The global demand for battery chemicals enjoyed year-on-year (YoY) growth of 1.7% in 2021 to reach 3,448.6 kilotons.
Battery chemicals market value is projected to reach US$ 170.3 Bn in valuation by 2032-end. Meanwhile, consumption of battery chemicals is projected to increase at a CAGR of around 8.3% over the decade. Sales of lithium-ion batteries, under type, grew 6% to 908.6 kilotons in 2021, while demand for secondary batteries, under application was up 2.7% to reach 2,539.2 kilotons in the same year.
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Almost every industry, from the automotive to the electronics, is built around battery chemistry. Battery capacity varies depending on the use; it can range from an average of 3,000 mAh for a smartphone to as much as 100 KWh for electric cars.
Since traditional cars still make up the bulk of all produced cars and these lead acid batteries play a significant part in them, lead storage batteries have a greater market share than other types of batteries altogether.
Batteries are used to store energy in solar power plants, UPS & invertor systems, and other sources of backup power in addition to autos and consumer gadgets.
To lower prices, it is widely acknowledged that cost reduction and increased performance are required, both of which involve significant R&D. Furthermore, lithium-ion batteries have been acknowledged as a potential choice for a variety of developing applications.
- In August 2020-21, China Molybdenum Company decided to invest US$ 2.5 Bn to boost copper and cobalt production at its Tenke Fungurume mine, which is already one of the largest in DRC.
Top EV battery manufacturers and top battery making companies have remained active in terms of overall investments being done in the battery chemicals market, and are profoundly looking forward to create future revenue generating opportunities in target markets.
Key Companies Profiled:
- China Molybdenum Co. Ltd.
- Gan feng Lithium Co. Ltd.
- Glencore PLC
- Livent Corporation
- Teck Resources
- Tianqi Lithium
- Vale S.A.
- Hindustan Zinc Ltd.