According to the report, the global battery materials industry generated $45.6 billion in 2020, and is anticipated to generate $80.5 billion by 2030, witnessing a CAGR of 5.9% from 2021 to 2030.
Expansion of electric vehicle market, increase in use of consumer electronics such as smartphones and laptops, and collaborative development between miners & battery manufacturers drive the growth of the global battery materials market. However, environmental concern related to mining of metals hinders the market growth. On the other hand, demand for new consumer electronics present new opportunities in the coming years.
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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.
Impact of Covid-19 on Battery Materials Market:
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global battery materials market.
- The pandemic had disrupted the global mining industry due to shortage of workforce, especially during the initial phase. This led to demand supply gaps, thus hampering the battery production.
- During the pandemic, crude oil prices dropped significantly. Low oil prices reduced the economic viability of the EV adoption as compared to combustion vehicles. This factor affected the global battery materials market growth to some extent.
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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.
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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.
The major players operating in the Battery Materials Market:
- 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.
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