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Battery Materials Market

Battery Materials Market Size, Share, Competitive Landscape and Trend Analysis Report by Battery Type and Application : Opportunity Analysis and Industry Forecast, 2021-2030

MC : Advanced Materials

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Author's: Ashwin Ponnappan| Rutuja Danekar | Eswara Prasad
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Battery Materials Market Outlook - 2021–2030

The global battery materials market size was valued at $45.6 billion in 2020, and is projected to reach $80.5 billion by 2030, growing at a CAGR of 5.9% from 2021 to 2030.

Battery materials are the basic raw materials and compounds in the battery supply chain and mainly consists of metals such as Lithium, Cobalt, and Nickel among others. They are extracted from upstream mining operations that involve converting seawater brines or mineral ores into processed battery metals. The end products are battery packs that are used in various end-use industries such as automotive, consumer electronics, and energy storage devices. The most common battery currently used is the lithium-ion battery. It is extracted from brine or mineral ores such as spodumene and lepidolite. Apart from lithium, these batteries contain cobalt, nickel, and manganese to a certain extent.


The globally expanding electric vehicle market, increase in use of consumer electronics such as smartphones and laptops, and collaborative development between miners and battery manufacturers are some of the major drivers currently driving the global battery materials market. Across the globe, there is a surge in EV production and has significantly increased the demand for battery materials such as Lithium, Cobalt, and Nickel. In fact, there could be a shortage of these critical materials in the future due to this sudden rise in the battery production. The shift toward clean energy and rise in crude oil prices have boosted the global EV sales. In addition, favorable government policies and financial incentives in the form of grants or tax rebates increase EV sales. On the other hand, the demand for new consumer electronics will increase battery production in the long run. Electronic devices, as in the case of smartphones require more battery capacity to extend its operating life and cater to more advanced functions.  The sales of new smartphones will touch 410 million units in India by 2025, according to Swedish multinational telecommunications company, Ericsson. The demand for batteries will increase against the backdrop of inexpensive access to internet data plans. Similarly, as income rises, the use of consumer electronics will increase, thus driving the battery materials market during the forecast period. To develop new battery technologies, major battery manufacturers collaborate with battery material suppliers to strengthen the supply of battery materials that are projected to face a shortage in the future. All such factors increase the upstream metal mining industry focusing on battery metals, thus boosting the global battery materials market. 

Environmental concern related to mining of metals is a major concern in the battery materials market, as this could hamper the procurement of new mines fields. Another key restraint to the global battery materials is the regional concentration of battery metals reserves in few countries such as China and DRC that raises the risk of supply shortages in case of any export restrictions. On the contrary, this also creates an opportunity for market growth. To ensure continuity of supply, countries will invest in the domestic mining sector and increase the rate of extraction of critical minerals such as Lithium, Nickel, and Cobalt.  Domestic resource security will help in attracting investments in the battery processing sectors, thus helping the entire battery production chain. 

The global battery materials market is segmented into battery type, application, and region. 

On the basis of battery type, the global battery materials market is segmented into lithium ion, lead acid, and others. The end use industries of battery materials include automobile industry, household appliances, electronics industry, and other.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by LAMEA and Europe. 

The major companies profiled in this report include Albemarle, China Molybdenum Co. Ltd., Gan feng Lithium Co. Ltd., Glencore PLC, Livent Corporation, Norlisk Nickel, Sheritt International Corporation, SQM, Targray Technology International Inc., Teck Resources, Tianqi Lithium, and Vale S.A.

Battery Materials market, by region

Asia-Pacific accounted for the largest share of the market in 2020 as well as the fastest growing region, owing to the presence of abundant battery metal reserves in China, India, Australia, and other Asia-Pacific countries.

Battery Materials Market
By Region
North America

Asia-Pacific is projected as the most lucrative market.

Battery Materials market, by battery type

The lithium-ion segment accounted for the largest battery materials market share in 2020, as lithium is the most abundantly used metal in battery production. This segment is also projected to be the fastest growing segment during the forecast period, growing at a CAGR of 6.1%.

Battery Materials Market
By Battery Type
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Lithium Ion Battery Materials is projected as the most lucrative segment.

