While the share of cobalt in battery chemistry mix is expected to decrease, the absolute demand for cobalt for all applications could rise by 7.5% a year from 2023 and 2030, McKinsey estimates, adding that shortages of
Based on the current market, battery manufacturers can expect challenges securing the supply of several essential battery raw materials such as lithium, high-grade nickel, cobalt and manganese.
The global shift to EVs is accelerating, but McKinsey warns of significant strain on the supply chain for critical battery materials by 2030.
End-of-Life batteries and scrap from battery gigafactories in Europe have potential to provide 14% of all lithium, 16% of nickel, 17% of manganese, and a quarter of cobalt demand by 2030 already. These materials
Currently, the nickel-manganese-cobalt (NMC) and lithium-iron-phosphate (LFP) variants of lithium-ion (Li-ion) batteries lead the market for EV battery packs, with LFP batteries
Nickel-cobalt-manganese (NCM) chemistries became the largest driver of cobalt demand, above all other end-use markets. 2022 was the first year in which lithium cobalt oxide (LCO) demand
But most of these vehicles use LFP batteries, limiting the impact on nickel demand. Additionally, battery producers are leaning toward mid-nickel NCM chemistries. These offer better thermal stability and reduce the risk
Lithium iron phosphate (LFP) will be the dominant battery chemistry over nickel manganese cobalt (NMC) by 2028, in a global market of demand exceeding 3,000GWh by 2030.
Lithium nickel manganese cobalt oxides (abbreviated NMC, Li-NMC, LNMC, or NCM) are mixed metal oxides of lithium, nickel, manganese and cobalt with the general formula LiNi x Mn y Co
This study focuses on the future demand for electric vehicle battery cathode raw materials lithium, cobalt, nickel, and manganese by considering different technology and
As of 2023, global nickel production reached 3.6 million tonnes, with Indonesia and the Philippines supplying nearly 60% of the world''s nickel. By 2030, demand for nickel in EV batteries is projected to rise to 18%, up from 8%
6 天之前· Unlike traditional nickel-cobalt-manganese (NCM) batteries, LFP batteries remove the need for costly and rare materials like cobalt and nickel, making them a more sustainable and budget-friendly choice. This rise in
This graphic, using exclusive data from Benchmark Mineral Intelligence (as of February 2025), compares battery capacity by cathode type across major countries. It focuses
McKinsey reveals 2030 battery raw material outlook on lithium, nickel and cobalt as demand for these materials may soon outstrip base-case supply The electrification of
U.S. lithium-ion battery market highlights The U.S. lithium-ion battery market generated a revenue of USD 87.8 million in 2023 and is expected to reach USD 526.9 million by 2030. The U.S.
Nickel Manganese Cobalt(NMC) Market size was valued at USD 3.12 Billion in 2024 and is forecasted to grow at a CAGR of 10.
NMC (Nickel-Manganese-Cobalt) and NCA (Nickel-Cobalt-Aluminum) battery production consumes 62 % and 31 % of this nickel, respectively. Secondary nickel production
Lithium-nickel-manganese-cobalt-oxide (NMC) batteries, which have a cathode containing 10-20% cobalt, are the most common battery chemistries currently used in EVs. The metal forms a significant part of li-ion battery as it aids in the
Lithium-ion Battery Market Summary The global lithium-ion battery market size was estimated at USD 54.4 billion in 2023 and is projected to reach USD 182.5 billion by 2030, growing at a CAGR of 20.3% from 2024 to 2030. Automotive
The NMC battery market, encompassing Nickel Manganese Cobalt (NMC) lithium-ion batteries, has become a pivotal segment in the energy storage landscape. With the increasing demand
The level of battery manufacturing technology, such as energy density, is currently similar in China, South Korea and Japan, but Korea has a slight advantage in productivity (quality control
Notably, multiple initiatives focus on lithium (22), nickel (12), cobalt (10), manganese (7), and graphite (11), strengthening the EU battery value chain. With these efforts,
As the global push toward clean energy gains momentum, demand for certain minerals and metals is projected to increase significantly by 2040. The infographic above
By 2030, this figure is projected to increase to 95%. Innovations such as direct lithium extraction are progressing, yet demand continues to outpace supply, underscoring the
By Battery Power Staff November 28, 2018 | Kokam has announced two projects totaling 40 Megawatt hours (MWh) of photovoltaic (PV)-connected Energy Storage
Recyclers also have to contend with a range of other battery chemistries—older formulations and those used in portable electronic devices, which include lithium cobalt oxide, lithium manganese oxide, and nickel cobalt
Nickel-cobalt-manganese (NCM) batteries are a type of lithium-ion battery known for their high energy density and stability, making them ideal for electric vehicles (EVs) and energy storage
Among LIBs, nickel-manganese-cobalt (NMC) batteries will remain dominant through to 2030, but their share will fall to 44% as the LFP battery share rises to 24%, from 20% in 2023.
Metal Properties Cobalt (chemical symbol Co) is a magnetic and lustrous steel grey metal possessing similar properties to iron and nickel in terms of hardness, tensile strength, machinability, thermodynamic properties, and
Second life: Create a 2.2GWh public ESS market to expand demand for second use batteries Recycling: Cobalt sulfate – 22.000 tons/year, nickel sulfate – 62.500 tons/year, manganese
Battery 2030: Resilient, sustainable, and circular Battery demand is growing—and so is the need for better solutions along the value chain.
In a previous article, we discussed how a lithium-ion battery works and provided an introduction to NMC and LFP batteries. Let''s dive into the details further. NMC Batter y Composition NMC batteries are a type of lithium
The quantities of material demand for manganese used in LIBs are low in contrast to the high global production volume. However, the calculation for lithium and cobalt predicts a higher material demand in 2040 than the production volume of these battery metals in 2021. In the case of nickel, it depends on the technology and growth scenario.
South Korea’s leading battery materials maker L&F Co. plans to begin mass production of nickel-cobalt-manganese (NCM) battery cathodes with 95% nickel content – the highest nickel content for such a battery type – in December.
McKinsey's 2030 battery raw materials supply outlook (Source: McKinsey) McKinsey's report pinpoints geographical concentrations of raw materials: Indonesia is a key player in nickel, the DRC in cobalt and Argentina, Bolivia and Chile in lithium.
The results show that in 2040 the future material demand for lithium, cobalt, and nickel for use in EV LIB cathodes exceed today's production volume. Future demand for lithium and cobalt in SSP1 and SSP2 exceeds today's production by up to 8 times. Nickel exceeds today's production only in the critical material scenario in SSP1.
The high nickel content improves the capacity of the materials and, for instance, increases that of an NMC 811 by almost 50% compared to NMC 111 to about 200 mAh/g (Research Interfaces 2018). It is predicted that NMC with various compositions will dominate 75% of the battery market in 2030 (Zhao 2018). 3.2.1. Medium-Ni materials
Although battery chemistry is evolving to reduce cobalt reliance, McKinsey forecasts a 7.5% annual increase in absolute cobalt demand until 2030. This growth highlights issues around sourcing transparency and price volatility, with companies prioritising ethical and sustainable practices in response.
