation of Battery Metals Market-

Battery Metals Market By End-Users-

  • Transportation
  • Consumer Electronics
  • Energy Storage Systems
  • Others

Battery Metals Market Seg

Battery Metals Market By Metal Type-

  • Lithium
  • Nickel
  • Cobalt
  • Others

Battery Metals Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Battery Metals Market?

Battery Metals Market expected to grow at a 7.56% CAGR during the forecast period for 2023-2031.

Anglo-American PLC, Galaxy Resources Limited, BHP Group, BASF SE, Honjo Metal Co., Ltd. Lithium Australia NL, Others

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