$300 billion in 2030. Accordingly, the Battery Metals Association of Canada (BMAC) claims that this lucrative market could drive major economic growth across the North American nation.
In a report titled Maximizing Canada’s Battery Metals Sector, the association examined the current and potential markets from mining to chemical production to battery components and end-use applications, as well as recycling. Following its analysis, the BMAC concluded that Canada has all the necessary ingredients to capture a considerable share of this market.
The North American nation is already a global leader in mining and has all the necessary resources for the production of critical minerals. Although the battery cell manufacturing space is currently dominated by Asia, with the region retaining 80 per cent of the global manufacturing capacity, however, Canada has made noteworthy advances in cell manufacturing over the recent years. For instance, a $185 million battery manufacturing plant is currently being built in the province of Quebec, by Lion Electric, a Canadian-based manufacturer of all-electric commercial vehicles. Moreover, several multinational automotive giants, such as GM, Fiat Chrysler and Ford Motors have already announced investments totalling $5.75 billion for the building EVs in Canada.
Therefore, experts point out that the country is in a favourable position to exploit this booming market. “Canada’s prolific natural resources and talented workforce position all of us for success,” Caralyn Bennett, executive vice-president at GLJ Ltd, involved in the development of the Canadian battery metals industry, said. “We look forward to working with our clients to de-risk their resource assessments and feasibility studies, aimed at accelerating their path to success.”
