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.
Increasing efforts by governments around the world to promote the use of eco-friendly vehicles and reduce greenhouse gas emissions are driving demand for battery-powered vehicles as a substitute for traditional fossil fuel-powered vehicles. This trend is contributing to the growth of the electric vehicles segment. The rising initiatives by the governments of various countries to promote the adoption of electric vehicles and renewable energy sources are driving the demand for battery metals. Battery metals such as lithium, cobalt, nickel, and manganese are key components in the manufacturing of batteries for electric vehicles and energy storage systems.
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Companies Profiled in this report includes:
- Albemarle Corporation
- Bolt Metals
- Ganfeng Lithium Co.,Ltd.
- Umicore
- LG Chem
- Honjo Metal Co., Ltd.
- Vale
- Lithium Australia NL
- BASF SE
- Metso Outotec
The battery metals market is classified into several subsegments based on their application, which include electric vehicles, consumer electronics, energy storage systems, and others. It is expected that the electric vehicles subsegment will witness the highest compound annual growth rate (CAGR) during the forecast period. Based on Geography, the battery metals market is further segmented into North America, Europe, Asia Pacific, South and Central America, and the Middle East & Africa. In 2020, the global battery market was led by the Asia Pacific region holding largest revenue share of the global battery metals market. Rising automotive and electronics industries in various countries in Asia pacific such as China, Japan, South Korea, and India is also major factor in creating market dominance. This is responsible for fuelling the battery metals market growth during the forecast period.
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Battery Metals Market Segmentation:
By Type:
- Lithium
- Nickel
- Cobalt
- Others
By Application:
- Electric Vehicles
- Consumer Electronics
To reduce carbon emissions and promote a cleaner environment, many governments around the world are implementing policies and regulations that encourage the use of electric vehicles and renewable energy sources. These initiatives include tax incentives, subsidies, and grants for the purchase and installation of electric vehicle charging infrastructure and renewable energy systems. In addition, governments are investing in research and development to improve battery technology and reduce the cost of production. These government initiatives are increasing the demand for battery metals, which in turn is driving the growth of the battery metals market. As a result, mining companies and battery manufacturers are expanding their operations to meet the growing demand for these metals. This has led to increased investment in exploration and mining of battery metals and the development of new battery technologies. Overall, the rising initiatives by governments to promote a cleaner environment are having a significant impact on the growth of the battery metals market.
The size of the global battery metals market was determined using both primary and secondary sources. Initially, comprehensive secondary research was carried out to gather qualitative and quantitative information from internal and external sources. In addition, a number of primary interviews were conducted with industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders who specialize in the global battery metals market. This approach helped validate the data and gain more analytical insights into the subject matter.
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