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March 3, 2023

Will scarce raw materials grind the lithium battery market to a halt?

Report Summary

  • This report takes a long hard look at whether or not battery raw materials will run out as the battery industry ramps up output
  • In 2023 we will see 621 GWh of batteries produced for EVs sold in the three largest territories – China, Europe’s 5 largest economies and the US
  • Lithium and Graphite supply will be under strain through to 2026
  • The Inflation Reduction Act’s insistence on new supply lines will see most market opt for LFP, LMFP or M3P batteries, because of the ease of setting up supply chain.
  • Manganese demand will increase significantly with the advent and following acceleration of LMFP production.
  • Demand for nickel (NMC) and cobalt-based chemistries will fall and be limited to North America at the top end of car markets
  • Graphite is the next big problem for battery makers due to its current heavy concentration within China.
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