Lithium batteries occupy a distinctive position in the broader energy storage landscape. Unlike their rechargeable counterparts, primary lithium cells deliver long shelf lives, stable voltage output, and reliable performance across extreme temperatures — qualities that no alternative chemistry fully replicates. These characteristics make them indispensable across healthcare, defense, industrial IoT, and consumer electronics, where replacing a battery mid-deployment may be impractical or impossible. As the global economy places greater demands on remote sensing, implantable medical devices, and military-grade electronics, the case for primary lithium batteries only strengthens.
According to BCC Research's report, Lithium Batteries: Markets and Materials (FCB028J), the global lithium batteries market was valued at $3.6 billion in 2025 and is projected to reach $4.7 billion by 2031, expanding at a CAGR of 4.7% over the 2026–2031 period. Growth is not confined to a single geography or application segment — it is broad-based, driven by aging populations requiring implantable devices, governments mandating smart metering infrastructure, rising defense budgets, and surging consumer electronics production in emerging markets.
The companies best positioned to capture this growth share a common thread: deep manufacturing capability, strong intellectual property portfolios, and exposure to multiple high-growth end markets. The following profiles examine ten key players shaping this market, covering their business scope, scale, and current strategic priorities.
Market Context: Segments and Regions Driving Growth
Among the chemistry segments, lithium-manganese dioxide dominates with a 56.8% market share in 2025, valued at $2,060.3 million and forecast to reach $2,779.8 million by 2031 at a 5.4% CAGR. Its widespread adoption reflects a combination of high energy density, compact form factor, and suitability for consumer and industrial applications. Lithium-thionyl chloride is the second fastest-growing segment, rising from $628.7 million to $819.8 million at a 4.8% CAGR, driven by high-reliability environments including defense equipment, satellites, and downhole tools. On the end-use side, healthcare is the fastest-growing segment at a 6.2% CAGR, supported by rising sales of portable health monitoring devices. The military and aerospace segment follows at 5.7% CAGR, reflecting increased defense procurement globally — European defense spending alone reached approximately $563 billion in 2025, roughly $100 billion above the prior year.
Geographically, Asia-Pacific leads with a 42.7% share, representing $1,547.8 million in 2025 and projected to reach $1.9 billion by 2031 at a 4.2% CAGR. China accounts for 55.5% of regional demand, underpinned by substantial manufacturing infrastructure and a large consumer electronics base. North America is the second largest region at $1,010.6 million in 2025, expected to grow at the fastest regional CAGR of 5.7% through 2031, driven by demand in defense, aerospace, medical devices, and smart metering. Europe, valued at $766.5 million in 2025, is supported by EU battery initiatives and growing defense expenditures, while the Rest of the World contributes $302.5 million, growing at a more modest 3.4% CAGR.
Key Companies in the Lithium Batteries: Markets and Materials Market
1. Energizer Holdings Inc.
• Headquarters: St. Louis, Missouri, U.S.
• Founded: 1896
• Revenue: $2,952.7 million (FY2025)
• Employees: 6,050
• Focus: Batteries, portable lighting, auto care, automotive fragrance and appearance products
Energizer Holdings is one of the most recognizable names in the global battery market, serving consumer electronics, healthcare, safety and security, and automotive end markets under brands including Energizer, Eveready, Rayovac, and Varta. The company acquired Advanced Power Solutions NV in May 2025, adding a manufacturing facility in Gniezno, Poland, to strengthen its European footprint. Its ongoing Project Momentum initiative is driving meaningful cost savings across operations, with the company maintaining a presence across the U.S., Canada, Asia-Pacific, Latin America, and South Africa.
