The metals in EV battery market industry are projected to grow from significant value by 2032, exhibiting a compound annual growth rate (CAGR) of 16.00% during the forecast period (2023 - 2032). Throughout the projected period, the growing emphasis on environmental awareness and the shift to sustainable modes of transportation are anticipated to be major market drivers propelling the growth of the metals in EV battery market.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
The market for metals in EV batteries is expanding as a result of the increase in demand for electric vehicles throughout the world. The electric car industry heavily relies on battery metal products to replace the fossil fuels needed to power vehicles. Since there are more cars utilized in densely populated places, electric vehicles are widely employed to alleviate vehicular pollution in these locations. It is also a crucial component in lowering greenhouse gas emissions and diversifying the energy supply. Zero tailpipe emissions, the possibility of reducing greenhouse gas emissions, and superior efficiency over internal combustion engine vehicles are some advantages of electric vehicles. Additionally, many governments have enacted laws to promote the use of electric vehicles, including those in China, India, and the US.
The market for metals in EV batteries is growing rapidly as a result of ongoing technological advancements in the electrification of buses, lorries, and two- and three-wheelers. The inventory of electric passenger cars continued to grow in 2019, reaching 7.2 million units, 40% more than in 2018, according to research by the International Energy Agency titled "The EV Outlook 2020." The sector for plug-in hybrid and hybrid electric vehicles is expanding as a result of all these causes. Consequently, the market for metals in EV batteries is being significantly driven by this.
The electric vehicle industry's explosive growth is the main factor driving the market's rising need for metals like nickel, cobalt, and lithium for EV batteries. The demand for batteries has surged dramatically due to the trend toward electric vehicles as a sustainable and eco-friendly mode of transportation. Electric vehicles are primarily powered by lithium-ion batteries, which are composed of lithium, cobalt, and nickel. Moreover, governments everywhere are enforcing stringent pollution laws and providing financial incentives to encourage the use of electric vehicles.
The demand for the metals used in EV batteries has increased as a result of this encouraging the automobile industry's shift to electric mobility. Furthermore, the shift to electric vehicles is one example of how governments, businesses, and consumers are adopting sustainable practices as a result of growing awareness of environmental challenges and the need to reduce greenhouse gas emissions. Thus, driving the metals in EV battery market revenue.
The metals in EV battery market segmentation, based on metal type includes Lithium, Nickel, Cobalt, Manganese, Aluminum, and Others. The lithium segment dominated the market. The production of lithium-ion batteries, which are widely used in electric vehicles (EVs) because of their high energy density and effective energy storage and release capabilities, requires lithium. During the charging and discharging phases, lithium ions in the battery help the cathode and anode move more easily, allowing electricity to flow and powering the car.
The metals in EV battery market segmentation, based on battery type, includes Lithium-ion (Li-ion) Battery, Nickel-metal Hydride Battery, and Others. The lithium-ion (Li-ion) battery category generated the most income. Li-ion batteries have a number of benefits because they don't use fossil fuels. Customers are actively seeking ways to reduce their ecological impact as environmental consciousness increases. Even when charged with electricity generated from fossil fuels, electric vehicles (EVs) equipped with Li-ion cell technology produce no direct emissions and cause less environmental harm than traditional combustion-engine automobiles.
The metals in EV battery market segmentation, based on application includes Personal Vehicles and Commercial Vehicles. The personal vehicles category generated the most income. This is because people are becoming more conscious of the long-term advantages that electric vehicles have over cars with internal combustion engines. Government incentives are also being offered to encourage the purchase of personal electric vehicles, which is propelling the market's expansion and advancing the goal of lowering CO2 emissions through environmentally friendly transportation.
Figure 1: Metals in EV Battery Market, by Application, 2022 & 2032 (USD Billion)
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American metals in EV battery market area will dominate this market because of the increasing number of electric vehicles in the area and the severe implementation of government emission regulations. Furthermore, the presence of significant automakers, a rise in environmental consciousness, and high disposable income are some of the key factors propelling the growth of the metals in EV battery market in North America.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: METALS IN EV BATTERY MARKET SHARE BY REGION 2022 (USD Billion)
Europe metals in EV battery market accounts for the second-largest market share. Several causes, such as government attempts to promote carbon-negative transportation, strict environmental rules, and the growing adoption of electric vehicles, are responsible for the expansion of metals in the European EV battery industry. Further, the German metals in EV battery market held the largest market share, and the UK metals in EV battery market was the fastest growing market in the European region.
