What is the global market size of Battery Metals Market?

Battery Metals Market size was valued at USD 5.89 billion in 2021 and is poised to grow from USD 7.22 billion in 2022 to USD 34.4 billion by 2030, growing at a CAGR of 22.4% in the forecast period (2023-2030).

What is the key driver of Global Battery Metals Market?

Increased demand for consumer electronics products like smartphones, laptops, and tablets as well as increased demand for battery metals from the electronic vehicle industry are what are fueling the expansion of the global market for battery metals. Additionally, the market for battery metals is anticipated to increase quickly due to the rapid development of the renewable energy and electric car industries.

Battery Metals Market Size, Share, Growth Analysis, By Metals Type(Lithium, Cobalt, Nickel, Others), By Application(Starter, lighting, ignition (SLI), Electric vehicles (EVs)), By Region - Industry Forecast 2024-2031

Report ID: SQSG45J2019 | Region: Global | Published Date: July, 2001
Pages: 165 | Tables: 68 | Figures: 75

Battery Metals Market News

In July 2022, Global Battery Metals Ltd., a global critical mineral exploration and development firm focused on battery metal prospects with strong growth potential, is happy to announce that TonaTec Exploration LLC has been hired to drill the Lithium King Property.

Battery Metals Market Report Snapshots

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Battery Metals Market size was valued at USD 5.89 billion in 2019 and is poised to grow from USD 7.22 billion in 2023 to USD 34.4 billion by 2031, growing at a CAGR of 22.4% in the forecast period (2024-2031).

Due to the presence of significant producers in the sector, the market for battery metals is competitive in nature. The manufacturers are employing a variety of techniques, including capacity development and mergers and acquisitions, which will help to broaden target footprints, in an effort to increase firm market share. The expansion of the battery market is encouraging investment firms to make investments and buy stock in businesses that are integral to the market's value chain. 'Albemarle Corporation', 'Tianqi Lithium Corporation', 'SQM', 'Ganfeng Lithium', 'Glencore', 'Umicore', 'Sumitomo Metal Mining Co. Ltd.', 'Mitsubishi Materials Corporation', 'China Molybdenum Co., Ltd.', 'Vale S.A.', 'BHP Billiton', 'Rio Tinto', 'Freeport-McMoRan Inc.', 'Tesla Inc.', 'Panasonic Corporation', 'LG Chem Ltd.', 'Contemporary Amperex Technology Co. Limited', 'BYD Company Limited', 'Samsung SDI Co. Ltd.', 'Hitachi Chemical Company Ltd.'

Increased demand for consumer electronics products like smartphones, laptops, and tablets as well as increased demand for battery metals from the electronic vehicle industry are what are fueling the expansion of the market for battery metals. Additionally, the market for battery metals is anticipated to increase quickly due to the rapid development of the renewable energy and electric car industries.

The most important component in many important applications, such as electric vehicles, off-grid battery storage, and consumer electronics, is the battery. Investment in research and development of long-lasting, high-efficiency batteries has recently increased. Battery metals are essential to the cathode and other components of the battery. Lithium is a key battery metal on the market because it can be found in both the cathode and anode of a lithium-ion battery.

Asia Pacific had an 87.7% revenue share of the market, dominating it. Over the course of the forecast, this tendency is anticipated to persist. China, which is the world's largest battery manufacturer, is responsible for this portion. China's ability to produce is due to its control of the supply chain. It supplies more than 20% of the world's supply of battery metals and accounts for around 80% of the market for chemical manufacturing of battery-grade raw materials. Its dominance makes it the primary force behind the development of the automotive sector following the COVID-19 pandemic.

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Battery Metals Market Size, Share, Growth Analysis, By Metals Type(Lithium, Cobalt, Nickel, Others), By Application(Starter, lighting, ignition (SLI), Electric vehicles (EVs)), By Region - Industry Forecast 2024-2031

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