Battery Metals Market

Global Battery Metals Market Report: By Metals Type (Lithium, Cobalt, Nickel, Others) By Application (Consumer Electronics, Electric Vehicles, Energy Storage Systems, Others), and Region (North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

Chemical & Material | November 2023 | Report ID: EMR00294 | Pages: 317

Global battery metals market is predicted to reach approximately USD 27.36 billion by 2031, at a CAGR of 8.35% from 2022 to 2031.

The Global battery metals market refers to the minerals used in rechargeable batteries. This includes lithium, nickel, cobalt, graphite, manganese, alumina, tin, tantalum, magnesium and vanadium. The most frequent active metals in EV batteries are lithium and manganese. These metals were chosen for their high electrochemical potential, which enables them to store and release huge amounts of energy. The market is driven by growing demand in the electric vehicles industry and the increasing demand in consumer electronics.

 

 

 

Global battery metals report scope and segmentation.

Report Attribute

Details

Estimated Market Value (2022)

13.3 billion

Projected Market Value (2031)

27.36 billion

Base Year

2022

Forecast Years

2023 – 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Metal Type, By Application Type & Region.

Segments Covered

By Metals Type, By Application & By Region.

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031.

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Battery Metals Dynamics

The market dynamics of global battery metals market are influenced by several factors. The growing demand in the electric vehicles industry and the increasing demand in consumer electronics drive the market growth. However, increase in battery waste act as restraints. Opportunities arise from the higher energy efficiency batteries. The nature of competition is highly intense, with various companies striving to gain a competitive edge through innovation and customer-centric offerings. As the market evolves and consumer demand continues to rise, the dynamics of the battery metals market are expected to remain dynamic and highly competitive.

 

Global Battery Metals Drivers

  • Growing demand in electric vehicles industry

The global battery metals market is being driven by the growing demand in electric vehicles industry. Battery metals, such as lithium, cobalt, and nickel, are essential components of lithium-ion batteries used in electric vehicles. The rising fuel prices of gasoline and diesel has led to increase the demand for the electric vehicles. Government initiatives to promote the adoption of electric vehicles by offering subsidies and incentives drive the market growth. Thus, with the increasing demand from electric vehicles industry the global battery metals market is expected to increase during the forecast period.

  • Increasing demand in consumer electronics

The global battery metals market is being fuelled by the increasing demand for consumer electronics. In the consumer electronics products such as smartphones, laptops, tablets and wearable devices lithium ion batteries are used that are made from battery metals such as lithium, cobalt and nickel. Thus, with the increasing demand in the consumer electronic products the global battery metals market is expected to grow during the forecast period.

 

Restraints:

  • Increase in battery waste

The global battery metals market faces a restraint in the form of increase in battery waste. The battery waste generated from the disposal of used batteries contains hazardous materials and if not properly disposed can pollute the environment and pose a risk to human health. Governments are implementing new regulations to manage the battery waste that can increase the cost of disposing battery waste for businesses and consumers. Businesses are trying to adopt the recycled battery metals for sustainability and cost cutting. Thus, the growing concerns for battery waste are hindering the market growth of global battery metals market during the forecast period.

 

Opportunities:

  • Higher energy efficiency batteries

The global battery metals market presents significant opportunities driven by the higher energy efficient batteries. Battery manufacturers are constantly developing new battery technologies and chemistries to improve the energy density and efficiency of batteries. The increasing demand for higher energy efficiency batteries in electric vehicles to improve the batteries range and longer battery life in consumer electronics products are driving the market growth. Thus, with the increasing demand for higher energy efficiency batteries the global battery metals market is expected to grow during the forecast period.

 

Segment Overview

By Metals Type

The market for battery metals is segmented based on metals type into three categories: Lithium, Cobalt, Nickel, Others. Lithium is the most dominating segment in the global battery metals market. Lithium is a lightweight metal with a high energy density, making it an excellent choice for use in batteries. It is found in a wide range of battery chemistries, including lithium-ion, lithium-polymer, and lithium-iron-phosphate batteries. Cobalt is a relatively expensive metal used in lithium-ion batteries to improve their stability and performance. Nickel is another key battery metal. It is used in lithium-ion batteries to increase their energy density and power output. The others segment includes manganese and aluminium metals. This segmentation allows consumers to choose the metal type that best suits their specific needs, preferences, and budgetary constraints.

