Fort Collins, Colorado, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Battery Metals Market size was valued at USD 16.2 Billion in 2022 and is expected to reach USD 26.1 Billion by 2032 at a CAGR of 4.9%.
Battery Metals include metals such as lithium, cobalt, nickel, manganese, copper, and aluminum, which are used to produce rechargeable batteries for various applications such as electric vehicles, off-grid battery storage, and other applications. The trend of green energy transition is leading to a surge in demand for EVs and battery storage systems, major factors driving the battery metals market growth.
The demand for batteries is increasing as they are crucial to the mechanical components in the manufacturing sectors. Batteries are required for electric mobility, eliminating the need for fossil fuels and decarbonizing transportation. Lithium, cobalt, nickel, and manganese are used in batteries to improve their performance and increase energy density. According to IEA, an electric vehicle requires 8.9 kg of lithium, 39.9 kg of nickel, 24.5 kg of manganese, and 13.3 kg of cobalt for production. Besides, the energy transition also leads to the growing integration of renewable sources in the power grids. The adoption of renewable energy sources, such as solar and wind power, into the grid has created a need for energy storage solutions. Battery metals are crucial for storing excess energy generated by renewables during peak production periods.
The rising adoption of EVs is another prominent factor bolstering market growth. The Paris Agreement, signed by 196 members, mandates the member countries to take appropriate measures to limit global warming below 2°C. As road transportation are the major contributor to CO2 emissions, the adoption of EVs as an alternative to conventional ICE vehicle is on the rise. Various regions across the globe are promoting the adoption of EVs through regulations such as the European Union’s standards for vehicle manufacturers or subsidies such as the U.S. Federal Tax Credit on the purchase of EVs. These factors contribute to increased EV sales, leading to increased demand for battery metals.
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Segmentation Overview:
The global battery metals market has been segmented into metal type, battery technology, application, and region. According to IEA, in 2022, NMC batteries held the dominant position in the market, and NCA batteries also held a significant market share. These factors are boosting the segment growth. Europe held a significant market share in 2022. The increasing adoption of renewable power such as wind, solar, and hydropower in this region to achieve the EU’s climate and energy targets, decarbonize the energy sector, and tackle the energy crisis is promoting market growth.
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Battery Metals Market Report Highlights:
- The global battery metals market growth is anticipated at a CAGR of 4.9% by 2032.
- The growing trend of green economy and increasing efforts for clean energy transition is a major factor promoting market growth.
- The nickel segment held a large market share in 2022. The high demand for nickel in EV batteries is boosting market growth.
- Some prominent players in the battery metals market report include Umicore, SQM S.A., Allkem, China Molybdenum Co., Ltd., Vale, Sumitomo Metal Mining Co., Ltd., Livent Corp., Gan Feng Li Industrial Co., Ltd., Albemarle Corporation, Norilsk Nickel, Glencore International AG, and Tianqi Lithium among others.
Industry Trends and Insights:
- AllKem Ltd. and Livent Corp. announced a merger in May 2023. It aims to improve the finances, resources, and technical expertise needed to develop more lithium projects and open avenues with broader capabilities.
- In 2023, the American Battery Technology Company initiated its commercial operations for a lithium-ion battery recycling facility in Nevada.
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Battery Metals Market Segmentation:
- By Metal Type: Lithium, nickel, cobalt, others.
- By Battery Technology: Lead-acid, nickel cadmium, nickel-metal hydride, lithium-ion, and others.
- By Application: Electric vehicles, starter, consumer electronics, energy storage systems, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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