Critical Battery Materials 2025-2035: Technologies, Players, Markets, and Forecasts

Critical minerals for batteries, lithium mining, nickel mining, cobalt mining, copper mining, graphite mining, deep-sea mining, mineral extraction and refining, battery materials demand trends, global supply outlooks.

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To support the growing electrification enabled by lithium-ion batteries (LIBs), securing a stable and responsible supply of critical minerals that are essential raw materials for LIBs has become increasingly urgent. The demand for critical battery materials will triple in market value, exhibiting a 10.6% CAGR between 2025-2035.
 
This report uncovers the evolving critical materials demand trends for LIBs and provides comprehensive overviews on mineral extraction and processing technology advancements, and market supply outlooks for five key minerals: lithium, cobalt, copper, nickel, and natural graphite. The global mineral supply outlook is based on over 649 data points from land-based mine operations and projects. Additionally, the report examines the potential of deep-sea mining, evaluating its opportunities and challenges as a future source of critical minerals.
 
Global critical battery materials demand outlook
The demand for different battery minerals shows different growth rates. This is due to several factors, including the demand for LIBs of different chemistries, material intensity variations across battery chemistries, and ongoing developments in lithium-ion cell design. Minerals experiencing a fast growth in demand are manganese and nickel, while copper and cobalt are experiencing comparatively slower growth.
 
Critical minerals for batteries, battery materials, critical materials demand trends, supply outlooks.
Critical materials for lithium-ion batteries are experiencing varying demand growth rates. Source: IDTechEx.
 
Graphite remains the dominant anode material for LIBs and is the most required critical battery material by weight, with the highest projected growth in demand by weight. However, the increasing prominence of silicon as anode materials is a key driver in slowing down graphite demand in the future.
 
Lithium remains essential across all cathode and anode chemistries, with small variations in lithium intensity. However, while alternative battery technologies like sodium-ion could weaken lithium demand, any significant shift is unlikely in the near term.
Copper, an essential component for anode current collectors in LIBs, is experiencing slower demand growth due to efforts to reduce current collector thickness and the development of composite alternatives with lower copper content.
 
The evolving cathode chemistry trend directly influences demand for nickel, manganese and cobalt. Nickel demand is trending high due to the increasing adoption of high- and ultra-high-nickel cathode formulations for the EV industry. However, this growth faces competition from non-nickel or low-nickel alternatives like lithium iron phosphate (LFP) and lithium manganese iron phosphate (LMFP). Manganese demand is set to rise, driven by the increasing adoption of LMFP cathodes and, to a lesser extent, manganese-rich cathodes like high-voltage lithium nickel-manganese oxide (LNMO). However, manganese battery-related demand remains small compared to non-battery demand in the medium term. Cobalt is expected to have the slowest demand growth among LIB materials and the lowest demand growth by weight. Lithium cobalt oxide (LCO) batteries, the most cobalt-intensive chemistry primarily used in consumer electronics, have already seen a decline in market share -- a trend that is expected to continue. Additionally, the growing adoption of cobalt-free formulations will further suppress cobalt demand in the future.
 
The report provides detailed forecasts on critical material demand from LIBs, segmented by application and region, taking into account of the evolving cell chemistry trends and developments in lithium-ion cell design.
 
Global mineral supply outlook
Materials demand from LIBs are growing at a faster rate than their global supply from mining. Battery-sector demand is becoming increasingly dominant, as seen with lithium and cobalt, and is expected to extend to other minerals—most notably nickel, due to its rapid demand growth and currently moderate battery-related consumption.
 
Producing LIBs requires battery-grade purity levels for materials such as lithium, nickel, cobalt, and graphite. However, refining these minerals to battery-grade is both costly and energy-intensive. Currently, the majority of global refining capacity is concentrated in China, posing geopolitical risks to the battery supply chain. In response, countries like Australia are prioritizing the expansion of domestic refining capacities for batteries. Additionally, vertical integration — linking mineral extraction with battery-grade chemical production — is rising across several key battery materials.
 
Currently, battery minerals are primarily sourced from land-based mining operations. Larger, near-surface, high-grade deposits have historically been prioritized. As these high-grade sources become depleted, mining shifts toward lower-grade ores, which require processing larger volumes to extract the same amount of material. This decline in ore grades and changes in mineralogy can pose both economic and technical challenges. In response, advanced mineral extraction and processing technologies are being developed, but these innovations require significant time and investment, introducing financial risks.
 
