Battery Metals Market to USD 21.3 Billion by 2032 Owing to Rising Demand for Electric Vehicles and Renewable Energy Solutions | Research by SNS Insider

The Battery Metals Market is expanding quickly due to the global transition to electric vehicles (EVs) and renewable energy, both of which rely on advanced batteries. Increased climate change awareness and the need for sustainable solutions are boosting demand for essential battery metals like lithium, cobalt, and nickel.

Austin, Feb. 03, 2025 (GLOBE NEWSWIRE) — The SNS Insider report indicates that, The Battery Metals Market size was USD 10.6 Billion in 2023 and is expected to reach USD 21.3 Billion by 2032 and grow at a CAGR of 8.1% over the forecast period of 2024-2032.”

Rising Demand and Key Trends Shaping the Battery Metals Market

The Battery Metals Market has seen substantial growth, driven primarily by the increasing demand for electric vehicles (EVs) and renewable energy storage solutions. Lithium, cobalt, nickel, and graphite are the key metals in this market, essential for the production of batteries used in electric vehicles, consumer electronics, and large-scale energy storage systems. As the world shifts towards clean energy and sustainable transportation, these metals have gained critical importance. One of the prominent trends in the market is the growing emphasis on securing a stable and sustainable supply of these metals, as their availability is crucial for meeting the rising demand. Innovations in battery technologies, such as solid-state batteries and advanced recycling methods, are further contributing to market growth. The growing focus on reducing reliance on traditional fossil fuels is pushing governments and businesses to invest in the exploration and extraction of these critical metals.


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Major Key Players:

  • 3M (Scotchshield Insulation, Novec Dielectric Fluids)
  • BASF SE (Cathode Active Materials, Battery Binders)
  • DowDuPont (BETASEAL Adhesives, Hytrel Resins)
  • Entek (Separators, AGM Battery Materials)
  • Ecopro (High-Nickel Cathode Materials, Battery Recycling Systems)
  • Hitachi Chemical Co. Ltd (Graphite Anodes, Solid-State Electrolytes)
  • Mitsubishi Chemical Corporation (Electrolytes, Carbon Nanotubes)
  • Nippon Denko Co. Ltd (Manganese, Lithium Battery Additives)
  • Solvay (PVDF Binders, Battery Electrolyte Salts)
  • Celgard LLC (Microporous Separators, Polypropylene Separators)
  • LG Chem (Pouch Cells, NCM Cathodes)
  • Samsung SDI (EV Batteries, Cylindrical Cells)
  • Panasonic Corporation (18650 Batteries, Prismatic Cells)
  • Tesla Inc. (4680 Cells, Energy Storage Systems)
  • BYD Company Ltd (Blade Batteries, LFP Batteries)
  • CATL (Contemporary Amperex Technology Co. Ltd) (NMC Batteries, Sodium-Ion Batteries)
  • GS Yuasa Corporation (Lead-Acid Batteries, Li-ion Modules)
  • Umicore (Cobalt Refining, Battery Recycling Solutions)
  • Johnson Matthey (Cathode Materials, Battery Systems)
  • SK Innovation (High-Nickel Cathodes, EV Batteries)

Battery Metals Market Report Scope:

Report Attributes Details
Market Size in 2023 USD 10.6 Billion
Market Size by 2032 USD 21.3 Billion
CAGR CAGR of 8.1% From 2024 to 2032
Base Year 2023
Forecast Period 2024-2032
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Lithium, Nickel, Cobalt, and Others)
• By Application (Electric Vehicles, Consumer Electronics, Starter, Lighting, & Ignition (SLI), Energy Storage Systems, and Others)
Key Drivers  •Increasing government initiatives that promote the use of solar energy drives market growth.   

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Driving Growth: The Impact of Electric Vehicle Adoption on the Battery Metals Market

The electric vehicle (EV) market is a key factor driving the growth of the Battery Metals Market. As the adoption of EVs increases, the demand for high-performance lithium-ion batteries, which power these vehicles. Lithium, cobalt, and nickel are essential metals in the production of these batteries, making them crucial for the development of sustainable transportation. As more consumers and industries shift toward electric vehicles, the demand for these metals is expected to rise significantly, propelling the battery metals market forward.