2. EVE Energy Co. Ltd.
• Headquarters: Guangdong, China
• Founded: 2001
• Revenue: $8,551.9 million (FY2025)
• Employees: 30,896
• Focus: Consumer batteries, power batteries, energy storage batteries, lithium-thionyl chloride and lithium-manganese dioxide batteries, battery management systems
EVE Energy is one of the largest battery manufacturers globally by revenue, with a portfolio spanning consumer, industrial, and EV battery chemistries. The company holds more than 14,000 patents and directs more than 6% of annual revenue into R&D across 19 battery research centers and 27 large-scale laboratories. Revenue grew 27% in 2025, reflecting capacity expansion to meet global demand. EVE Energy operates across Southeast Asia, Europe, Japan, India, and North America, with primary lithium chemistries — including Li-SOCl2 and Li-MnO2 — forming a meaningful portion of its consumer battery business.
3. FDK Corp.
• Headquarters: Tokyo, Japan
• Founded: 1950
• Revenue: $398.4 million (FY2024)
• Employees: 2,420
• Focus: Alkaline, lithium, Ni-MH, and carbon-zinc batteries; battery systems; electronic components; rare earth alloys
FDK Corp. covers a range of primary and secondary battery chemistries alongside electronic components and battery materials. In 2025, the company introduced the CR17500EX, a high-capacity cylindrical lithium battery delivering a 17% capacity increase over its predecessor, the CR17500EP. This improvement extends device operating times, reduces battery count requirements in multi-cell configurations, and supports better design efficiency for equipment manufacturers. FDK's development focus on performance improvements signals a commitment to maintaining technical relevance in a market where energy density is a primary purchasing criterion.
4. Maxell Ltd.
• Headquarters: Tokyo, Japan
• Founded: 1960
• Revenue: $860.1 million (FY2025)
• Employees: 3,765
• Focus: Batteries, functional materials, optics and systems, life solutions
Maxell is pursuing an active acquisition strategy to accelerate growth in the lithium battery market. In 2026, the company completed the acquisition of Murata Manufacturing Co. Ltd.'s primary battery business through its subsidiary Maxell Sakura Co. Ltd. To address rising demand for smart keys, wearables, and compact electronics, Maxell accelerated production of its CR2032S coin-type lithium-manganese dioxide battery, which improves operational time by 11% in pulse discharge tests. Manufacturing facilities in China, Malaysia, and Indonesia support global distribution across Japan, the Americas, Europe, and Asia.
5. GP Batteries International Ltd.
• Headquarters: Singapore
• Founded: 1964
• Revenue: $849.1 million (FY2025)
• Employees: 5,600
• Focus: Non-rechargeable and rechargeable batteries, lithium-manganese dioxide and lithium-thionyl chloride batteries, coin cell and specialty batteries, OEM supply, consumer retail under the GP brand
GP Batteries International serves a broad mix of OEM customers and consumer retail markets, with particular strategic attention on specialty and IoT applications. The company is expanding its coin cell and specialty battery offerings to meet demand from smart home devices, GPS trackers, medical devices, and industrial IoT systems. Production facilities in China, Vietnam, and Malaysia are supported by sales and marketing offices across Asia, Europe, and North America, giving GP Batteries a distribution reach that spans both high-volume consumer and lower-volume high-specification industrial segments.
6. Saft
• Headquarters: Levallois-Perret, France
• Founded: 1918
• Revenue: $1,506.3 million (FY2024)
• Employees: 4,300
• Focus: Aerospace, defense, and performance batteries; connected smart energy; energy storage systems; industry, mobility, and infrastructure
Saft is a technically oriented battery manufacturer with a strong position in industrial, defense, and IoT applications. The company invested $117.4 million in innovation in 2025, resulting in 40 granted patents. In March 2025, Saft launched LiSa, a predictive service that estimates remaining battery life for Li-SOCl2 cells in IoT deployments — a capability that allows operators to optimize maintenance schedules and reduce downtime across large sensor networks. Operating as a wholly owned subsidiary of TotalEnergies SE, Saft serves customers across 49 nations through 31 sales offices and 16 manufacturing sites in 19 countries.