Deep-sea mining holds potential to future mineral supply. However, deep-sea mining for these minerals remains uncertain in the near-to-medium term due to issues including regulatory challenges, public acceptance, and economic feasibility. The report explores seabed resources, detailing their distribution and characteristics, along with outlooks on mineral exploration and exploitation in both domestic and international waters. It also examines advancements in marine mineral processing technologies and provides an overview on the activities of key players in the sector.
 
Comprehensive analysis and outlook
This report provides a comprehensive overview of the critical minerals used in LIBs and analyzes key material demand trends. It examines advancements in mineral extraction and processing technologies, as well as market supply outlooks for five essential minerals: lithium, cobalt, copper, nickel, and natural graphite.
 
Additionally, the report reviews critical mineral regulations in major regions, including China, Australia, Indonesia, Chile, Europe, and the United States.
 
The report covers a10-year forecast period, offering detailed market predictions and trends. It includes projections of critical material demand from LIBs, segmented by application and region. Furthermore, it provides global supply forecasts for lithium, nickel, cobalt, and copper from mining, with regional breakdowns.
Report MetricsDetails
CAGRThe demand for critical battery materials to grow at a CAGR 10.6% in market value, between 2025-2035.
Forecast Period2025 - 2035
Forecast UnitsVolume (ktonne), Value ($US billion)
Regions CoveredWorldwide
Segments CoveredCritical materials demand from lithium-ion batteries by region and by market application (consumer electronics, electric vehicles and energy storage systems), lithium mining by lithium resource (hard rock, brine and sedimentary lithium), lithium mining by region, nickel mining by region, cobalt mining by region, copper mining by region.
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1.EXECUTIVE SUMMARY
1.1.Report summary
1.2.What are the components in a lithium-ion cell?
1.3.Key trends impacting critical material demand (1)
1.4.Key trends impacting critical material demand (2)
1.5.Key trends impacting critical material demand (3)
1.6.Global critical material demand (kt) from LIBs forecast (2025-2035)
1.7.Global critical battery material demand outlook (2025-2035)
1.8.Battery materials covered in the report
1.9.Critical battery materials supply vs demand outlook (2025-2035)
1.10.Mining projects developments
1.11.Business models for mining companies
1.12.Vertically integrated "mine-to-market" operations on the rise
1.13.Global lithium, nickel, cobalt and copper production forecasts (2025-2035)
1.14.Carbon intensities of different raw materials
1.15.Regional policies on critical battery materials
1.16.Key conclusions and outlooks for the global lithium market
1.17.Lithium production forecast by country (2025-2035)
1.18.Incumbent and emerging methods for lithium mining & extraction
1.19.Lithium refining routes to battery-grade lithium chemicals
1.20.Key conclusions and outlooks for the global nickel market
1.21.Nickel mine production forecast by country (2025-2035)
1.22.Nickel product types
1.23.Intermediate nickel products
1.24.A summary of nickel ore processing routes
1.25.Summary of nickel processing technologies
1.26.The interplay between cobalt, copper, and nickel markets
1.27.Company landscape in nickel, copper and cobalt production
1.28.The growing influence of nickel on cobalt mining (2025-2035)
1.29.Cobalt mine production forecast by country (2025-2035)
1.30.Copper mine production forecast by country (2025-2035)
1.31.Synthetic vs natural graphite for lithium-ion battery anodes
1.32.Value-creation from natural graphite processing for battery anodes
1.33.Purification methods of natural graphite
1.34.New natural graphite capacity
1.35.Key conclusions and outlooks for deep-sea mining
1.36.Legal regime for mineral rights at sea
1.37.Types of seabed resources and their characteristics
1.38.Countries supporting and opposing deep-sea mining
1.39.Player landscape in deep-sea mining
1.40.Access More With an IDTechEx Subscription
2.INTRODUCTION TO LITHIUM-ION BATTERIES AND MATERIALS FOR BATTERIES
2.1.The key markets for lithium-ion batteries (LIBs) and their applications
2.2.Cathode chemistry for different applications
2.3.Li-ion battery cathode outlook
