Battery Metals Market Exclusive Report on the Latest Revenue and Future Scope

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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Market Synopsis-
Batteries play a critical role in powering consumer electronics, off-grid battery storage systems, and electric vehicles. Recent investments in the development of durable, high-efficiency batteries have fueled the demand for battery metals, which are essential components in battery cathodes and other parts. Lithium, a vital metal found in both the cathode and anode of lithium-ion batteries, is particularly indispensable. The growing need for batteries in the automotive industry, including those for stationary battery energy storage, is significantly driving the battery metals market.

Moreover, the expanding global market for electric vehicles-where batteries constitute a major component-along with increased demand for consumer electronics such as laptops, tablets, and smartphones, is further propelling the growth of battery metals. This expansion is expected to accelerate in tandem with the rapid development of the electric vehicle and 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

Market Dynamics:
Drivers-
The global surge in electric vehicle (EV) demand is a primary driver for the battery metals market. Battery metals are integral to the production of EVs, serving as essential substitutes for fossil fuels and contributing to reduced vehicular emissions in densely populated areas. In addition, the ethical and environmental implications of battery metal sourcing are gaining prominence. In response to the environmental challenges associated with mining-particularly for cobalt-stakeholders are increasingly investing in more sustainable and ethical extraction practices.

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Challenges:
The battery metals supply chain-which spans mining, processing, and manufacturing-is confronted by significant challenges, including geopolitical risks, trade tensions, and supply chain disruptions. Dependence on a limited number of producing countries raises concerns over supply security. Moreover, the absence of standardized battery designs and chemistries complicates recycling efforts and impedes the development of a more circular economy for battery materials. The escalation of battery waste and vulnerabilities in international trade relations further constrain market growth.

Regional Trends:
In the Asia-Pacific region, the battery metals market is anticipated to capture a substantial revenue share and exhibit a high compound annual growth rate (CAGR) in the near future, driven by a robust presence of key industry players and a vast consumer base. Rising demand for smart devices in major markets such as China and India is also boosting battery consumption, thereby propelling the battery metals market. In North America, the growing popularity of EVs is a significant factor influencing demand for lithium, cobalt, nickel, and other critical battery metals as both consumers and businesses transition toward cleaner, more sustainable transportation solutions.

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.

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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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This release was published on openPR.