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The Worldwide Lithium-Ion Battery Metals Industry is Expected to Reach $286 Billion by 2031 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Jun 21, 2022--

The “Lithium-Ion Battery Metals Market - A Global and Regional Analysis: Focus on Constituent Metal, Cell Chemistry, End-Use Application, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com’s offering.

The lithium-ion battery metals market was valued at $14,539.70 million in 2021 and is expected to reach $286,085.77 million by 2031, growing at a CAGR of 34.00% between 2022 and 2031.

The lithium-ion battery metals market is driven by several factors, including the surging demand for Li-ion batteries from the automotive industry, consumer electronics, and energy storage systems. In recent years, Li-ion batteries have registered an exponential surge in demand from the automotive industry, with sales of electric vehicles (EVs) reaching record heights.

Lithium-ion batteries were developed by three scientists, John B. Goodenough, M. Stanley Whittingham, and Akira Yoshino working separately in the 1970s. During the 1970s oil crisis, M. Stanley Whittingham started working on a battery that could recharge itself in a short amount of time. He started his experiments with titanium disulfide and lithium metal as electrodes.

In the 1980s, John B. Goodenough used lithium-cobalt-oxide (LCO) instead of titanium disulfide as a cathode and found that the battery doubled its energy potential. After five years, Akira Yoshino of Meijo University in Japan used petroleum coke as an anode in John B. Goodenough’s LCO battery. This latest experiment by Akira Yoshino resulted in the first known lithium-ion battery prototype. The three scientists were awarded the Nobel Prize for Chemistry in 2019 due to their work in developing lithium-ion batteries.

Industrial Impact

The growth of the lithium-ion battery metals market is closely tied to the automotive industry and consumer electronics industry. The growing demand for electric vehicles and consumer electronics products such as laptops, mobile phones, and the Internet of Things (IoT) devices has led to surging demand for lithium-ion batteries around the world. Moreover, the growing adoption of lithium-ion batteries in stationary energy storage systems contributes to the growth of the lithium-ion battery metals market.

Impact of COVID-19

The outbreak of COVID-19 has caused several delays in manufacturing operations, which resulted in the slowdown of the lithium-ion battery metals market. Also, supply chain disruptions have negatively impacted the lithium-ion battery metals market. Currently, companies are trying to secure long-term supply contracts with other suppliers, to maintain smooth operations and interrupted supply of metals.

Market Segmentation

by End-Use Application (Automotive Industry, Consumer Electronics Industry, Energy Storage Systems, Other End-Use Applications)

The lithium-ion battery metals market is led by the automotive industry with a 50.53% share in 2021. Rising EV sales and announcements from key automotive companies, such as Ford, General Motors, and Tesla, to focus on EV production in the coming years are driving the growth of the lithium-ion battery metals market.

by Constituent Metal (Lithium, Cobalt, Nickel, Other Constituent Metals)

The lithium-ion battery metals market is dominated by cobalt metal in 2021 with a 48.74% share in terms of revenue due to the high price of the metal and growing demand for NMC cell chemistry type batteries.

by Cell Chemistry (Lithium-Cobalt Oxide (LCO), Nickel-Cobalt-Manganese (NMC), Nickel-Cobalt-Aluminum (NCA), Lithium-Magnesium Oxide (LMO), Lithium-Iron-Phosphate (LFP), Other Cell Chemistries)

The lithium-ion battery metals market is estimated to be led by the lithium-iron-phosphate (LFP) cell chemistry with a share of 40.34% in 2021, owing to the growing demand for LFP batteries from the energy storage and EV segment.

by Region

  • North America - U.S., Canada, and Mexico
  • Europe - Germany, France, Italy, Ukraine, Russia, and Rest-of-Europe
  • China
  • U.K.
  • Asia-Pacific and Japan - Japan, India, South Korea, Australia, Indonesia, and Rest-of-Asia-Pacific and Japan
  • South America - Argentina, Chile, Brazil, and Rest-of-South America
  • Middle East and Africa - U.A.E., Saudi Arabia, South Africa, Democratic Republic of the Congo (DRC), and Rest-of-Middle East and Africa

China dominated the market in 2021 with a share of 71.86%; however, the Asia-Pacific and Japan region is anticipated to gain traction in terms of the lithium-ion battery metals production owing to the presence of a large number of lithium-ion battery manufacturers such as Panasonic, Toshiba, and LG Chem and increasing sales of electric vehicles. Moreover, favorable government policies are also expected to support the growth of the lithium-ion battery metals market in the Asia-Pacific and Japan during the forecast period.

Companies Mentioned

  • Umicore N.V.
  • L&F Co., Ltd.
  • Nichia Corporation
  • BASF TODA Battery Materials LLC
  • Jiangxi Ganfeng Lithium Co., Ltd.
  • Livent
  • Albemarle Corporation
  • China Molybdenum Co., Ltd.
  • Fortum
  • Tianqi Lithium Corporation
  • Sumitomo Metal Mining Co., Ltd.
  • NEI Corporation
  • Huayou Cobalt Co., Ltd.
  • Toda Kogyo Corporation
  • CoreMax Corporation
  • Lygend Resources & Technology Co., Ltd.
  • Norilsk Nickel
  • BHP
  • POSCO CHEMICAL
  • Glencore PLC
  • Wildcat Discovery Technologies
  • Echion Technologies Ltd.
  • CAMX Power LLC
  • Allox
  • Texpower EV Technologies, Inc.

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SOURCE: Research and Markets

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PUB: 06/21/2022 08:37 AM/DISC: 06/21/2022 08:37 AM

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