Market Size of Battery Raw Material Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 58.70 Billion |
| Market Size (2029) | USD 97.23 Billion |
| CAGR (2024 - 2029) | 10.62 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Battery Raw Material Market Analysis
The Battery Raw Material Market size is estimated at USD 58.70 billion in 2024, and is expected to reach USD 97.23 billion by 2029, growing at a CAGR of 10.62% during the forecast period (2024-2029).
The COVID-19 pandemic disrupted the battery materials market. Lockdown measures, factory closures, and restrictions on movement led to disruptions in mining operations, ore processing facilities, and logistics networks, impacting the supply of raw materials. The resumption of economic activities across industries, including automotive, electronics, and energy, contributed to the recovery of the battery raw materials market.
- The market for battery raw materials is proliferating due to the increasing use of these products in the automotive and consumer electronics sectors.
- However, the growth of the battery raw materials market is expected to be hampered by strict safety regulations for batteries through storage and transport.
- The rising research and development activities in vanadium flow technology and increasing demand for portable electronics and consumer devices are expected to provide opportunities for the battery raw material market in the coming years.
- The growing consumption of automotive and consumer electronics batteries in countries such as China and India is driving Asia-Pacific to dominate the global market.
