Battery Metals Market to Cross USD 23.94 Billion by 2030 owing to Escalating Electric Vehicle (EV) Adoption and Growth in Consumer Electronics | Says SNS Insider


As per SNS Insider’s research, the battery metals market is undergoing a transformative phase, driven by the confluence of technological advancements, environmental consciousness, and global initiatives promoting clean energy solutions

Pune, Feb. 02, 2024 (GLOBE NEWSWIRE) — The Battery Metals Market, as per the SNS Insider report, was valued at USD 18.18 billion in 2022 and is projected to reach USD 23.94 billion by 2030, with an anticipated growth rate of 3.5% CAGR during the forecast period from 2023 to 2030.

Market Report Scope


Battery metals, also known as critical minerals, are essential elements that are vital components in the manufacturing of batteries for various applications, especially in the automotive and energy sectors. These metals possess unique properties that make them ideal for energy storage purposes, facilitating the creation of high-performance batteries. The global shift towards clean and sustainable energy sources, coupled with the rise of electric vehicles, has propelled the demand for battery metals to unprecedented levels. As nations embrace renewable energy technologies and decarbonization efforts intensify, the need for reliable, high-performance batteries becomes paramount.

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Market Analysis

The transition from traditional combustion engine vehicles to electric vehicles (EVs) is at the forefront of the battery metals market growth. Lithium-ion batteries, primarily powered by lithium and cobalt, are the lifeblood of EVs. With major automotive manufacturers investing heavily in EV technologies, the demand for battery metals is witnessing an unprecedented upswing. The global push towards renewable energy sources such as solar and wind power necessitates efficient energy storage solutions. Battery metals, especially lithium and nickel, are crucial components of energy storage systems. These metals enable the development of high-capacity batteries, facilitating the reliable storage and distribution of renewable energy, thus bolstering the growth of the market. Governments worldwide are implementing stringent environmental regulations and offering incentives to promote the adoption of electric vehicles and renewable energy solutions. Subsidies, tax credits, and favorable policies are encouraging both consumers and businesses to invest in battery-powered technologies. Such governmental support acts as a significant catalyst, stimulating the demand for battery metals.

Battery Metals Market Report Scope:

Report Attributes Details
Market Size in 2022 USD 18.18 billion
Market Size by 2030 USD 23.94 billion
CAGR CAGR of 3.5% by 2023-2030
Market Opportunity
  • R&D in hybrid and electric vehicle batteries
  • Electric and hybrid vehicles are becoming more popular.

Market Drivers  

  • Transportation demand is increasing.
  • Government incentives and fuel savings for cleaner transportation
  • OEMs are releasing new hybrid and electric vehicle models
Major Market Players Hitachi Chemical Co. Ltd, 3M, BASF SE, DowDuPont, Entek, Solvay, Ecopro, Mitsubishi Chemical Corporation, Nippon Denko Co. Ltd, Celgard LLC, and other key players.

Impact of Recession

The ongoing recession has undeniably cast a shadow over the battery metals market, disrupting supply chains and challenging industry players. However, amidst the challenges, technological innovations and the global push for green energy solutions stand as beacons of hope. As the world economy stabilizes, the demand for battery metals is expected to rise, bolstered by the increasing adoption of electric vehicles and renewable energy technologies. Navigating through these turbulent times requires adaptability and a keen understanding of market trends. The future of the market lies in the hands of those who can weather the storm and emerge stronger on the other side.

Impact of Russia-Ukraine War

The Russia-Ukraine conflict has undoubtedly introduced challenges to the battery metals market, affecting supply chains, prices, and investment decisions. Geopolitical tensions often deter investments in regions directly affected by the conflict. Exploration activities for new sources of battery metals might slow down, impacting the long-term supply outlook. Companies are diversifying their supplier base, reducing reliance on specific regions. This approach enhances supply chain resilience and minimizes the impact of geopolitical unrest on metal procurement. Governments are implementing policies to support domestic production of battery metals. Incentives, subsidies, and funding for research are bolstering the industry, ensuring a stable supply of essential materials.

