Battery Metals Market Size, Growth and Forecast to 2028

[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

Battery Metals Market

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  CAGR (2021 - 2028)

  12.9%
• Market Size 2021
  US$ 13.77 Billion
• Market Size 2028
  US$ 32.25 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Albemarle Corporation
• Bolt Metals
• Ganfeng Lithium Co.,Ltd.
• Umicore
• LG Chem
• Honjo Metal Co., Ltd.
• Vale
• Lithium Australia NL
• BASF SE

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Lithium
• Nickel
• Cobalt
• Others

Application

• Electric Vehicles
• Consumer Electronics
• Energy Storage Systems
• Others

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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 Report Scope

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• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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