2.4.Li-ion battery demand is driven by the EV sector
2.5.What are the components in a lithium-ion cell?
2.6.Cell materials account for the majority of Li-ion battery costs
2.7.Cathode - the biggest cost driver in Li-ion cell materials
2.8.Cathode material intensities
2.9.Li-ion material intensities
2.10.Cell material content
2.11.Battery materials covered in the report
2.12.Critical material production from primary and secondary sources
2.13.Related content on critical materials and lithium-ion batteries
3.INTRODUCTION TO MINING PROJECTS AND BUSINESS MODELS
3.1.Life cycle of a mining project
3.2.Mining projects developments
3.3.Operational uncertainties of mines
3.4.Business models for mining companies
3.5.Vertically integrated "mine-to-market" operations on the rise (1)
3.6.Vertically integrated "mine-to-market" operations on the rise (2)
4.LITHIUM MINING AND EXTRACTION
4.1.Where is lithium used?
4.2.Differences between lithium carbonate and hydroxide
4.3.Historic lithium prices (2019-2024 1H)
4.4.Where can lithium be found in nature?
4.5.Types of lithium brine deposits
4.6.Introduction to hard rock and sediment-hosted lithium resources
4.7.Lithium resource split by country
4.8.Extraction processes for different lithium deposits
4.9.Lithium recovery from continental brine via evaporation pond
4.10.Commercial brine evaporation projects
4.11.Introduction to direct lithium extraction (DLE)
4.12.The need for DLE to access a wider range of brine resources
4.13.Classes of DLE technologies
4.14.Active DLE operations - Salar del Hombre Muerto
4.15.Brine evaporation vs brine DLE
4.16.Lithium recovery from hard rock lithium resources (1) - spodumene upgrading
4.17.Lithium recovery from hard rock lithium resources (2) - spodumene refining
4.18.Lithium recovery from hard rock lithium resources (3) - logistics
4.19.Commercial hard rock (spodumene) projects
4.20.Lithium recovery from sediment-hosted deposits
4.21.Proposed lithium project timeline
4.22.Players in sedimentary lithium processing
4.23.Battery-grade lithium chemicals
4.24.Sustainability profiles of lithium carbonate vs lithium hydroxide
4.25.Lithium refining routes to battery-grade lithium chemicals
4.26.Strategies to decarbonize lithium refining
4.27.Cost comparisons between lithium projects
4.28.Lithium value chain for batteries
4.29.Chapter summary
5.NICKEL MINING AND PROCESSING
5.1.Nickel properties and applications
5.2.Nickel product types
5.3.Intermediate nickel products
5.4.LME Nickel prices (2021-2024)
5.5.Nickel production and resource
5.6.Where is nickel naturally found ?
5.7.Cobalt in nickel deposits
5.8.Nickel-bearing minerals
5.9.Nickel mining by country
5.10.Indonesia's nickel industry development
5.11.Typical mining methods for nickel ores
5.12.Classes of nickel processing techniques
5.13.Incumbent nickel-bearing ore processing techniques
5.14.Extraction of nickel from sulfide ores (pyrometallurgical)
5.15.Extraction of nickel from sulfide ores (hydrometallurgical)
5.16.Extraction of nickel from laterite ores
5.17.An overview of nickel laterite processing routes
5.18.The rotary kiln-electric furnace (RKEF) process
5.19.NPI to nickel matte conversion
5.20.Ammonia-ammonium carbonate leaching (the Caron process)
5.21.High pressure acid leach (HPAL) (1)
5.22.High pressure acid leach (HPAL) (2)
5.23.Evolution of HPAL Technology
5.24.HPAL is a key driver for cobalt and nickel production from nickel laterites in Indonesia
5.25.Atmospheric acid leaching
5.26.Enhanced pressure acid leach (EPAL)
5.27.Heap leaching
5.28.Separating cobalt and nickel from hydrometallurgical processing of nickel laterite
5.29.Intermediate nickel products: MHP and MSP (1)
5.30.Intermediate nickel products: MHP and MSP (2)
5.31.Direct solvent extraction (DSX)
5.32.MHP refining processes
5.33.Pros and cons of typical nickel sulfide processing methods
5.34.Pros and cons of typical nickel laterite processing methods
5.35.Sustainability profiles for nickel mining and processing
5.36.Summary of nickel processing technologies
5.37.A summary of nickel ore processing routes
5.38.Case study: PT Merdeka Battery Materials Tbk (MBMA)
5.39.Case study: A summary of MBMA's processing facilities
5.40.Case study: The Kalgoorlie Nickel Project (1)
5.41.Case study: The Kalgoorlie Nickel Project (2)
5.42.Case study: Talon Metals Corp (1)
5.43.Case study: Talon Metals Corp (2)
5.44.Case study: Lifezone Metals
5.45.Case study: Canada Nickel Company (1)