7. Renata SA (Swatch Group SA)
• Headquarters: Itingen, Switzerland
• Founded: 1952
• Employees: 250
• Focus: Lithium batteries, silver oxide batteries, custom battery solutions
Renata SA is a specialist battery manufacturer operating within the Swatch Group, with a product range oriented toward precision applications where consistent performance is non-negotiable. The company serves IoT, watchmaking, smart metering, wearables, medical, and industrial markets, with custom battery solutions tailored to specific customer requirements. Renata's emphasis on sustainability, efficient logistics, and application-specific engineering positions it as a focused supplier for customers that prioritize quality and reliability over volume pricing, particularly in European and watchmaking-adjacent markets.
8. B30 GmbH & Co. KG
• Headquarters: Frankfurt a. Main, Germany
• Founded: 1994
• Focus: Lithium batteries, lithium polymer batteries, lithium-ion batteries, lithium iron phosphate batteries, nickel-metal hydride batteries, nickel-cadmium batteries, lead-acid batteries, alkaline manganese cells, chargers
B30 GmbH & Co. KG occupies a distinct niche in the lithium battery market as a specialist in individual small-series manufacturing. Rather than competing on commodity volume, the company focuses on developing, optimizing, and producing battery solutions across a range of chemistries for applications requiring high energy density, long shelf life, and stable performance over extended periods. Its participation in the "Others" chemistry segment — covering lithium-iron sulfide and related chemistries — reflects an orientation toward technically demanding, lower-volume applications where standard off-the-shelf cells are insufficient.
9. Duracell Inc.
• Headquarters: Bethel, Connecticut, U.S.
• Founded: 1920
• Focus: Alkaline batteries, lithium coin batteries, rechargeable batteries, specialty cells
Duracell is one of the most widely distributed battery brands globally, with OEM sales representatives spanning the U.S., Canada, Europe, Latin America, South America, China, the Rest of Asia, and Japan. The company's current development priorities center on delivering batteries that are more compact, powerful, efficient, and longer-lasting. In 2025, Duracell launched a new range of lithium coin batteries in India — the CR2025, CR2016, and CR2032 — featuring bitter coatings and child-resistant packaging to address ingestion safety concerns. The India launch reflects Duracell's awareness of the growing consumer electronics market in emerging economies.
10. EaglePicher Technologies
• Headquarters: Joplin, Missouri, U.S.
• Founded: 1843
• Focus: Primary lithium batteries, thermal batteries, secondary batteries, silver zinc batteries, battery management systems, energetic devices, aerospace and defense batteries, aviation batteries, custom packaging
EaglePicher Technologies holds a singular position in the U.S. defense and aerospace battery market. A subsidiary of Tuthill Corp., the company supplies power for more than 90% of U.S. military munitions and mission-critical systems, operates more than 600 satellites in orbit, and powers more than 85% of U.S. missile platforms. In 2024, EaglePicher expanded operations at a new Energetics Facility in Missouri equipped with semi-automated manufacturing and advanced data tracking software. The company supports custom battery development from concept through production across eight U.S. manufacturing and R&D facilities.
Conclusion
The lithium batteries market is not a monolithic category — it is a collection of technically distinct chemistries serving applications with very different performance requirements. The companies profiled here reflect that diversity, ranging from high-volume global manufacturers like EVE Energy to highly specialized producers like EaglePicher Technologies and Renata SA. What they share is exposure to durable structural growth drivers: aging populations, expanding defense budgets, smart infrastructure mandates, and growing consumer electronics demand across emerging markets.
Looking ahead to 2031, the competitive dynamics of this market will be shaped by investment in R&D, manufacturing scale, and the ability to serve both established and emerging applications. Companies that combine technical innovation — whether in battery chemistry, predictive services, or form factor — with broad distribution and manufacturing efficiency are best positioned to grow their share of a market forecast to reach $4.7 billion by 2031.
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