Battery Metals Market Size To Reach $18.41 Billion By 2030

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.

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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

Battery Metals Market Segmentation

Grand View Research has segmented the global battery metals market based on metal, application, and region:

Battery Metals, Metal Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Lithium

• Nickel

• Cobalt

• Other Metals

Battery Metals Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Starter, Lighting, and Ignition

• Electric Vehicles

• Electronic Devices

• Stationary Battery Energy Storage

• Other Applications

Battery Metals Region Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

• Europe

  • Germany

• Asia Pacific

  • Japan

  • China

  • South Korea

• Central & South America

• Middle East & Africa

List of key players in the Battery Metals Market

• Albemarle

• Bolt Metals

• China Molybdenum Co., Ltd.

• Galaxy Resources Limited

• Ganfeng Lithium Co. Ltd.

• Glencore

• SQM

• Sumitomo Metal Mining

• Umicore

• Vale