In 2021, global demand for the battery chemicals market grew by 1.7% year-on-year (YoY), reaching a total of 3,448.6 kilotons.

By 2032, the market value of battery chemicals is projected to soar to US$ 170.3 billion, driven by robust demand across various applications. Over the next decade, the consumption of battery chemicals is forecasted to expand at a compound annual growth rate (CAGR) of approximately 8.3%, reflecting sustained growth and innovation in the energy storage sector.

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Global Battery Market Trends:

Growth in Lithium-Ion Battery Sales, Lead Acid Battery Dominance, and Diverse Applications

In 2021, sales of lithium-ion batteries grew by 6%, reaching 908.6 kilotons, while demand for secondary batteries across various applications increased by 2.7%, totaling 2,539.2 kilotons.

Global consumption of lead-acid batteries also stood strong at approximately 1,559.1 kilotons in 2021, accounting for 45.2% of the total battery chemicals market by volume. While lead-acid batteries maintain a significant share, lithium-ion batteries are poised for substantial growth, with a projected CAGR of 10.8%. By 2032, lithium-ion battery consumption is expected to reach 2,832.2 kilotons, driven by advancements in energy storage and rising demand across industries.

Battery chemicals play a critical role in diverse industries, from automotive to consumer electronics. Battery capacity varies depending on the application, ranging from 3,000 mAh in smartphones to 100 kWh for electric vehicles.

Lead-acid batteries continue to dominate the market due to their integral role in traditional automobiles. Additionally, batteries are increasingly used in renewable energy systems, such as solar power plants, and serve as reliable backup power sources in UPS and inverter systems, showcasing their versatility and growing significance across sectors.

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Key Companies Profiled

- AlbeMarle
- China Molybdenum Co. Ltd.
- Gan feng Lithium Co. Ltd.
- Glencore PLC
- Livent Corporation
- Nornickel
- SQM
- Teck Resources
- Tianqi Lithium
- Vale S.A.
- Hindustan Zinc Ltd.
- Palm Commodities International
- Korea Zinc
- Sheritt International Corporation
- Nyrstar NV
- Venator Materials PLC
- Mody Chemi Pharma Ltd.,
- Mitsubishi Chemical Holdings

Battery Chemical Market Insights: EVs Drive Growth with a Focus on Lithium-ion Batteries

The battery chemicals market has demonstrated steady growth, with a compound annual growth rate (CAGR) of approximately 1% over the past five years, reaching a volume of 3,448.6 kilotons by the end of 2021, according to recent analysis by Fact.MR.

In the near term, the dominance of lead-acid batteries in the market is expected to persist due to their extensive use in the automotive sector. However, the past five years have also witnessed a surge in lithium-ion battery consumption, driven by the growing adoption of electric vehicles (EVs). As more car owners transition from traditional gasoline-powered vehicles to EVs, the demand for battery chemicals has grown significantly.

By 2021, global demand for light vehicle batteries doubled to 289 GWh, with China contributing over half of this demand, solidifying its position as a leader in EV battery production. Among EVs, Battery Electric Vehicles (BEVs) accounted for 87% of the demand, a figure expected to rise further.

Production capacity for lithium-ion batteries and their chemicals is operating near full capacity worldwide. To meet rising demand, manufacturers—both large and small—are rapidly expanding capacity, particularly in Europe.

In 2021, CATL emerged as the leading battery cell provider, supplying one-third of all BEV batteries globally. CATL’s adoption of prismatic cells resulted in a 53% market share, up from 38% in 2020, surpassing competitors like Panasonic and LG Chem.

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The Competitive Landscape

Between August 2020 and 2021, China Molybdenum Company made a significant strategic investment of US$ 2.5 billion to boost the production of copper and cobalt at its Tenke Fungurume mine in the Democratic Republic of Congo (DRC), one of the world’s largest sources of these critical battery materials.

In the competitive battery chemicals market, reducing costs while enhancing performance remains a priority. Achieving these objectives depends heavily on research and development (R&D) initiatives, which are critical for innovation and efficiency. The growing adoption of lithium-ion batteries for a range of emerging applications further highlights the need for advancements in battery technology.

Leading electric vehicle (EV) battery manufacturers and battery production companies are deeply involved in the battery chemicals market, strategically seeking opportunities to drive future revenue growth in their target segments.

A recent report by Fact.MR provides detailed insights into the strategies of industry players in the battery chemicals market. The report includes company profiles, SWOT analyses, and a breakdown of sales figures and revenues from specific battery chemical products by top manufacturers globally. It also examines trends in sales growth, current production capacity, and planned expansions, offering a comprehensive outlook on the market's trajectory.

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