Global Battery Metals Market to Reach USD 36.31 billion and 9.30% CAGR by 2032

Battery Metals Market Size Worth $36.31 Billion By 2032 | CAGR: 9.30%

The global battery metals market size is expected to reach USD 36.31 billion by 2032, according to a new study by Polaris Market Research.

The report “Battery Metals Market Share, Size, Trends, Industry Analysis Report, By Product (Lithium, Nickel, Cobalt), By Application (EVs, Electronic Devices, Stationary Battery Energy Storage, SLI), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The escalating demand for batteries, particularly in electric vehicles and energy storage systems, is acting as a driving force behind the expansion of the market. The composition of batteries involves five key components: casing, electrodes, separator, electrolyte, and collector. Among these, metals predominantly find their application within the electrodes, each corresponding to different chemical compositions. The battery landscape encompasses a diverse array of metals, with lithium, cobalt, and nickel occupying significant shares. The prevalence of lithium-based batteries is on a steady rise, attributed to their swift adoption within the realms of electric vehicles and energy storage systems.

Nickel plays a pivotal role as a significant constituent in lithium-ion batteries and various other rechargeable battery types. Its integration into these batteries is experiencing a rapid surge, driven by its exceptional characteristics and cost-effectiveness. Looking ahead, batteries are anticipated to constitute a substantial proportion of the overall expenses in electric vehicles and other diverse applications. Consequently, it becomes imperative for manufacturers to strategically focus on reducing the production costs associated with these batteries.

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The utilization of metals for manufacturing electric vehicle (EV) batteries is witnessing a notable upswing. This trend stems from the fact that, unlike traditional internal combustion engine vehicles, EVs necessitate larger batteries due to the absence of an internal combustion engine. The escalating production of EVs is poised to drive a significant upsurge in the demand for battery metals in the foreseeable future.

Swift advancements are witnessed in the electric vehicle (EV) sector, a phenomenon that has been instrumental in bolstering the demand for batteries. Furthermore, China's authoritative control over the supply chain and the concurrent scaling up of production capabilities in Japan and India are also contributing to the momentum of market growth in this region. India's proactive measures aimed at fortifying the EV industry, coupled with the advantageous ease of manufacturing within the country, are serving as compelling incentives for foreign manufacturers to establish their production facilities on Indian soil. This strategic move aligns with the broader objective of fostering growth and innovation within the EV sector.

Battery Metals Market Report Highlights

  • EVs segment will grow rapidly, primarily due to the rise in the production of electric vehicles, favored with a strong government mandate.
  • SLI segment held the largest share, due to its high applicability in several applications and functionalities.
  • Nickel segment will grow at a robust pace, owing to its use in different types of batteries.
  • The key market players include Albemarle, China Molybdenum, Ganfeng Lithium, Glencore, Sumitomo Metal Mining, Umicore, and Vale.

Polaris Market Research has segmented the battery metals market report based on product, application, and region:

Battery Metals, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Starter, lighting, and ignition
  • Electric vehicles
  • Electronic devices
  • Stationary battery energy storage
  • Others

Battery Metals, Product Outlook (Revenue - USD Billion, 2019 - 2032)

  • Lithium
  • Cobalt
  • Nickel
  • Others

Battery Metals, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Battery Metals Industry Report Scope

Report Attributes


Market size value in 2024

USD 17.83 billion

Revenue Forecast in 2032

USD 36.31 billion


9.30% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Product, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa


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