Manganese Batteries Market May Face Deficit in 2024

The demand for electric vehicles (EVs) and renewable energy sources is increasing, leading to a significant increase in the demand for batteries. Manganese is a critical component of these batteries, and the market for manganese batteries is expected to grow in the coming years. However, recent reports suggest that the manganese batteries market may face a deficit in 2024.

Manganese, a silvery-grey metal, is widely used in batteries due to its ability to store energy efficiently and its low cost. It is a key component of Lithium-ion batteries, which are used in EVs and renewable energy storage systems. With the increasing demand for EVs and renewable energy, the demand for manganese batteries is also expected to grow.

According to a report by Roskill, the global demand for manganese in batteries is expected to reach 1.2 million tonnes by 2026, up from 400,000 tonnes in 2020. The report also states that the manganese batteries market may face a deficit in 2024 due to the increasing demand for EVs and renewable energy storage systems.

The deficit in the manganese batteries market can be attributed to several factors, including the limited supply of manganese, the increasing demand for manganese batteries, and the increasing competition for manganese. As more and more companies enter the market for manganese batteries, the competition for manganese is expected to increase, leading to a shortage of the metal. Additionally, the limited supply of manganese is also expected to contribute to the deficit in the manganese batteries market.

To address the deficit in the manganese batteries market, companies are exploring alternative materials for batteries. Lithium and cobalt are two alternatives being considered, but these materials are more expensive than manganese and may not be as efficient in storing energy. Companies are also exploring ways to increase the efficiency of manganese batteries to reduce the amount of manganese required in each battery.

In conclusion, the manganese batteries market is expected to grow in the coming years due to the increasing demand for EVs and renewable energy storage systems. However, the market may face a deficit in 2024 due to the limited supply of manganese and the increasing competition for the metal. Companies are exploring alternative materials and ways to increase the efficiency of manganese batteries to address the deficit in the market.

Reference:

Manganese batteries market may face a deficit in 2024 - https://bit.ly/3Wcoy8X (mining.com; Jan. 3, 2023)