Battery Materials market, by Application

The electronics segment held the largest battery materials market revenue share in 2020 at a CAGR of 5.8%. However, the automobile industry segment consists of the use of batteries in carrying out various electric functions in a vehicle as well as electric vehicles and thus is projected to grow at higher pace during forecast period. The segment will also grow at the fastest CAGR of 6.2%, owing to the rapidly expanding EV market across the globe. 

Battery Materials Market
By Application
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Automobile Industry are projected as the most lucrative segment.

Key benefits for stakeholders

  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current battery materials market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
  • The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
  • The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
  • The profiles of key players and their key strategic developments are enlisted in the report.

Impact Of Covid-19 On The Global Battery Materials Market

  • The COVID-19 pandemic has negatively affected the global economy and subsequent shrinking of the GDP in global economies, thereby changing consumer spending patterns globally.
  • The pandemic has disrupted the global mining industry as a result of shortage of workforce. This led to demand supply gaps, thus hampering battery production.
  • The global sales of electric vehicles are projected to fall, thus interrupting 10 successive years of strong growth. In addition, due to the lockdown and travel restrictions, the crude oil prices dropped significantly. Low oil prices reduced the economic viability of the EV adoption as compared to combustion vehicles. 
  • Similar to EVs, the consumer electronics demand witnessed a decline, as consumers spending pattern changed drastically. 
  • Thus, the abovementioned factors are expected to hamper the global battery materials market growth during the forecast period.

Key Market Segments

By Battery Type

  • Lithium Ion
  • Lead Acid
  • Others

By End use Industry

  • Automobile Industry
  • Household Appliances
  • Electronics Industry
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • UK
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Korea
    • Australia
    • Rest of Asia-Pacific
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA

Key players in the global battery materials market are:

  • Albemarle
  • China Molybdenum Co. Ltd.
  • Gan feng Lithium Co., Ltd.
  • Glencore PLC
  • Livent Corporation
  • Norlisk Nickel
  • Sheritt International Corporation
  • SQM
  • Targray Technology International Inc.
  • Teck Resources 
  • Tianqi Lithium
  • Vale S.A.

Battery Materials Market Report Highlights

Aspects Details
  • Lithium Ion
  • Lead Acid
  • Others
  • Automobile Industry
  • Household Appliances
  • Electronics Industry
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Key Market Players


Analyst Review

The global battery materials market benefit from the growing global electronics and electric vehicle market during the forecast period. Although the supply of metals such as Lithium and Nickel could face shortages in the future, investments in the upstream mining sector as well as technological tie-ups between battery manufacturers and mining companies will help in developing battery technology to improve supply and demand conditions. In the consumer electronics segment, integration of new developments such as artificial intelligence, 5G, or even augmented reality will drive battery makers to increase battery range of their products. The demand for smartphones is another driver, as cheap data plans and availability of cheaper models have increased smartphone penetration. The COVID-19 pandemic has affected the global battery metal market, as there was a disruption in its supply in mid-2020. Stimulus packages to revive the economy will likely to increase the incentives for EVs. This will prove helpful for EV sales, thus growing the demand for Li-ion batteries.  

Author Name(s) : Ashwin Ponnappan| Rutuja Danekar | Eswara Prasad
Frequently Asked Questions?

Growing electric vehicle market, ongoing surge in consumer electronics market for smartphones and laptops are the key factors driving the Battery Materials market.

The market share of Battery Materials market $45.6 billion in 2020.

increasing demand for energy storage systems in power generation and utilities segments is driving the global market for battery materials.

Asia-Pacific will provide more business opportunities for Battery Materials market in future.

Business expansion and new product launch are the key growth strategies of Battery Materials market players.

The leading players in the market are Albemarle, China Molybdenum Co. Ltd., Gan feng Lithium Co. Ltd., Glencore PLC, Livent Corporation, Norlisk Nickel, Sheritt International Corporation, SQM, Targray Technology International Inc., Teck Resources, Tianqi Lithium, and Vale S.A.

Lithium-ion segment based on battery material holds the maximum market share of the Battery Materials market.

Electronics, automotive, and appliances are the potential customers of Battery Materials industry.

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Battery Materials Market

Opportunity Analysis and Industry Forecast, 2021-2030