[Research Report] The battery metals market is projected to reach US$ 32,251.1 million by 2028 from US$ 13,770.9 million in 2021; it is expected to grow at a CAGR of 12.9% from 2021 to 2028.
Battery metals such as lithium, cobalt, nickel, and manganese are used as raw materials in manufacturing batteries. These are also used in electric vehicles, consumer electronics, and other applications.
In 2020, Asia Pacific held the largest revenue share of the global battery metals market. Various Asia Pacific countries are witnessing an upsurge in the automotive and electronics industries, which is likely to continue to fuel the battery metals market growth during the forecast period. Further, the market for electric vehicles across APAC has witnessed notable growth owing to the rapidly expanding automotive and electronics sector.
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Battery Metals Market: Strategic Insights
Market Size Value in US$ 13,770.9 million in 2021 Market Size Value by US$ 32,251.1 million by 2028 Growth rate CAGR of 12.9% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Battery Metals Market: Strategic Insights
| Market Size Value in | US$ 13,770.9 million in 2021 |
| Market Size Value by | US$ 32,251.1 million by 2028 |
| Growth rate | CAGR of 12.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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The COVID-19 pandemic led to disruptions in the global supply chain. Many industries, such as mining and chemicals & materials, faced unprecedented challenges in attaining the manufacturing and delivery schedules and sales of various goods. However, as the economies plan to revive their operations, the demand for battery metals is expected to rise globally. The resumption of operations in automotive, electronics, and other industries has increased the need for battery metals globally. The consumer electronics industry is dynamically expanding with the surge in consumers’ expenditures. The increase in demand for battery metals in various applications, such as electric vehicles, consumer electronics, and energy storage system, and significant investments by prominent manufacturers are expected to drive the battery metals market growth in the coming years.
Geographic Overview of Battery Metals Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Growing Electric Vehicles Industry
The surge in demand for electric vehicles globally supports the growth of the battery metals market. The battery metal-based products are extensively used by electric vehicles industry as replacement of fossil based energy required for running the vehicles. In densely populated areas electric vehicels are widley used to reduce the vehicles pollution as number of vehicles used are more in such areas. It is also important factor for providing energy diversification and reducing greenhouse gas emission. Benefits of electric vehicles include zero tailpipe emissions, the potential for greenhouse gas emissions reductions, and better efficiency than internal combustion engine vehicles.
Governments of many countries, including China, India, and the US, have passed regulations to encourage the adoption of electric vehicles. Electric vehicles and their market are expanding significantly due to continued technological progress in the electrification of two/three-wheelers, buses, and trucks.
According to a International Energy Agency report 'The Global EV Outlook 2020' report, there is continuous expansion in global stock of electric passenger vehicles in 2019, reaching 7.2 million units, 40% higher than in 2018. Due to all these factors, the demand for electric vehicles/hybrid and electric vehicles/plug-in hybrid vehicles is growing. This, in turn, is driving the battery metals market substantially.
Type - Based Insights
By type, the battery metals market is subsegmented into lithium, nickel, cobalt, and others. The lithium segment held the largest market share in 2020. The segment's growth can be attributed to the rising application of lithium in the electric vehicles and electronics industry due to its lightweight property.
Application - Based Insights
Based on application, the battery metals market is further segmented into electric vehicles, consumer electronics, energy storage systems, and others. The battery metal market is dominated by electric vehicle segment witnessing the highest CAGR during the forecast period. The increasing demand of pollution free vehicles due to change in regulatory norms by various government authorities in developed as well as developing nations is creating huge impact on battery metals market.
Global Battery Metals Market, by Type – 2020 and 2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Albemarle Corporation; Umicore; LG Chem; Ganfeng Lithium Co., Ltd.; BASF SE; Bolt Metals Corp.; Honjo Metal Co., Ltd.; Lithium Australia NL; Vale; and Metso Outotec are among the key players operating in the battery metals market. These market players are focused on developing high-quality and innovative products to meet the customer’s requirements. Albemarle Corporation announced the launch of the Battery Materials Innovation Center (BMIC) at its Kings Mountain, North Carolina, site. The lab produced lithium metal anode technologies that boosted battery energy density by using advanced lithium metal rolling to achieve lithium foils 20 μm thin (i.e., about one-fifth the average thickness of a human hair) or thinner. Jiangsu Ganfeng Power Technology Co., Ltd., a subsidiary of Ganfeng Lithium Industry, officially moved into a new plant and improved production capacity through equipment replacement. Jiangsu Ganfeng offers lithium battery systems of industrial vehicles as its main product to benefit customers with long-life, high-endurance, maintenance-free, and customizable power system solutions and facilitates the iteration of industrial vehicles from lead-acid batteries to iron-lithium batteries.
