Globsl Battery Metals Market Size is valued at USD 11.5 Bn in 2024 and is predicted to reach USD 25.8 Bn by the year 2034 at an 8.5% CAGR during the forecast period for 2025-2034.
Key Industry Insights & Findings from the Report:
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.
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.
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 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.
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.
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Report Attribute |
Specifications |
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Market Size Value In 2024 |
USD 11.5 Bn |
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Revenue Forecast In 2034 |
USD 25.8 Bn |
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Growth Rate CAGR |
CAGR of 8.5% from 2025 to 2034 |
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Quantitative Units |
Representation of revenue in US$ Bn, Volume (KT) and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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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. |
Battery Metals Market By End-Users-
Battery Metals Market By Metal Type-
Battery Metals Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & 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:
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:
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.
