Product Code: GVR-4-68038-753-7
Battery Metals Market Growth & Trends:
The global battery metals market is anticipated to reach USD 18.41 billion by 2030, expanding at a CAGR of 8.3%, from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing requirement of batteries in electric vehicles and energy storage systems is boosting market growth. Battery structure consists of 5 major components: casing, electrodes, separator, electrolyte, and collector.
Metals are used mainly in electrodes in different chemistries. Various metals are utilized in batteries, where lithium, cobalt, and nickel account for a major share. Lithium-based batteries' prominence is increasing owing to its rapid adoption in electric vehicles and energy storage systems.
Nickel is a major component in lithium-ion and other rechargeable batteries, and its adoption is increasing at an accelerated rate, owing to its phenomenal properties and low cost. In the near future, batteries are expected to form a major cost component in electric vehicles and other applications, and hence, it becomes vital for manufacturers to lower manufacturing costs.
Cobalt, one of the largest product segment of the market is witnessing a declining demand trend owing to its high cost and growing concerns towards human rights and child labor during its mining in Democratic Republic of Congo. Factors including human and financial costs and high demand for energy density have propelled battery makers to reduce their reliance on cobalt. For instance, major manufacturers such as SK Innovation and LG Chem are in process of developing cathodes with NMC 811 chemistry that consists of 80.0% nickel and 10.0% cobalt.
Electric vehicles (EVs) are fastest growing application segment of the market. Consumption of metals in producing EV batteries is increasing, as unlike conventional vehicles, EVs require large batteries owing to absence of internal combustion engines. Increasing EV production is anticipated to surge demand for battery metals in near future.
Asia Pacific was the largest regional segment in 2023 and this trend is expected to continue over the forecast period. Factors such as rapid development in EV industry propelling battery demand, China's dominance over supply chain, and increasing production capacities in Japan and India are propelling market growth in the region.
Battery Metals Market Report Highlights:
- Based on metal, cobalt held the largest revenue share of over 44.0% in 2023 and is expected to grow at a significant CAGR over the forecast period. Increasing production of electric vehicles (EVs) is anticipated to lead to a surge in cobalt consumption during the forecast period. Lithium-nickel-manganese-cobalt-oxide (NMC) batteries, which constitute the most prevalent battery chemistries currently employed in EVs, consist of a cathode comprising 10-20% cobalt
- Based on application segment, electric vehicles segment is the fastest-growing segment, with a CAGR of 9.0% in terms of revenue during the forecast period. Growing production of EVs across the globe is propelling demand for batteries and, eventually, metals
- Starter, lighting, and ignition held a significant volume share in 2023 as automotive constitutes a major application share of batteries. It is anticipated to reduce over the forecast period owing to rising adoption of EVs over conventional vehicles
- Asia Pacific dominated the market owing to several countries in region focusing on battery production to cater to rising demand. Growing demand from EV industry has augmented battery makers to increase their production capacity
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Information Analysis
- 1.3.2. Market Formulation & Data Visualization
- 1.3.3. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Battery Metals Market Variables, Trends & Scope
- 3.1. Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.2.1. Raw Material Trends
- 3.2.2. Sales Channel Analysis
- 3.3. Manufacturing & Technology Overview
- 3.4. Regulatory Framework
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Industry Challenges
- 3.5.4. Industry Opportunities
- 3.6. Industry Analysis Tools
- 3.6.1. Porter's Five Forces Analysis
- 3.6.2. PESTEL Analysis
Chapter 4. Battery Metals Market: Metal Estimates & Trend Analysis
- 4.1. Metal Movement Analysis & Market Share, 2023 & 2030
- 4.2. Lithium
- 4.2.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.3. Nickel
- 4.3.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.4. Cobalt
- 4.4.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.5. Other Metals
- 4.5.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Chapter 5. Battery Metals Market: Application Estimates & Trend Analysis
- 5.1. Application Movement Analysis & Market Share, 2023 & 2030
- 5.2. Starter, Lighting, and Ignition
- 5.2.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.3. Electric Vehicles
- 5.3.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.4. Electronic Devices
- 5.4.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.5. Stationary Battery Energy Storage
- 5.5.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.6. Other Applications
- 5.6.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Chapter 6. Battery Metals Market: Regional Estimates & Trend Analysis
- 6.1. Regional Movement Analysis & Market Share, 2023 & 2030
- 6.2. North America
- 6.2.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.2. Market Estimates and Forecasts, By Metal, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.3. Market Estimates and Forecasts, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4. U.S.
