#Nickel demand for #EVs to outpace #lithium and #cobalt
As a key component of battery cathode chemistry in many existing and upcoming electric vehicles (EVs), nickel will remain an important metal to watch in the coming decade, market analyst Fitch Solutions maintains in its latest industry report.
Impact of EV battery manufacturing on nickel consumption and now expects nickel demand for EV battery manufacturing to experience an annual average growth rate of 29% over 2021-2030, outpacing both lithium and cobalt demand, the analyst says.
The analyst also maintains the underlying assumption that NMC 811 cathodes will rise to 80.0% of NMC market share by 2027, which will effectively raise the average nickel content from 34.6kg to 44.5kg for each NMC cathode produced.
Automakers such as BMW, Hyundai and Renault use the NMC chemistry in their vehicles.
NMC cathodes once featured equal proportions of nickel, manganese, and cobalt, a blend called NMC 111. Over time, battery makers have increased nickel and reduced cobalt, using thermal management systems and electronics that regulate charging and discharging to reduce degradation of the cathode material. The latest generation of this formulation, with an 8:1:1 ratio of nickel to manganese to cobalt.
Read more at: https://www.mining.com/nickel-demand-for-evs-to-outpace-lithium-and-cobalt-report/