 

By application

The battery metals market is categorized based on application into consumer electronics, electric vehicles, energy storage systems, others. Electric vehicle is the dominating application segment in the global battery metals market due to its increasing demand in the lithium-ion batteries that powers electric vehicles. Consumer electronics, such as smartphones, laptops, and tablets, are another important application for battery metals. The growing need for portable and high-performance electronic gadgets is driving the expansion of this market. Energy storage system is driven by the increasing deployment of renewable energy sources and the need to store energy from these sources. The others segment includes the electric power tools, medical devices and industrial machinery. This segmentation allows consumers to choose the battery metals application that aligns with their specific needs and preferences.

 

Global Battery metals Overview by Region.

Asia Pacific

Asia Pacific currently dominates the global battery metals market, and this dominance is expected to continue in the future. The region growth is being driven by the increasing demand for electric vehicles and energy storage systems. China is the largest market for battery metals followed by India, South Korea and Japan. As the demand for battery metals continues to rise, Asia Pacific is projected to maintain its leading position in the market in the coming years.

 

 

North America

North America is experiencing significant growth in the global battery metals market, with a significant Compound Annual Growth Rate (CAGR). The rising demand for electric vehicles is the major factor driving the growth in the region. United States is the largest market for battery metals followed by Canada. With the continuous advancements and the rising demand in battery metals market, North America is expected to witness a substantial CAGR in the coming years.

 

Global battery metals market competitive landscape

The competitive landscape of the market is marked by a wide array of players competing for market dominance. The companies are involved in the process of mining, refining and processing and have a strong presence in the production of battery cells and battery packs. The competition is fierce, with companies continually striving to gain an edge through technological innovations, customer-centric features, and expanding their product ranges. As consumer demand for battery metals continues to grow, the market is anticipated to witness even more intense competition among these players. The major players in the market are, Glencore International AG, Albermale Corporation, Sumitomo Metal Mining Co Ltd, Umicore, Tianqi Lithium, Vale, China Molybdenum Co Ltd, SQM S.A, Gan Feng Li, Industrial Co Ltd, Norilsk Nickel.

 

Global Battery metals Recent Developments

  • August 2023, American Battery Technology Company (ABTC) and TechMet-Mercuria have officially launched their strategic partnership. ABTC, a key player in battery materials, is actively advancing its primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling technologies. Meanwhile, TechMet-Mercuria, a responsible energy metals platform, is dedicated to providing crucial working capital financing, cutting-edge marketing expertise, and logistics solutions to supply essential battery metals. The collaboration will focus on the manufacturing, sales, and marketing of recycled metal products by ABTC. Additionally, TechMet-Mercuria plans to make a non-dilutive investment of up to $20 million in ABTC through the pre-purchase of these recycled metal products.
  • September 2023, BASF, a prominent producer of battery materials on a global scale, is joining forces with Nanotech Energy, a leading player in grapheme-based energy storage products, to collaboratively diminish the carbon dioxide emissions associated with Nanotech's lithium-ion batteries in the North American market. The partnership is designed to establish a closed-loop system for lithium-ion batteries in North America. BASF will manufacture cathode active materials using recycled metals in Battle Creek, Michigan, which will then be utilized in the production of lithium-ion battery cells by Nanotech Energy.

 

Global battery metals report segmentation

ATTRIBUTE

DETAILS

By Metals Type

  • Lithium
  • Cobalt
  • Nickel
  • Others

By Application

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

By Geography

  • North America (USA,and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global battery metals size and forecast:

To identify and estimate the market size for global battery metals market segmented by metals type, by application and by region. Also, to understand the consumption/ demand created by consumers between 2023 and 2031.

  • Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges for global battery metals

  • Market Influencing Factors:

To find out the factors which are affecting the market of Global Battery metals among consumers.

  • Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Global Battery metals forecast period is 2023 - 2031.
According to Global Battery metals research, the market is expected to grow at a CAGR of ~8.35% over the next eight years.
The possible segments in Global Battery metals are based on by metals type, by application & by region.
The expected market size for Global Battery metals is 13.3 billion in 2022.
The major players in the market are, Glencore International AG, Albermale Corporation, Sumitomo Metal Mining Co Ltd, Umicore, Tianqi Lithium, Vale, China Molybdenum Co Ltd, SQM S.A, Gan Feng Li, Industrial Co Ltd, Norilsk Nickel.