Battery Metals Market Key Players and Opportunities by 2028

Historic Data: 2019-2020 | Base Year: 2021 | Forecast Period: 2022-2028

Battery Metals Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Lithium, Nickel, Cobalt, and Others) and Application (Electric Vehicles, Consumer Electronics, Energy Storage Systems, and Others)

Report Date : Jan 2022
Report Code : TIPRE00024358

Category : Chemicals and Materials
Status : Published

Available Report Formats :
No. of Pages : 144

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Page Updated: Jun 2024

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

AI overview of Battery Metals Market

The Battery Metals Market is poised for significant growth, projected to expand from a market size of US$ 13.77 billion in 2021 to US$ 32.25 billion by 2028, reflecting a robust CAGR of 12.9% during the forecast period of 2022-2028. This growth is primarily driven by the surging demand for electric vehicles and the increasing reliance on renewable energy sources. Key segments include lithium, nickel, and cobalt, which are essential for applications in electric vehicles, consumer electronics, and energy storage systems. Notably, trends such as the rise of solid-state batteries and innovations in battery management systems are shaping the future of the Battery Metals Market. As the market evolves, opportunities in sustainable mining practices and recycling initiatives are expected to further enhance market share.

[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

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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.

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.

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 Regional Insights

The regional trends and factors influencing the Battery Metals Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Battery Metals Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Battery Metals Market Report Scope

Report Attribute	Details
Market size in 2021	US$ 13.77 Billion
Market Size by 2028	US$ 32.25 Billion
Global CAGR (2021 - 2028)	12.9%
Historical Data	2019-2020
Forecast period	2022-2028
Segments Covered	By Type Lithium Nickel Cobalt By Application Electric Vehicles Consumer Electronics Energy Storage Systems
Regions and Countries Covered	North America US Canada Mexico Europe UK Germany France Russia Italy Rest of Europe Asia-Pacific China India Japan Australia Rest of Asia-Pacific South and Central America Brazil Argentina Rest of South and Central America Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	Albemarle Corporation Bolt Metals Ganfeng Lithium Co.,Ltd. Umicore LG Chem Honjo Metal Co., Ltd. Vale Lithium Australia NL BASF SE

Battery Metals Market Players Density: Understanding Its Impact on Business Dynamics

The Battery Metals Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Get the Battery Metals Market top key players overview

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

Frequently Asked Questions

What are the growth opportunities for the global battery metals market?

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 todayâ€™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.

What are the drivers for the growth of the global battery metals market?

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.

Which application segment led the global battery metals market in 2020?

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.

Can you list some of the major players operating in the global battery metals market?

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, which region held the largest revenue share of the global battery metals market?

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.

On the basis of type, lithium segment led the global battery metals market in 2020?

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.

Research Manager

Habi Ummer

Manager,
Market Research & Consulting

Habi is a seasoned Market Research Analyst with 8 years of experience specializing in the Chemicals and Materials sector, with additional expertise in the Food & Beverages and Consumer Goods industries. He is a Chemical Engineer from Vishwakarma Institute of Technology (VIT) and has developed deep domain knowledge across industrial and specialty chemicals, paints and coatings, paper and packaging, lubricants, and consumer products. Habi’s core competencies include market sizing and forecasting, competitive benchmarking, trend analysis, client engagement, report writing, and team coordination—making him adept at delivering actionable insights and supporting strategic decision-making.

What are the Battery Metals Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Global, Regional, Country
Industry and Competitive Landscape
Excel Dataset

Battery Metals Market Report Snapshots

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