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 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 |
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Revenue Forecast In 2031 |
USD 25.32 Bn |
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Growth Rate CAGR |
CAGR of 7.56% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn, Volume (KT) and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By End-User, Metal Type |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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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 |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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