InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Battery Metals Market – (By End-Users (Transportation, Consumer Electronics, Energy Storage Systems, Others), By Metal Type (Lithium, Nickel, Cobalt, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Battery Metals Market is valued at US$ 13.31 Bn in 2022, and it is expected to reach US$ 25.32 Bn by 2031, with a CAGR of 7.56% during the forecast period of 2023-2031.
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Consumer electronics, off-grid battery storage, and electric vehicles are major areas where batteries play a major role. Investments in the creation of long-lasting, highly efficient batteries have increased recently. Battery metals are essential in the cathode and other components of the battery composition. Because lithium is present in both the cathode and anode of lithium-ion batteries, it is a necessary metal for batteries. The surge in the automobile industry’s need for batteries and stationary battery energy storage (BES) is driving the market for battery metals. The market is expanding due to the fact that batteries make up the majority of the components of electric vehicles (EVs), which are expanding at an accelerating rate globally. The surge in demand for consumer electronics products like laptops, tablets, and smartphones, as well as the rise in need for battery metals from the electronic vehicle industry, are driving the expansion of the global market for battery metals. In addition, the market for battery metals is expected to increase rapidly due to the rapid expansion of the electric vehicle as well as renewable energy sectors.
List of Prominent Players in the Battery Metals Market:
• Glencore
• Albemarle Corporation
• Umicore
• Tinaqi Lithium
• Norilsk Nickel
• Ganfeng Lithium Co., Ltd.
• LG Chem
• Sumitomo Metal Mining Co. Ltd.
• Vale
• Bolt Metals
• MITSUBISHI MATERIALS
• CMOC
• SQM SA.
• Eramet
• Anglo-American PLC
• Galaxy Resources Limited,
• BHP Group,
• BASF SE
• Honjo Metal Co., Ltd.
• Lithium Australia NL
• Others
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Market Dynamics:
Drivers-
The demand for electric vehicles is rising worldwide, which is helping the market for battery metals to expand. Battery metal products are widely employed in the electric vehicle sector to replace the fossil fuels needed to power the vehicles. Electric vehicles are often employed in densely populated places to reduce automobile pollution because there are more vehicles in these areas. The ethical and environmental implications of battery metal sourcing are receiving more attention. The environmental impact of mining, particularly with regard to cobalt, has prompted initiatives to create more sustainable and ethical mining methods.
Challenges:
The battery metals supply chain, which includes mining, processing, and manufacturing, is facing challenges due to geopolitical threats, trade tensions, and supply chain interruptions. Concerns about supply security arise from reliance on a few producing countries. Furthermore, the lack of standard battery designs and chemistries can complicate recycling and impede the development of a more circular economy for battery materials. Moreover, the increase in battery waste and risk of metals supply security due to international trade relations are the other factors restraining the market growth in the upcoming years.
Regional Trends:
Asia Pacific Battery Metals Market is expected to register a major market share in terms of revenue and it is projected to grow at a high CAGR in the near future. This is due to the existence of significant players as well as a large consumer base in the region. Furthermore, rising demand for smart devices in countries such as China and India is raising demand for batteries, propelling the battery metals market forward throughout the forecast period. Moreover, the battery metals market in North America is influenced by various factors that drive demand for these metals. The growing popularity of EVs is a primary driver of the North American battery metals market. As consumers and businesses shift towards cleaner and more sustainable transportation options, there is a growing demand for lithium, cobalt, nickel, and other battery metals used in electric vehicle batteries.
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Recent Developments:
• In April 2023, Glencore, FCC, and Iberdrola collaborated to provide circularity solutions for lithium-ion batteries to Spain and Portugal. The goal is to build a purpose-built plant to handle one of the industry’s most pressing medium to long-term issues: lithium-ion battery recycling.
• In July 2022, A supply agreement was established between LG Chem and General Motors Co. whereby LG Chem would provide CAM with Cathode Active Material. The agreement on supplies assisted GM in meeting its rapidly expanding EV production demands. LG Chem planned to provide GM with more than 950,000 tons of CAM under the long-term supply arrangement beginning in the second half of 2022 and continuing through 2030; this quantity would be adequate to power approximately 5 million Tesla vehicles.
Segmentation of Battery Metals Market-
By End-Users-
• Transportation
• Consumer Electronics
• Energy Storage Systems
• Others
By Metal Type-
• Lithium
• Nickel
• Cobalt
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.