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Key Regional Development

North America stands as a pioneer in battery metal innovation. The United States and Canada lead in lithium production, driven by investments in sustainable mining practices. The region’s robust research and development initiatives foster advancements in battery technology, making it a hub for electric mobility and energy storage solutions. Europe embraces sustainable practices and stringent regulations, driving the responsible sourcing of battery metals. With the European Union’s emphasis on reducing carbon footprint, there’s a significant focus on recycling battery materials. Asia-Pacific, particularly China and Australia, dominates the battery metals market. China leads in graphite and rare earth metals production, while Australia’s vast mineral resources contribute significantly.

Key Takeaway from Battery Metals Market Study

  • The electric vehicles segment is set to dominate the market for the foreseeable future. The collective efforts of governments, manufacturers, and consumers towards sustainable transportation are driving the growth of this segment, making it a lucrative market for investors and stakeholders.
  • The lithium-ion (Li-ion) battery segment has emerged as a frontrunner in the market, owing to its widespread applications in various industries, with electric vehicles being a prominent driver of its demand. Li-ion batteries have revolutionized the way we store and utilize energy, offering high energy density, longer cycle life, and lightweight properties.

Recent Developments Related to Battery Metals Market   

  • The American Battery Technology Company (ABTC) proudly announces securing a substantial investment of up to $50 million. ABTC plans to enhance its research programs, focusing on developing high-performance, and long-lasting, and cost-effective battery solutions for electric vehicles, renewable energy storage, and grid applications.
  • Patriot Battery Metals has successfully secured a substantial investment of $82 million from the renowned global lithium producer, Albemarle. The investment will play a crucial role in furthering the development of advanced technologies aimed at optimizing the extraction processes, ensuring maximum efficiency while minimizing environmental impact.


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1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 Impact of the Russia-Ukraine War

4.2 Impact of Ongoing Recession

4.2.1 Introduction

4.2.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Global Battery Metals Market Segment, By Type

8.1 Lithium

8.2 Nickel

8.3 Cobalt

8.4 Others

9. Global Battery Metals Market Segment, By Application

9.1 Electric Vehicles

9.2 Consumer Electronics

9.3 Energy Storage Systems

9.4 Others

10. Global Battery Metals Market Segment, Battery type

10.1 Lithium-ion (Li-ion)

10.1 Lead-acid

10.3 Nickel metal hydride (Ni-Mh)

10.4 Nickel-cadmium (Ni-Cd)

10.5 Others

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.5 USA

11.2.6 Canada

11.2.7 Mexico

11.3 Europe

11.3.1 Eastern Europe Poland Romania Turkey Rest of Eastern Europe

11.3.2 Western Europe Germany France UK Italy Spain Netherlands Switzerland Austria Rest of Western Europe

11.4 Asia-Pacific

11.4.5 China

11.4.6 India

11.4.7 Japan

11.4.8 South Korea

11.4.9 Vietnam

11.4.10 Singapore

11.4.11 Australia

11.4.12 Rest of Asia-Pacific

11.5 Middle East & Africa

11.5.1 Middle East UAE Egypt Saudi Arabia Qatar Rest of Middle East

11.5.2 Africa Nigeria South Africa Rest of Africa

11.6 Latin America

11.6.5 Brazil

11.6.6 Argentina

11.6.7 Colombia

11.6.8 Rest of Latin America

12. Company Profile

12.1 3M

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 BASF SE

12.3 DowDuPont

12.4 Celgard, LLC

12.5 Solvay

12.6 Mitsubishi Chemical Corporation

12.7 Entek

12.8 Ecopro

12.9 Hitachi Chemical Co. Ltd

12.10 Nippon Denko Co., Ltd

13.Competitive Landscape

13.1 Competitive Benchmark

13.2 Market Share analysis

13.3 Recent Developments

14. Conclusion


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