- 6.2.4.1. Key country dynamics
- 6.2.4.2. Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4.3. Market Estimates & Forecasts, By Metal, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4.4. Market Estimates & Forecasts, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3. Europe
- 6.3.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.2. Market Estimates and Forecasts, By Metal, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.3. Market Estimates and Forecasts, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4. Germany
- 6.3.4.1. Key country dynamics
- 6.3.4.2. Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4.3. Market Estimates & Forecasts, By Metal, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4.4. Market Estimates & Forecasts, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4. Asia Pacific
- 6.4.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.2. Market Estimates and Forecasts, By Metal, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.3. Market Estimates and Forecasts, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4. China
- 6.4.4.1. Key country dynamics
- 6.4.4.2. Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4.3. Market Estimates & Forecasts, By Metal, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4.4. Market Estimates & Forecasts, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5. Japan
- 6.4.5.1. Key country dynamics
- 6.4.5.2. Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5.3. Market Estimates & Forecasts, By Metal, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5.4. Market Estimates & Forecasts, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6. South Korea
- 6.4.6.1. Key country dynamics
- 6.4.6.2. Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6.3. Market Estimates & Forecasts, By Metal, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6.4. Market Estimates & Forecasts, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.5. Central & South America
- 6.5.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.2. Market Estimates and Forecasts, By Metal, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.3. Market Estimates and Forecasts, By Application, 2018 - 2030 (Kilotons) (USD Million)
- 6.6. Middle East & Africa
- 6.6.1. Market Estimates and Forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.2. Market Estimates and Forecasts, By Metal, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.3. Market Estimates and Forecasts, By Application, 2018 - 2030 (Kilotons) (USD Million)
Chapter 7. Battery Metals Market - Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Company Categorization
- 7.3. Company Market Ranking Analysis, 2023
- 7.4. Company Heat Map Analysis
- 7.5. Strategy Mapping
- 7.6. Company Profiles/Listings
- 7.6.1. Albemarle
- 7.6.1.1. Participant's overview
- 7.6.1.2. Financial performance
- 7.6.1.3. Product benchmarking
- 7.6.1.4. Recent developments
- 7.6.2. Bolt Metals
- 7.6.2.1. Participant's overview
- 7.6.2.2. Financial performance
- 7.6.2.3. Product benchmarking
- 7.6.2.4. Recent developments
- 7.6.3. China Molybdenum Co., Ltd.
- 7.6.3.1. Participant's overview
- 7.6.3.2. Financial performance
- 7.6.3.3. Product benchmarking
- 7.6.3.4. Recent developments
- 7.6.4. Galaxy Resources Ltd.
- 7.6.4.1. Participant's overview
- 7.6.4.2. Financial performance
- 7.6.4.3. Product benchmarking
- 7.6.4.4. Recent developments
- 7.6.5. Gangfeng Lithium Co., Ltd.
- 7.6.5.1. Participant's overview
- 7.6.5.2. Financial performance
- 7.6.5.3. Product benchmarking
- 7.6.5.4. Recent developments
- 7.6.6. Glencore
- 7.6.6.1. Participant's overview
- 7.6.6.2. Financial performance
- 7.6.6.3. Product benchmarking
- 7.6.6.4. Recent developments
- 7.6.7. SQM
- 7.6.7.1. Participant's overview
- 7.6.7.2. Financial performance
- 7.6.7.3. Product benchmarking
- 7.6.7.4. Recent developments
- 7.6.8. Sumitomo Metal Mining
- 7.6.8.1. Participant's overview
- 7.6.8.2. Financial performance
- 7.6.8.3. Product benchmarking
- 7.6.8.4. Recent developments
- 7.6.9. Umicore
- 7.6.9.1. Participant's overview
- 7.6.9.2. Financial performance
- 7.6.9.3. Product benchmarking
- 7.6.9.4. Recent developments
- 7.6.10. Vale
- 7.6.10.1. Participant's overview
- 7.6.10.2. Financial performance
- 7.6.10.3. Product benchmarking
- 7.6.10.4. Recent developments