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How big is the Battery metals Market?

According to ÂÌñÉç internal database and industry insights, the global battery metals market was valued at approximately USD 18.6 billion in 2024 and is projected to surpass a valuation of USD 35.2 billion by 2031, growing at a CAGR of 9.4%.
This expansion is driven by an increase in electric vehicle (EV) production, rapid adoption of energy storage systems and increasing demand for high -performing batteries. Infections towards clean energy technologies have greatly increased the global requirement of important battery metals such as lithium, cobalt, nickel and graphite.

Key Growth Factors in Battery Metals Market

Rising global EV production and sales requiring lithium, cobalt, and nickel

Growth in renewable energy installations and grid-scale storage projects

Government policies encouraging the shift toward low-emission transportation

Technological advancements in battery chemistry and energy density

Expansion of mining and refining operations, particularly in Australia, Chile, and China

Increasing strategic investments by automakers and battery manufacturers in raw material sourcing

Battery Metals Market Trends

EV and energy storage sectors in the battery metals market are expected to witness robust growth from exponential demand. Lithium remains the most demanded metal, with new explorations and extraction technologies that improve access to hard-to-wheat deposits. Cobalt supply chain diversification is gaining momentum to reduce dependence on politically unstable regions. Battery growers are emphasizing for high-nickel, low-cobalt chemistry to increase performance when cuts cut. The demand for synthetic and natural graphite is also increasing as the anode market expands. In addition, vertical integration strategies by OEM and battery firms are becoming more common to ensure safe and cost -effective supply chains.

Emerging Developments in the Battery Metals Market

Recent developments include significant investment in lithium extraction innovations such as direct lithium extraction (DLE), which provides rapid and more durable processing. Companies are searching for cobalt-free and low-cobalt battery technologies to reduce moral and environmental risks. Recycling technologies for battery metals are moving faster, operating by circular economy goals and tightening environmental rules. National governments are encouraging domestic mining and refining to secure local supply chains and reduce import dependence. Additionally, AI and satellite imaging are being used to adapt resources exploration and reduce environmental impact. These developments are converting to the battery metal industry into more flexible, technology-competent and durable ecosystem.

Major Companies in the Battery Metals Market

Albemarle Corporation

Glencore plc

SQM (Sociedad Química y Minera de Chile)

Ganfeng Lithium Co., Ltd.

Vale S.A.

Tianqi Lithium Corporation

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