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High-Nickel",144.45,149.67,-3.49,26.69,49.06,[498,499,500,502,504,506,508,510,512,514,516,518],{"date":188,"value":492},{"date":200,"value":493},{"date":202,"value":501},157.37,{"date":205,"value":503},160,{"date":208,"value":505},149.53,{"date":211,"value":507},141.97,{"date":214,"value":509},136.99,{"date":217,"value":511},129.81,{"date":220,"value":513},114.02,{"date":223,"value":515},109.17,{"date":226,"value":517},109.02,{"date":228,"value":519},99.44,{"publishedDate":188,"updateFrequency":189,"updateFrequencyText":190,"label":521,"today":522,"last":523,"percentageChange":524,"yearToDate":525,"yearOnYear":526,"oneYearIndexTrend":527,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"LFP",229.17,218.34,4.96,49.35,83.44,[528,529,530,532,534,536,538,540,542,544,546,548],{"date":188,"value":522},{"date":200,"value":523},{"date":202,"value":531},239.1,{"date":205,"value":533},258.32,{"date":208,"value":535},239.37,{"date":211,"value":537},213.01,{"date":214,"value":539},204.49,{"date":217,"value":541},218.06,{"date":220,"value":543},153.45,{"date":223,"value":545},134.02,{"date":226,"value":547},118.22,{"date":228,"value":549},111.93,{"id":551,"uuid":552,"name":553,"slug":554,"full_slug":555,"content":556,"relatedArticles":856,"relatedVideos":857},112470451074945,"646af976-ba14-43a7-91b2-b21eb4fc9dd3","How the battery supply chain has changed since the first Benchmark Week in 2016 ","how-the-battery-supply-chain-has-changed-since-the-first-benchmark-week-in-2016","article/how-the-battery-supply-chain-has-changed-since-the-first-benchmark-week-in-2016",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":813,"featured":51,"reporter":814,"_editable":818,"component":819,"seo_title":553,"categories":820,"visibility":846,"author_company":49,"data_vis_image":847,"featured_image":851,"seo_description":813,"author_full_name":49,"author_job_title":49,"formattedDate":854,"formattedArticleDate":855},"a505c00f-8869-4628-9b15-5cce5fa4663e","2023-11-15 00:00",[560,563],{"slug":561,"name":562},"benchmark-week-2023","Benchmark Week 2023",{"slug":564,"name":565},"data-visualisation","Data Visualisation",[567],{"slug":568,"name":569,"content":570},"matthew-bird","Matthew Bird",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Senior Editor - Supply Chains & Data Visualisation",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":577,"content":578},"doc",[579,586,591,596,605,610,625,630,639,644,654,659,664,671,676,681,686,691,696,701,708,713,718,738,751,758,763,768,780,793,806],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583],{"text":584,"type":585},"Benchmark Week has been the leading gathering for the world’s lithium ion battery supply chain since 2016. In the years following the first Benchmark Week the industry has been transformed with gigafactories now producing battery cells at an unprecedented scale. ","text",{"type":580,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":585},"In terms of broad market trends, both battery demand and supply have ramped up significantly with the proliferation of electric vehicles (EVs). In turn, markets for key battery raw materials – lithium, cobalt, nickel, natural graphite, synthetic graphite – have been reshaped. In many cases, the market for batteries is now the dominant source of demand for these materials. ",{"type":580,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":585},"Here we outline some of the most significant changes in the market since 2016, demonstrating the rapid scale-up in EV demand, China’s growing dominance in the market, and how battery demand has grown the markets for key raw materials.",{"type":597,"attrs":598,"content":600},"heading",{"level":599,"textAlign":49},4,[601,603],{"text":602,"type":585},"1. ",{"text":604,"type":585},"Electric vehicles drive 10x growth in demand for batteries",{"type":580,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":585},"In 2016, EVs and portable electronics each made up 49% of battery demand. Up to that point portable electronics had been lithium ion’s main end market but 2016 was the first year where the balance tipped towards EVs. ",{"type":580,"attrs":611,"content":612},{"textAlign":49},[613,615,623],{"text":614,"type":585},"Since then, huge increases in EV production have driven total battery demand to grow more than ten-fold to a forecast 900 gigawatt-hours (GWh) this year according to ",{"text":616,"type":585,"marks":617},"Benchmark’s Lithium ion Battery Database",[618],{"type":619,"attrs":620},"link",{"href":621,"uuid":49,"anchor":49,"target":49,"linktype":622},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports/","url",{"text":624,"type":585},". ",{"type":580,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":585},"Energy storage systems (ESS) demand has grown at the fastest rate during this period, increasing from less