Market Leadership of Lithium and SLI Batteries in 2023: Key Drivers and Trends

By Type: The lithium segment dominated with the market share over 49% in 2023. Lithium is a vital component in manufacturing rechargeable lithium-ion (Li-ion) batteries, which are widely used in electric vehicles (EVs), consumer electronics, and renewable energy storage. The growing shift toward sustainable energy and transportation has significantly boosted lithium demand, as it offers high energy density and efficiency, making it ideal for high-performance applications. The rise in EV adoption, along with the increasing need for reliable and efficient energy storage solutions, has made lithium indispensable in powering advanced technologies.

By Applications: The Starter, Lighting, & Ignition (SLI) segment dominated with the market share over 36% in 2023. SLI batteries are critical for automotive functions like starting engines and powering lights and ignition systems. The growth in the global automotive sector, particularly in internal combustion engine vehicles, alongside the increasing complexity of vehicle systems, has fueled demand for SLI batteries.

Asia Pacific and North America Lead Global Battery Metals Market in 2023

The Asia Pacific region dominated with the market share over 45% in 2023. This leadership is driven by the region’s prominence as a center for electric vehicle (EV) manufacturers, consumer electronics producers, and renewable energy companies, all of which create a strong demand for battery metals. Asia Pacific’s rapid transition to clean energy solutions, supported by substantial government investments in EV infrastructure and renewable technologies, further accelerates market growth. The region also houses crucial mining and processing facilities for battery metals, which enhances its competitive advantage.

North America holds the second-largest region in the Battery Metals Market, driven primarily by the growing adoption of electric vehicles (EVs) and renewable energy technologies. The region boasts a well-developed infrastructure for sustainable energy, providing a solid foundation for the expansion of battery metal demand. Additionally, key players in battery manufacturing and energy storage systems further support market growth. In particular, the U.S. is focused on increasing its domestic supply of battery metals, aiming to reduce its reliance on imports.

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Recent Developments

In May 2024: International Battery Metals Ltd. partnered with U.S. Magnesium LLC to deploy its patented modular direct lithium extraction (DLE) plant in Salt Lake City, Utah. This mobile, co-located facility will process lithium-containing waste-magnesium salts to produce lithium chloride, essential for energy storage and EV batteries.

In April 2024: Tullett Prebon, a London-based commodities broker, launched a new desk and team dedicated to trading CME cobalt, lithium, and molybdenum, crucial metals for EV batteries. The launch represents an important move in supporting the growing demand for battery metals needed for energy storage systems.


Table of Contents – Major Key Points

1. Introduction

1.1 Market Definition

1.2 Scope (Inclusion and Exclusions)

1.3 Research Assumptions

2. Executive Summary

2.1 Market Overview       

2.2 Regional Synopsis

2.3 Competitive Summary

3. Research Methodology

3.1 Top-Down Approach

3.2 Bottom-up Approach

3.3. Data Validation

3.4 Primary Interviews

4. Market Dynamics Impact Analysis

4.1 Market Driving Factors Analysis

4.2 PESTLE Analysis

4.3 Porter’s Five Forces Model

5. Statistical Insights and Trends Reporting

5.1 By Production Capacity and Utilization, by Country, By Type, 2023

5.2 Feedstock Prices, by Country, By Type, 2023

5.3   Regulatory Impact, by l Country, By Type, 2023.

5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region

5.5 Innovation and R&D, Type, 2023

6. Competitive Landscape

6.1 List of Major Companies, By Region

6.2 Market Share Analysis, By Region

6.3 By Product Benchmarking

6.4 Strategic Initiatives

6.5 Technological Advancements

6.6 Market Positioning and Branding

7. Battery Metals Market Segmentation, By Type

7.1 Chapter Overview

7.2 Lithium

7.3 Nickel

7.4 Cobalt

7.5 Others

8. Battery Metals Market Segmentation, by Application

8.1 Chapter Overview

8.2 Electric Vehicles

8.3 Consumer Electronics

8.4 Starter, Lighting, & Ignition (SLI)

8.5 Energy Storage Systems

8.6 Others

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practices

12. Conclusion

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