5.46.Case study: Canada Nickel Company (2)
5.47.Case study: Canada Nickel Company (3)
5.48.Cost comparisons between nickel projects (1)
5.49.Cost comparisons between nickel projects (2)
5.50.New nickel capacity from Canada and Australia
5.51.Chapter summary
6.COPPER MINING AND PROCESSING
6.1.Copper properties and applications
6.2.Where is copper naturally found?
6.3.Copper-bearing minerals
6.4.Types of copper deposits
6.5.Other metals occurring with copper
6.6.Copper resource and production
6.7.Copper mining by country (2018-2023)
6.8.LME Copper prices (2021-2024)
6.9.Typical mining methods for copper ores
6.10.Classes of copper processing techniques
6.11.Copper ore processing routes
6.12.Pyrometallurgical processing of copper sulfides - an overview
6.13.Beneficiation of copper sulfides
6.14.Pyrometallurgical processing of copper sulfides
6.15.Direct-to-copper smelting to produce blister copper
6.16.Hydrometallurgical processing of copper ores - an overview
6.17.Summary of leaching methods for copper mining and processing
6.18.Hydrometallurgical processing of copper ores
6.19.Solvent extraction and electrowinning of copper
6.20.Energy and emission intensity from primary copper production
6.21.Cost on copper mining operations
6.22.New copper capacity
6.23.Chapter summary
7.COBALT MINING AND PROCESSING
7.1.Cobalt properties and applications
7.2.Where can cobalt be found naturally?
7.3.Cobalt-bearing minerals
7.4.Cobalt resources
7.5.Cobalt mining by country
7.6.Large-scale mining (LSM) vs artisanal small-scale mining (ASM)
7.7.Key developments in the ASM cobalt sector
7.8.Cobalt extraction and processing
7.9.Processing cobalt from sediment-hosted stratiform Cu-Co ores
7.10.Processing cobalt from Ni-Co laterite ores
7.11.Processing cobalt from magmatic Ni-Cu-Co sulfide ores
7.12.Sustainability profiles of cobalt extraction and cobalt products
7.13.Cost to cobalt production
7.14.Historic cobalt prices (2021-2024)
7.15.The interplay between cobalt, copper, and nickel markets
7.16.Case study: Cobalt Blue Holdings (1)
7.17.Case study: Cobalt Blue Holdings (2)
7.18.New cobalt production capacity from Australia and Indonesia
7.19.Chapter summary
8.NATURAL GRAPHITE MINING AND PROCESSING
8.1.Graphite properties and applications
8.2.Graphite demand by application
8.3.Synthetic vs natural graphite
8.4.Synthetic vs natural graphite for lithium-ion battery anodes
8.5.Production processes for graphite-based materials for lithium-ion battery
8.6.Natural graphite reserves and production by country
8.7.Types of natural graphite: Flake, vein, amorphous
8.8.Classification of natural graphite as a function of size
8.9.The need to process natural graphite for anode applications (1)
8.10.The need to process natural graphite for anode applications (2)
8.11.Purification methods of natural graphite (1)
8.12.Purification methods of natural graphite (2)
8.13.Environmental impacts of graphite purification
8.14.The economics (CAPEX and OPEX) of natural graphite purification in China
8.15.Natural flake graphite pricing
8.16.Natural graphite project states of development
8.17.New natural graphite capacity by project status
8.18.New natural graphite capacity by country
8.19.Announced offtake agreements on natural graphite supply
8.20.A mine-to-market approach to graphite production
8.21.Value-added facilities (natural graphite processing) on the rise
8.22.Sustainability profiles for graphite anode production
8.23.Cost comparisons between natural graphite projects
8.24.The economics of natural graphite anode facilities
8.25.Chapter summary
9.INTRODUCTION TO DEEP-SEA MINING
9.1.Introduction to deep-sea mining
9.2.Arguments for and against deep-sea mining
9.3.Types of seabed resources and their characteristics
9.4.Global distribution of major seabed resources
9.5.Legislations in sea
9.6.Legal regime for mineral rights at sea
9.7.Mineral exploration and exploitation within national jurisdictions: Papua New Guinea
9.8.Mineral exploration and exploitation within national jurisdictions: Cook Islands
9.9.Mineral exploration and exploitation within national jurisdictions: Norway
9.10.Mineral exploration beyond national jurisdictions: The International Seabed Authority (ISA)
9.11.Regional environmental management plans (REMPs)
9.12.Countries sponsoring ISA exploration contracts in the Area
9.13.Countries supporting and opposing deep-sea mining
9.14.Organizations opposing deep-sea mining
9.15.Equipment used in deep-sea mining exploration and extraction (1)
