Westford, USA, Oct. 26, 2022 (GLOBE NEWSWIRE) -- The demand for battery metals market is rising as electric vehicles and renewable energy continue to gain ground. Battery metals are critical to the manufacturing of these devices, and their increasing popularity means that prices will continue to decline. The use of battery metals in products such as smartphones, laptops, cars, and renewable energy storage has increased substantially over the past few years. The growth in demand for these products is creating a shortage of reliable supply chains for the production of these metals. This could impact companies that produce batteries, or those that rely on them for their businesses in the global battery metals market.
The rise in electric vehicle sales is primarily responsible for the increase in demand for battery metals. Electric vehicles require a large number of components, including batteries, which make up a significant proportion of their cost. Manufacturers are trying to find ways to reduce the costs associated with battery production while still meeting consumer demands.
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One way they're doing this is by using more advanced materials and designs in the batteries themselves. Technologies like advanced lead-acid batteries are being developed that use less lead than traditional types of batteries while still providing enough power. This will reduce the amount of lead needed and thus lower production costs.
Renewable energy storage also contributes significantly to demand for battery metals market. Renewable energy sources like solar and wind generate electricity intermittently, which means that it must be stored for later use. Batteries are necessary to store this electricity so it can be used when needed.
In order to meet the needs of this growing market, companies must have an understanding of the different types of battery metals and their manufacturing processes. Some key factors that will determine a company's success in this space include having strong brands and product offerings, having a strong R&D team, and maintaining efficient production lines.
Lithium Generates Over 30% Revenue of Global Battery Metals Market
Lithium is the predominant metal used in rechargeable battery cells and has a 30% share of the battery metal industry, according to SkyQuest. The demand for lithium batteries is growing due to increasing adoption of electric vehicles and other digital applications. Lithium-ion batteries are made up of many layers of Li-ion cells. In recent years, there has been growth in the use of li-metal, or lithium metal alloys, instead of conventional Li-ion cells. This is because li-metal cells offer high energy density, which makes them better suited for applications such as smartphones and small portable devices.
SkyQuest predicts that the global lithium battery market will grow from $44.44 billion in 2021 to $194 billion by 2028. This growth will be driven by increases in electric vehicle production and increases in consumption for digital applications such as gaming, streaming video, and handheld computing.
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Despite this dominance in the global battery metals market, SkyQuest warns that there are several challenges facing lithium-based batteries, including shortages due to rising demand and product obsolescence caused by frequent technological improvements in other types of batteries.
In order to meet growing demand, manufacturers in the battery metals market will need to find new sources of lithium. We believe that Argentina has the potential to be one such source, as its lithium reserves are some of the most abundant in the world. The report also notes that while costs will continue to decline, the opportunities presented by lithium-ion batteries make them extremely attractive propositions for businesses. This is especially true given their potential impact on areas such as transportation and smart grids. It is clear that there is tremendous potential for lithium’s growth in market and manufacturers will need to take advantage of it if they want to remain competitive in the years to come.
Current Condition Suggest Battery Metals Market is Highly Fragmented
Global battery metals market is fragmented and this limits the growth of the market. There are a number of factors that contribute to the fragmentation of the market. One reason is that battery chemistries and materials have evolved over time, making it difficult for manufacturers to develop standards for alloys used in batteries. In addition, there is a lack of standardization among battery producers.
This results in a high degree of variation in product specifications and makes it challenging for companies to form joint ventures or collaborations. As a result, the battery metals market is dominated by relatively few players. The key players in the lithium-ion market are Johnson Matthey plc (UK), Albemarle Corporation (US), Sumitomo Metal Mining Co., Ltd. (JPN), Mitsubishi Materials Corp.(JPN), Tejinomoto Corporation(JPN) and Shin-Etsu Chemical Corporation(JPN). These companies account for more than half of the global sales volume.
Another factor that contributes to fragmentation in the battery metals market is that players typically focus on specific markets. For example, Johnson Matthey focuses on lead-acid batteries while Albemarle specializes in nickel-cadmium batteries. This limits their exposure to other markets such as nickel-metal-hydride and lithium-ion polymer batteries. Manufacturers typically rely on third-party suppliers when supplying metal alloys for different types of batteries.
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Major Players in Global Battery Metals Market
- Bolt Metals (US)
- Galaxy Resources Limited (Australia)
- BHP Group (Australia)
- Anglo American Plc. (UK)
- Glencore International AG (Switzerland)
- Albemarle Corporation (US)
- Sumitomo Metal Mining Co., Ltd. (Japan)
- Umicore (Belgium)
- Tianqi Lithium (China)
- Vale (US)
- China Molybdenum Co., Ltd. (China)
- SQM S. A. (US)
- GanFeng Lithium Co., Ltd. (China)
- Norlisk Nickel (Russia)
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