Battery Raw Materials Market To Reach $95.75 Billion By 2030

Battery Raw Materials Market Growth & Trends

The global battery raw materials market size is anticipated to reach USD 95.75 billion by 2030, growing at a CAGR of 8.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The extensive usage of batteries in electric vehicles and the high demand for consumer electronic products are anticipated to drive growth.

The market is witnessing a surge in demand for consumer electronics, including laptops, mobile phones, and tablets. This is attributed to the increasing digital inclusion in various application fields and the innovation of lithium rechargeable batteries with superior cycle time and density, making them ideal for portable equipment. Notably, the market is buoyed by the robust innovation ecosystem in North America and the cost-effective labor and manufacturing in Asia Pacific, instilling confidence in the market's stability and potential.

With the increased scope of development of end-use application industries, including automotive and electronics, there is a greater demand for the raw materials required for the battery's components. Soil erosion, deforestation, and water scarcity, among others, are included in the list of environmental perils that result in mindless mining activities. Due to the increased use of rechargeable batteries, mining activity is presumed to grow over the coming years.

The market is marked by a significant number of companies that prioritize the recycling of batteries and the utilization of materials from spent batteries or electronic waste generated by end-use application industries. These companies, often positioned as major players with the highest market share, demonstrate their commitment to sustainability and responsible practices through their stock prices, fixed costs, and efforts to comply with regulations and maintain customer loyalty. Moreover, companies that can swiftly distribute raw materials in bulk quantities are favored in the undifferentiated product market, further reinforcing the market's sustainable and responsible practices.

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Battery Raw Materials Market Report Highlights

• Lead-acid battery dominated the battery type segment with more than 66.0% share in 2023. This can be attributed to various factors, such as lower cost of production, established technology, and reliable and robust recycling infrastructure. The lead-acid battery is preferred in industries with critical expenses, including automotive lighting and ignition systems, where durability and cost-effectiveness are essential. In addition, benefits offered by lead-acid batteries, such as longer lifespan and high energy density, are further likely to contribute to industry growth.

• The electrodes segment of lead-acid batteries led the material segment in 2023 and is expected to witness significant growth over the forecast period. The widespread adoption of lead-acid batteries has boosted demand for electrodes. These electrodes consist of lead oxide and sponge lead, essential components of lead-acid batteries, enabling electrochemical reactions necessary for energy storage and discharge.

• The automotive application of lead-acid battery dominated overall application segment in 2023. Lead-acid batteries have been widely used in automotive applications owing to their reliability, cost-effectiveness, and well-established technology. These batteries are particularly well suited for automotive starting and ignition systems, providing the necessary power to start the engine and support various electrical components.

• The industry is characterized by a large number of products generating higher revenues, with the automotive industry concentrating the highest market share. Companies compete on the basis of innovative techniques and patents acquired to gain a higher cost advantage on battery raw materials and increase their revenue.

• Asia Pacific dominated the market in 2023, owing to factors such as robust domestic demand, recovery in commodity prices, falling poverty rates, and rising labor income. The supply of raw materials between the countries of the region is estimated to be effortless and robust with integrated supply chain operation established in the region, which is forecasted to drive the industry growth for battery raw materials over the coming years.

• In December 2023, KPIT Technologies, an India-based independent software integration partner in the automobile industry, launched its sodium (Na)-ion battery technology. This technology is expected to reduce dependency on importing core battery materials. Sodium-ion batteries provide extended lifespan and faster charging capabilities than lithium-ion batteries.

Battery Raw Materials Market Segmentation

Grand View Research has segmented the global battery raw materials market based on battery type, material type, application, and region:

Battery Raw Materials Battery Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Lithium Ion

• Lead Acid

• Other Batteries

Battery Raw Materials Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Lithium Ion

  • Cathode Materials

    • Lithium Cobalt Oxide (LCO)

    • Lithium Nickel Manganese Cobalt Oxide (NMC)

    • Lithium Iron Phosphate (LFP)

    • Lithium Manganese Oxide (LMO)

    • Lithium Nickel Cobalt Aluminum (NCA)

  • Anode Materials

    • Natural Graphite

    • Artificial Graphite

    • Amorphous Carbon

    • LTO

    • Si Compounds

  • Separator

  • Others

• Lead Acid

  • Electrodes

  • Electrolyte

  • Separator

  • Packaging

• Other Batteries

Battery Raw Materials Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Lithium Ion

  • Consumer electronics

  • Automotive

  • Grid storage

  • Others

• Lead Acid

  • Automotive

  • UPS

  • Telecom

  • Others

• Other Batteries

Battery Raw Materials Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

List of Key Players in the Battery Raw Materials Market

• Targray

• ENTEK

• BASF Catalysts LLC

• DuPont

• Hitachi, Ltd.

• Nichia Corporation

• Mitsubishi Chemical Group Corporation

• Celgard LLC

• Umicore N.V.

• NEI Corporation