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

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).

The market for battery metals is driven by stationary battery energy storage and the expanding need for batteries in the automobile industry. As batteries make up the majority of EVs, the worldwide electric vehicle (EV) sector is expanding at an accelerated rate, which is driving the market growth. They will soon make up 40% of the overall cost of building an automobile. The lithium-ion EV batteries, for example, are made to last for ten years, but due to high operating temperatures, fluctuating discharge rates, and hundreds of partial cycles annually, they tend to degenerate within the first five years. Such batteries can be recycled or reused rather than being disposed of. These batteries can still have a second life and be utilized in less demanding applications like stationary storage services if they eventually fail to meet the requirements to be used in EVs. As a result, stationary storage devices are now a significant market factor for battery metals.

Market expansion was hampered by the coronavirus pandemic despite all efforts to overcome every obstacle in the past and in the future. Due to shipping restrictions, the pandemic had an impact on supplies as well as battery manufacturer and metal usage. Metal costs for batteries fluctuated as a result of the pandemic. Nickel, zinc, and copper prices decreased as a result of their surplus due to reduced consumption. However, due to limited production, higher transport costs during the lockout, and adequate inventory as a result of an excess, the prices of lithium and cobalt increased.

US Battery Metals Market is poised to grow at a sustainable CAGR for the next forecast year.