Battery Metals Market is expected to reach US$ 32,251.1 Million by 2028

Increasing Application of Batteries in Electric Vehicles Industry to Escalate its Battery Metals Market Growth During 2021–2028

According to our latest market study on “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 Sytems, and Others),” 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. The report highlights key driving factors and prominent market players along with their developments in the battery metals market.

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.

The upsurge in the application of battery metals in the electric vehicles industry is bolstering the battery metals market growth. This can be attributed to the growing demand for sustainable technologies, which is also a replacement for fossil-based technology. The need for electric vehicles across the globe created a positive impact on the battery metals market; this also resulted in high electric vehicle (EV) sales. According to The Insight Partners research from Canalys, 1.3 million EVs were sold in China in 2020. The battery metals market in china for battery metals required for electric vehicles batteries has huge contribution in battery metals market. The growing demand for electric vehicles will offer various opportunities for battery metals market growth.

Impact of COVID-19 Pandemic on Battery Metals Market 

The COVID-19 pandemic has affected economies and end-use industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemical and materials industry is one of the major industries suffering serious disruptions such as supply chain breaks and shutdowns of production plants, because of this pandemic. Industries such as automotive, consumer electronics, etc. have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. The global market for all types of cars was significantly affected due to the Covid-19 pandemic. The outbreak of the Covid-19 pandemic also brought about a dramatic decline in electric car sales. However, as the economies are planning to revive their operations, the demand for battery metals is expected to rise globally.

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.

Battery Metals Market - Geographic Overview

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Battery Metals Market Size, Growth and Forecast to 2028

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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)

The report segments the battery metals market as follows:

By type, the global battery metals market is subsegmented into lithium, nickel, cobalt, and others. By application the battery metals market is further segmented into electric vehicles, consumer electronics, energy storage systems, and others. By region, the battery metals market is subsegmented into five main regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America.