Report Spotlights
- Progressive industry trends in the global battery metals market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the global battery metals market from 2019 to 2028
- Estimation of the demand for battery metals across various industries
- Recent developments to understand the competitive market scenario and the demand for electric vehicles
- Market trends and outlook coupled with factors driving and restraining the growth of the battery metals market
- Decision-making process by understanding strategies that underpin commercial interest with regard to the global battery metals market growth
- Battery metals market size at various nodes of the market
- Detailed overview and segmentation of the global battery metals market and its dynamics in the industry
- Battery metals market size in various regions with promising growth opportunities
Battery Metals Market, by Type
- Lithium
- Nickel
- Cobalt
- Others
Battery Metals Market, by Application
- Electric Vehicles
- Consumer Electronics
- Energy Storage Systems
- Others
Company Profiles
- Albemarle Corporation
- Umicore
- LG Chem
- Ganfeng Lithium Co., Ltd.
- BASF SE
- Bolt Metals Corp.
- Honjo Metal Co., Ltd.
- Lithium Australia NL
- Vale
- Metso Outotec
- American Elements
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global battery metals market are Albemarle Corporation, Umicore, LG Chem, Ganfeng Lithium Co., Ltd.; BASF SE, Bolt Metals Corp., Honjo Metal Co., Ltd.; Lithium Australia NL, Vale and Metso Outotec
In 2020, Asia Pacific held the largest revenue share of the global battery metals market. The various countries from the Asia Pacific region are witnessing an upsurge due to growth in automotive and electronics industries which is fueling the battery metals market growth during the forecast period. Further, the market for electric vehicles across APAC has witnessed notable growth owing to the rapidly expanding automotive industry, growth of the electronics sector, and rising government initiatives about sustainable technology solutions across the region. This is further expected to contribute to the battery metals market growth in the region.
Based on type, the lithium segment led the global battery metals market in 2020. The segment's growth can be attributed to the rising application of lithium in the battery manufacturing. The segment's growth can be attributed the rising application of lithium in the electric vehicles and electronics industry. Lithium is a light weight metal and finds its application in batteries used for vehicles and electronics devices. The lithium ion batteries are highly consumed batteries in the end use industry. Due to property of being light weight segment, the segment finds applications in electric vehicles, electronics, and energy storage systems.
On the basis of application, the electric vehicles segment led the global battery metals market in 2020. The segment's growth can be attributed to the rising demand for electric vehicles globally. The rising initiatives by the government of various countries for adoption of pollution free vehicles and reduction of greenhouse gas emission is boosting the demand for battery based vehicles instead of fossil fuel based vehicles. Thus, the factors mentioned above are propelling the growth of the electric vehicles segment of the battery metals market growth.
The rising demand for electric vehicles globally is favoring the growth of the battery metals market. The electric vehicles industry is one of the major beneficiaries of battery metals products as the industry extensively uses batteries. The electric vehicle is an essential technology in terms of reducing air pollution in densely populated areas and a promising option for contribution in energy diversification and the reduction in greenhouse gas emission objectives. Various benefits of electric vehicles include zero tailpipe emissions, the potential for greenhouse gas emissions reductions, better efficiency than internal combustion engine vehicles, etc. Many countries, including China, India, and the US, have passed regulations to encourage the adoption of electric vehicles. Electric vehicles are expanding significantly as technological progress in the electrification of two/three-wheelers, buses, and trucks advances and their market grows. This, in turn, is driving the battery metals market substantially.
Rapid industrialization in developing countries such as China, India, Japan, and South Korea is expected to bolster the battery metal market growth. These countries are witnessing a rise in the consumption of electric vehicles, which is expected to increase the demand for battery metals in developing economies. Further, battery metals is extensively used in the electronics industry for batteries in electronics devices. Consumer batteries are commonly used to power small portable electronics like laptops, remote controls, cell phones, and other devices that need energy without a cord. Lithium-ion batteries are the most common high-capacity secondary batteries used in today’s power-hungry devices. In addition to this, battery metals is also used in energy storage systems. This is because lithium-ion batteries are the dominant storage technology for large-scale plants, allowing electricity grids to ensure a reliable renewable energy supply. Hence, the rising demand of batteries due to increase in manufacturing of electric vehicles and electronics devices is subsequently expected to increase the application of battery metals to manufacture these products, which will boost battery metals market growth.
The List of Companies - Battery Metals Market
- Albemarle Corporation
- Bolt Metals
- Ganfeng Lithium Co.,Ltd.
- Umicore
- LG Chem
- Honjo Metal Co., Ltd.
- Vale
- Lithium Australia NL
- BASF SE
- Metso Outotec
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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