Visiongain has published a new report entitled Battery Metals & Critical Minerals Market Report 2025–2035 (Including Impact of U.S. Trade Tariffs): Forecasts by Procurement Model (Long-Term Offtake Agreements, Government/Strategic Supply Contracts), by Source (Primary Mining, Secondary/Recycled Sources, Urban Mining), by Application (Electric Vehicles (EVs), Energy Storage Systems (ESS), Consumer Electronics, Other), by Processing Technology (Traditional Smelting & Refining, Hydrometallurgical Processing, Pyrometallurgical Processing, Bioleaching & Eco-Friendly Extraction, Advanced Recycling Technologies), by Type (Lithium, Cobalt, Nickel, Manganese, Graphite, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies.

The global battery metals & critical minerals market is estimated at US$33,593.0 million in 2025 and is projected to grow at a CAGR of 12.3% during the forecast period 2025-2035.

Impact of US Trade Tariffs on the Global Battery Metals & Critical Minerals Market   

The imposition of U.S. tariffs on imported battery metals and critical minerals has the potential to significantly reshape global supply chains and trade dynamics. Since the United States remains a key consumer of lithium, cobalt, nickel, manganese, and rare earths for electric vehicles, energy storage, and defence applications, tariff measures could increase costs for domestic manufacturers while prompting suppliers to diversify their markets. Tariffs may also accelerate efforts to localize supply chains within North America through new mining, refining, and recycling projects. The actual impact of these tariffs on the global market depends largely on how quickly supply and demand rebalance, which can be assessed through different recovery scenarios—V-shaped, U-shaped, and L-shaped.

Consolidation Creates New Anchors in Lithium

Lithium is coalescing around bigger, better-capitalized players that can finance multi-billion-dollar expansions through price cycles. The Allkem–Livent merger created Arcadium Lithium, combining brine and hard-rock assets into a single portfolio with diversified cost and jurisdictional exposure. That scale matters for automakers negotiating long-dated offtake and for lenders underwriting expansions.

Large diversified miners are also stepping up in lithium brines and conversion capacity, using balance sheet strength to weather price volatility. For juniors and mid-tiers, the message is clear: off-balance-sheet solutions (royalties, streams) and strategic partnerships become more important, while pure spot-price speculation becomes less viable. Consolidation isn’t just M&A; it’s a new framework for bankability.

How will this Report Benefit you?

Visiongain’s 419-page report provides 125 tables and 215 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the battery metals & critical minerals market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for battery metals & critical minerals. Get financial analysis of the overall market and different segments including procurement model, source, application, processing technology, and type, and capture higher market share. We believe that there are strong opportunities in this fast-growing battery metals & critical minerals market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Chemistry Shifts Are Reshaping Metals Demand—LFP Gains and a Sodium-Ion Opening

Lithium iron phosphate (LFP) continues to win share in EVs and stationary storage, easing dependency on high-nickel and cobalt chemistries. That shift moderates cobalt demand and can pressure high-nickel project economics, but it also broadens the market by lowering battery pack costs. Most OEMs now run dual cathode strategies—LFP for cost-sensitive segments, NMC for long-range and performance—stabilizing demand for both lithium carbonate and hydroxide.

Sodium-ion is moving from pilot to early commercialization in entry-level EVs, two/three-wheelers, and stationary storage. Leading cell makers have announced second-generation sodium-ion cells with improved energy density and plans for mass production mid-decade, including hybrid packs that mix sodium-ion with lithium-ion to improve cold-weather performance. For metals suppliers, this creates new demand for hard-carbon anodes and different cathode blends while leaving lithium’s long-term growth intact.

Indonesia’s HPAL Build-Out Is Repricing Nickel

Indonesia’s ore-export ban sparked a wave of HPAL (high-pressure acid leach) investments producing mixed hydroxide precipitate (MHP) for conversion into nickel sulfate. As these projects ramp, Indonesian MHP increasingly sets the global cost curve for battery-grade nickel. Partnerships such as PT Vale Indonesia–Huayou–Ford’s Pomalaa project illustrate how automakers are tying themselves to upstream HPAL supply to secure volumes and influence ESG standards.

