India battery chemical demand seen surging 39% CAGR to 2030: Nuvama

Lithium iron phosphate will remain the dominant chemistry globally, the brokerage said, pointing to its lower cost and longer cycle life, combined with better safety. The shift toward LFP supports demand for iron phosphate, graphite, conductive carbon black, carbon nanotubes and electrolyte materials. It also moderates long-term cobalt demand growth.

India's battery-materials value chain sits at different stages of development. Critical minerals are still largely imported. Cathode and anode materials are seeing rising domestic capacity. So are electrolytes and conductive additives. Cell manufacturing is expanding quickly. Emerging technologies such as silicon-carbon anodes, LMFP, sodium-ion and solid-state batteries could become future growth areas, the report said.

The 2025-2030 window represents a critical build-out phase for domestic manufacturers, Nuvama's projections suggest. The brokerage said India's energy transition, rising EV adoption and expansion of renewable storage infrastructure could create a long-term opportunity for domestic battery chemicals and materials manufacturers.