Powering the Future: Insights into the Global Battery Materials Market (2021-2030)

The Global Battery Materials Market is expected to reach USD 105.9 Billion by 2030, at a CAGR of 9.1% during the forecast period 2022 to 2030.To address climate change, the world is rapidly transitioning to electric vehicles. As a result of the potential for electric car fleet and battery chemistry innovations, in addition to second-use and recycling of electric vehicle batteries, future demand for key battery materials is experiencing exponential growth. According to the report by spherical insight, the lithium nickel cobalt manganese oxide dominated the battery material market, demand is evaluated to increase by factors of 18–20 for lithium, 17–19 for cobalt, 28–31 for nickel, and 15–20 for most other materials from 2020 to 2050, requiring a drastic expansion of lithium, cobalt, and nickel supply chains and likely additional resource discovery.