Powering the Future: Trends and Forecasts in the Battery Metals Market
As the global transition toward electric mobility and renewable energy accelerates, the battery metals market stands at the heart of this transformation. These metals — including lithium, cobalt, nickel, and graphite — are essential for manufacturing rechargeable batteries used in electric vehicles (EVs) energy storage systems , and portable electronics. Market Overview The battery metals market was valued at USD 14.2 billion in 2023 and is projected to reach USD 35.5 billion by 2031 , expanding at a CAGR of 12.3% during the forecast period. This growth is fueled by increasing EV adoption, government decarbonization policies, and technological advancements in battery chemistry. Key Drivers Fueling Market Growth Surging EV Demand: Electric vehicle production is expected to top 50 million units by 2031, significantly increasing the demand for battery-grade lithium, cobalt, and nickel. Renewable Energy Integration: Energy s...