The global lithium-ion battery metals market will generate revenue of $1,92,610.3 million in 2030, and the market size will advance at a CAGR of 33.7% between 2021 and 2030. This is attributed to the rising demand for electric vehicles, continual development of smart devices, and growing adoption of lithium-ion batteries in the renewable energy sector.
Electric vehicles are the main consumers of Li-ion battery metals in Europe, followed by consumer electronics and power storage devices. Thus, material sales in the continent are expected to have a CAGR of 33.9% during the forecast period. The adoption of electric vehicles is a result of the CO2 criteria set by the European Union (EU) for vehicle makers, which call for a maximum emission of 95 g/km per ICE vehicle from 2021 onward.
In addition, the EU aims to reduce CO2 emissions by a further 15% by 2025 and 37.5% by 2030. Hence, this region's high demand for electric vehicles and the developments in the Li-ion battery technology are both being fueled by its stringent emission standards.
Similarly, IoT is reshaping consumer electronics trends and integrating itself into the daily life. In addition, consumer electronics device sales in Europe are projected to achieve $185.40 billion in revenue by the end of 2022. Since Li-ion batteries are employed in consumer electronics and IoT devices, the demand for the metals used in the cathode and anode is consistently increasing in the region.
The APAC region will witness the second-fastest growth during the forecast period. The demand for the metals used to make the Li-ion batteries of electric vehicles is being driven by the region's expanding automotive industry. As per data, 60% of the world's population resides in the APAC region. Moreover, as a result of the rising demand for integrated energy storage systems, the market for Li-ion battery metals in this part of the world is expanding.
India will witness the fastest growth in the regional lithium-ion battery metals market, because the government is increasingly investing in these devices for electric vehicles. Consistent with the idea of Aatmanirbhar Bharat, the country is producing 81% of the lithium-ion batteries it needs for EVs, which will help the government in reducing their imports within 2 years. Moreover, the rising adoption of these systems will ultimately help reduce the negative impact of fossil fuel burning on the environment.
Key players in the lithium-ion battery metals market have been involved in partnerships and joint ventures to remain competitive. For instance:
Some of the major players in the lithium-ion battery metals market are BASF TODA Battery Materials LLC, Albemarle Corporation, Ganfeng Lithium Co. Ltd., China Molybdenum Co. Ltd., L&F Co. Ltd., POSCO CHEMICAL, Umicore, and Nichia Corporation.