[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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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
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 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.
- Get the Regional Specific Data for Battery Metals Market
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
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Battery Metals Market Players Density: Understanding Its Impact on Business Dynamics
The Battery Metals Market 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.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Battery Metals Market are:
- Albemarle Corporation
- Bolt Metals
- Ganfeng Lithium Co.,Ltd.
- Umicore
- LG Chem
Disclaimer: The companies listed above are not ranked in any particular order.
- 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
- 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
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
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 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.
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 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.
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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
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