The Asia-Pacific Metals in EV Battery Market is expected to grow at the fastest CAGR from 2023 to 2032 driven by the existence of significant metal production businesses in China. China is a major player in the mining of battery metals, specializing in important metals like nickel, cobalt, and lithium that are needed to produce EV batteries. Moreover, China’s metals in EV battery market held the largest market share, and the Indian metals in EV battery market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the metals in EV battery market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, metals in EV battery industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the metals in EV battery industry to benefit clients and increase the market sector. In recent years, the metals in EV battery industry have offered some of the most significant advantages to medicine. Major players in the metals in Electric Vehicle Battery market are attempting to increase market demand by investing in research and development operations includes Glencore International AG, China Molybdenum Co., Ltd., Albemarle Corporation, Ganfeng Lithium Co. Ltd., Tianqi Lithium Corp., Sociedad Quimica y Minera de Chile (SQM), Vale S.A., Eurasian Resources Group, AngloAmerican PLC, Norilsk Nickel, Eramet, and Freeport-McMoRan.
The natural resource business Glencore Plc (Glencore) is diversified. It produces and sells a range of commodities made of minerals. The company's activities encompass the delivery, storage, and processing of energy, agricultural products, and metals and minerals. Zinc, lead, copper, oil products, coal, aluminum, nickel, ferroalloys, iron ore, and cobalt are all produced and traded by Glencore. South Africa, Colombia, and Australia are the countries where Glencore owns and runs coal mines. Equatorial Guinea and Cameroon are two other countries where the corporation has production assets for gas and oil.
Molybdenum, tungsten, copper, and other precious metals are mined, smelted, and processed downstream by CMOC Group Ltd (CMOC), formerly known as China Molybdenum Co Ltd. Mining of non-ferrous metals is the main topic. The company's primary activities include molybdenum, phosphate, and niobium selection, copper, tungsten, processing, smelting, deep processing, trading, and research and development. Products from CMOC include animal feed additives, high-analysis phosphate fertilizers, low-analysis phosphate fertilizers, and intermediate products like sulfuric and phosphoric acids.
For Instance, November 2022 A brand-new lithium-power sport battery range from Clarios's Optima was introduced, with an emphasis on providing batteries for all-terrain vehicles (ATVs), snowmobiles, motorcyclists, personal watercraft, and utility task vehicles (UTVs).
| Report Attribute/Metric | Details |
| Market Size 2022 | significant value |
| Market Size 2023 | significant value |
| Market Size 2032 | significant value |
| Compound Annual Growth Rate (CAGR) | 16.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Metal Type, Battery Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Glencore International AG, China Molybdenum Co., Ltd., Albemarle Corporation, Ganfeng Lithium Co. Ltd., Tianqi Lithium Corp., Sociedad Quimica y Minera de Chile (SQM), Vale S.A., Eurasian Resources Group, AngloAmerican PLC, Norilsk Nickel, Eramet, and Freeport-McMoRan |
| Key Market Opportunities | Expanding environmental awareness and government initiatives promoting electric vehicles |
| Key Market Dynamics | Increase in the use of metals like lithium, cobalt, and nickel in electric vehicles. Companies are investing in R&D to increase battery efficiency |
Frequently Asked Questions (FAQ) :
The metals in EV battery market size was valued at significant value in 2022.
The market is projected to grow at a CAGR of 16.00% during the forecast period, 2023-2032.
North America had the largest share in the market.
The key players in the market are Glencore International AG, China Molybdenum Co., Ltd., Albemarle Corporation, Ganfeng Lithium Co. Ltd., Tianqi Lithium Corp., Sociedad Quimica y Minera de Chile (SQM), Vale S.A., Eurasian Resources Group, AngloAmerican PLC, Norilsk Nickel, Eramet, and Freeport-McMoRan.
The lithium-ion (Li-ion) battery category dominated the market in 2022.
The lithium category had the largest share in the market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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