Global demand for Li-ion batteries is expected to soar over the next decade, with the number of GWh required increasing from about 700 GWh in 2022 to around 4.7 TWh by 2030 (Exhibit 1). Batteries for mobility applications, such as electric vehicles (EVs), will account for the vast bulk of demand in 2030—about 4,300 GWh; an. The global battery value chain, like others within industrial manufacturing, faces significant environmental, social, and governance (ESG) challenges (Exhibit 3). Together with Gba members representing the entire battery value. Some recent advances in battery technologies include increased cell energy density, new active material chemistries such as solid-state batteries, and cell and packaging production technologies, including electrode dry. Battery manufacturers may find new opportunities in recycling as the market matures. Companies could create a closed-loop, domestic supply chain that involves the collection,. The 2030 Outlook for the battery value chain depends on three interdependent elements (Exhibit 12): 1. Supply-chain resilience. A resilient battery value chain is one that is regionalized.
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What is the global lithium-ion battery market size?
The global lithium-ion battery market size was estimated at USD 54.4 billion in 2023 and is projected to register a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030. Automotive sector is expected to witness significant growth owing to the low cost of lithium-ion batteries.
Will lithium ion batteries dominate future sales projections?
Lithium-ion batteries dominate future sales projections, as a result of the increase of Lithium-ion batteries on the market, this chemistry is expected to contribute up to 80% of EoL arisings by 2050. Currently, Lead Acid batteries hold the market share for EoL arisings at just over 160,000 tonnes in 2021.
What is the market share of lithium ion batteries in 2021?
Currently, Lead Acid batteries hold the market share for EoL arisings at just over 160,000 tonnes in 2021. However, as product markets such as BESS and EV start to increase their share of battery demand over the next decade, Lithium-ion EoL arisings will increase as these batteries reach EoL in 15 to 20 years.
How will rising demand for lithium-ion batteries affect the battery industry?
Rising demand for substitutes, including sodium nickel chloride batteries, lithium-air flow batteries, lead acid batteries, and solid-state batteries, in electric vehicles, energy storage, and consumer electronics is expected to restrain the growth of the lithium-ion battery industry over the forecast period.
How big will lithium-ion batteries be in 2022?
But a 2022 analysis by the McKinsey Battery Insights team projects that the entire lithium-ion (Li-ion) battery chain, from mining through recycling, could grow by over 30 percent annually from 2022 to 2030, when it would reach a value of more than $400 billion and a market size of 4.7 TWh. 1
Do lithium-ion batteries outstrip the growth of alkaline batteries?
In the handheld battery sector, sales of Lithium-ion batteries continue to outstrip the growth of Alkaline batteries in alignment with both current and past projections. A new addition to the 2023 report is the inclusion of a breakdown of the B-cycle in-scope batteries as a sub-sector of the handheld battery market.