9.16.Equipment used in deep-sea mining exploration and extraction (2)
9.17.The economic viability of deep-sea mining is not proven
9.18.The processing of minerals sourced from sea-floor deposits
9.19.The processing of polymetallic nodules (1)
9.20.The processing of polymetallic nodules (2)
9.21.The processing of polymetallic sulfides and cobalt-rich ferromanganese crusts
9.22.The opportunities and challenges in marine mineral processing
9.23.Environmental unknowns in deep-sea mining and emissions challenges in mineral processing
9.24.Player landscape in deep-sea mining
9.25.Deep-sea mining players overview (1)
9.26.Deep-sea mining players overview (2)
9.27.Chapter summary
10.POLICIES RELATED TO CRITICAL MINERALS AND BATTERY MATERIALS
10.1.Regulations in China
10.2.Regulations and incentives in Australia
10.3.Australia's Critical Minerals International Partnerships program
10.4.Australian National Battery Strategy
10.5.Regulations in Chile
10.6.Indonesia's nickel industry development
10.7.The impact of RKAB approvals on Indonesia's nickel mining & processing industry
10.8.Indonesia's strategy to align nickel production with EV supply chain growth
10.9.Regulations and incentives in the USA
10.10.Regulations and incentives in Europe
10.11.Minerals Security Partnership
10.12.Minerals Security Partnership project examples
11.PLAYER LANDSCAPES
11.1.Player landscape in lithium mining, extraction and production
11.2.Player landscape in nickel mining and production
11.3.Company landscape in nickel, copper and cobalt production
11.4.Player landscape in deep-sea mining
11.5.Offtake agreements on critical battery materials (1)
11.6.Offtake agreements on critical battery materials (2)
12.MATERIALS DEMAND AND SUPPLY FORECASTS
12.1.Forecast methodology and assumptions
12.1.1.Forecast methodology on battery materials demand
12.1.2.Li-ion battery cell material intensities
12.1.3.Materials price assumptions
12.1.4.Forecast methodology on lithium production
12.1.5.Assumptions for lithium production forecast
12.1.6.Forecast methodology on nickel, copper and cobalt production
12.1.7.Assumptions for nickel, copper and cobalt production forecasts
12.2.Critical battery materials demand outlooks and forecasts
12.2.1.Global critical material demand (kt) from LIBs forecast (2025-2035)
12.2.2.Global critical battery material demand outlook (2025-2035)
12.2.3.Key trends impacting critical material demand (1)
12.2.4.Key trends impacting critical material demand (2)
12.2.5.Key trends impacting critical material demand (3)
12.2.6.Critical battery materials demand forecast by region (2025-2035) (1)
12.2.7.Critical battery materials demand forecast by region (2025-2035) (2)
12.2.8.Critical battery material value forecast (2025-2035)
12.2.9.Critical battery materials demand forecast by market application (1)
12.2.10.Critical battery materials demand forecast by market application (2)
12.2.11.Critical battery materials demand forecast by market application (3)
12.3.Supply outlooks and forecasts
12.3.1.Lithium
12.3.2.Overview of global lithium production in 2024
12.3.3.Lithium production forecast by resource source type (2025-2035)
12.3.4.Li production contribution by resource type (2023-2035)
12.3.5.Lithium production forecast by country (2025-2035)
12.3.6.Projected new lithium capacity each year (2025-2035)
12.3.7.Cobalt
12.3.8.Global cobalt production in 2023 vs 2024
12.3.9.Cobalt mine production forecast (2025-2035)
12.3.10.Cobalt mine production forecast by country (2025-2035) (1)
12.3.11.Cobalt mine production forecast by country (2025-2035) (2)
12.3.12.The growing influence of nickel on cobalt mining (2025-2035)
12.3.13.Nickel
12.3.14.Global nickel production in 2023 vs 2024
12.3.15.Nickel mine production forecast (2025-2035)
12.3.16.Nickel mine production forecast by country (2025-2035) (1)
12.3.17.Nickel mine production forecast by country (2025-2035) (2)
12.3.18.Copper
12.3.19.Global copper production in 2023 vs 2024
12.3.20.Copper mine production forecast (2025-2035)
12.3.21.Copper mine production forecast by country (2025-2035) (1)
12.3.22.Copper mine production forecast by country (2025-2035) (2)
 

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The demand for critical battery materials to grow at a CAGR 10.6% in market value.

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Slides 316
Forecasts to 2035
Published Feb 2025
 

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