The flipside is stress for high-cost producers elsewhere, some of whom are considering consolidation, downstream moves, or selective curtailments. Policymaking in Jakarta—such as adjustments to mining quotas—adds a layer of price and availability risk that procurement teams must hedge with diversified offtake and contractual protections.

Where are the Market Opportunities?

Active Anode Material (AAM) Outside China—A Strategic Wedge

With North American incentives tied to sourcing rules, localizing AAM (natural and synthetic graphite) is a high-impact opportunity. Companies such as Syrah Resources (Vidalia, Louisiana) have begun AAM shipments supported by offtake from leading EV makers. NOVONIX and Anovion are pushing synthetic graphite capacity with public-sector financing support and long-term customer engagement.

The commercialization risk is classic first-of-a-kind (yield, consistency, cost). But the payoff is significant: compliant AAM protects tax credits, shortens logistics, and reduces audit overhead. Automakers should pre-qualify multiple AAM sources and blend natural/synthetic to balance cost, performance, and compliance.

Nickel Security via Smarter Indonesian Partnerships

Indonesia will remain the low-cost anchor for battery-grade nickel, especially for NMC. The winning approach is partnership: secure MHP streams through projects with strong operators while co-designing ESG controls and residue management. Deals that embed sulfur/acid logistics optimization, residue valorization, and shared utilities can improve margins and reduce volatility.

Policy risk and energy costs can still bite, so contracts should include safeguards on quotas, energy price pass-throughs, and conversion rights to nickel sulfate. Pairing Indonesian supply with smaller non-Indonesian sources (or recycled nickel) improves resilience and stakeholder optics.

Competitive Landscape

The major players operating in the battery metals & critical minerals market are American Battery Technology Company (ABTC), BASF SE, BHP Group Limited, BYD Co. Ltd, Contemporary Amperex Technology Co., Limited, Ganfeng Lithium Co., Ltd., Glencore, Neometals Ltd., Norilsk Nickel Harjavalta Oy, Redwood Materials, Rio Tinto Group, Samsung SDI Co., Ltd, Sociedad Química y Minera de Chile (SQM), Sumitomo Metal Mining Co., Ltd., Umicore, These major players operating in this market have adopted various strategies comprising M&A, collaborations, investment in R&D, regional business expansion, partnerships, and new product launch.

Recent Developments

• 24-Sep-25, BHP signed its largest renewable power deal in South Australia, securing 100 MW of renewable electricity from Neoen’s Goyder North Wind Farm and Goyder Battery. It will power Olympic Dam, Carrapateena, and Prominent Hill. Supports BHP’s goal of 30% emissions cut by 2030 and net zero by 2050.
• 02-Sep-25, BASF renewed a long-term cathode active materials (CAM) supply contract with a third-party customer from its Schwarzheide, Germany plant. This follows the earlier global framework agreement with CATL.
• 31-Jul-25, Nornickel (via Norilsk Nickel Africa Proprietary Ltd) sold its 50% stake in Nkomati mine JV to African Rainbow Minerals (ARM). Regulatory approvals completed. Marks Nornickel’s strategy to exit non-Tier-1 assets and focus on core Russian portfolio.
• 28-Jul-25, BASF and CATL signed a global CAM supply and cooperation framework, positioning BASF as a key supplier supporting CATL’s global expansion.
• 24 July 2025, Rio Tinto and Chile’s state-owned ENAMI signed a binding agreement to jointly develop the Salares Altoandinos lithium project. Rio Tinto to acquire 51% stake and invest up to US$425 million including Direct Lithium Extraction (DLE) technology. Transaction expected to close in 1H 2026.

Notes for Editors

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