Recently, the prices of metals have risen sharply, especially nickel, which is one of the important raw materials for the production of lithium batteries. Rising nickel prices also affected the supply and demand for lithium batteries.
Fear of supply cuts caused by the situation in Ukraine, coupled with recent short swings in the futures market, have pushed the price of nickel over $100,000/t. Morgan Stanley estimates that rising nickel prices will increase the cost of producing an electric car by an average of $1,000.
The data shows that in recent years, the global lithium battery market has been constantly growing. It was about $44.2 billion in 2020 and is expected to rise to $94.4 billion by 2025. Electric vehicles are expected to account for 10% of all vehicles by 2025 and increase to 58% by 2040.
The lithium batteries required for the production of electric vehicles mainly include nickel, cobalt, lithium, graphite and copper. Australia, Chile, China and Argentina are the world’s main producers of lithium, while Russia is the world’s largest producer of lithium, as well as the third largest producer of nickel.
In recent years, lithium battery recycling has also become a new trend. The global market for lithium battery recycling is estimated to grow to US$10.7 billion by 2026.
Source: ixbt
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