than 2 GWh to a forecast 123 GWh this year and is now the second largest market by application.",{"type":580,"attrs":631,"content":632},{"textAlign":49},[633],{"type":634,"attrs":635},"image",{"id":49,"alt":636,"src":637,"title":49,"source":49,"copyright":49,"meta_data":638},"","https://a.storyblok.com/f/287943243085208/a2cbd5351d/bm-remade-chart-for-james-2.jpg",{},{"type":597,"attrs":640,"content":641},{"level":599,"textAlign":49},[642],{"text":643,"type":585},"2. China’s dominance increases, reshaping the lithium ion top 10 ",{"type":580,"attrs":645,"content":646},{"textAlign":49},[647,649,653],{"text":648,"type":585},"Chinese companies have increased their share of battery production from 52% in 2016 to a forecast 74% in 2023, at the expense of Japanese and South Korean companies’ market share according to data from ",{"text":616,"type":585,"marks":650},[651],{"type":619,"attrs":652},{"href":621,"uuid":49,"anchor":49,"target":49,"linktype":622},{"text":624,"type":585},{"type":580,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":585},"Today, CATL has firmly established itself as the leading battery producer globally and Benchmark forecasts it will account for almost one third of global production this year. China’s BYD and South Korea’s LG Energy Solution (LGES) will between them account for 20% of the market this year. ",{"type":580,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":585},"This marks a substantial change from 2016, when the leading producers were Japan’s Panasonic and South Korea’s Samsung SDI, and LG Chem. While LG Chem through LGES has retained its place as the third largest supplier, Panasonic and Samsung SDI have fallen to fifth and sixth place.",{"type":580,"attrs":665,"content":666},{"textAlign":49},[667],{"type":634,"attrs":668},{"id":49,"alt":636,"src":669,"title":49,"source":49,"copyright":49,"meta_data":670},"https://a.storyblok.com/f/287943243085208/5caae255bd/bm-c2-top10-battery-producers.png",{},{"type":597,"attrs":672,"content":673},{"level":599,"textAlign":49},[674],{"text":675,"type":585},"3. Cathode demand has evolved ",{"type":580,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":585},"The change in cathode chemistry demand reflects the shift toward an EV dominated battery industry. ",{"type":580,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":585},"Up to 2016, lithium cobalt oxide (LCO) cathodes had been the leading chemistry by application. LCO is the predominant cathode material for portable electronics which were responsible for the majority of battery demand at that time.",{"type":580,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":585},"By 2018, NCM (nickel, cobalt, manganese) had become the leading cathode material, reflecting the growth in demand for EVs where the chemistry is favoured. ",{"type":580,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":585},"More recently, lithium iron phosphate (LFP) cells have grown in popularity, particularly in China, as technological innovations have helped to lower costs. This cost efficiency is why Benchmark is forecasting LFP demand to overtake NCM in the short term. ",{"type":580,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":585},"This year Benchmark forecasts LFP demand will overtake NCM demand for the first time.",{"type":580,"attrs":702,"content":703},{"textAlign":49},[704],{"type":634,"attrs":705},{"id":49,"alt":636,"src":706,"title":49,"source":49,"copyright":49,"meta_data":707},"https://a.storyblok.com/f/287943243085208/ccfaa53eac/bm-c3-cathode-demand-evolution.png",{},{"type":597,"attrs":709,"content":710},{"level":599,"textAlign":49},[711],{"text":712,"type":585},"4. Anode demand has reshaped the graphite industry ",{"type":580,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":585},"Both synthetic and natural graphite are critical anode materials but in 2016 just 15% of demand for natural graphite came from the battery sector, and 7% for synthetic graphite. ",{"type":580,"attrs":719,"content":720},{"textAlign":49},[721,723,729,731,737],{"text":722,"type":585},"This year the battery sector will consume more than half of the world’s natural flake graphite and 40% of synthetic graphite according to Benchmark’s ",{"text":724,"type":585,"marks":725},"Natural",[726],{"type":619,"attrs":727},{"href":728,"uuid":49,"anchor":49,"target":49,"linktype":622},"https://www.benchmarkminerals.com/forecasts/natural-graphite/",{"text":730,"type":585}," and ",{"text":732,"type":585,"marks":733},"Synthetic Graphite Forecasts",[734],{"type":619,"attrs":735},{"href":736,"uuid":49,"anchor":49,"target":49,"linktype":622},"https://www.benchmarkminerals.com/forecasts/synthetic-graphite/",{"text":624,"type":585},{"type":580,"attrs":739,"content":740},{"textAlign":49},[741,743,749],{"text":742,"type":585},"China dominated the supply chains for both materials in 2016 and still does, ",{"text":744,"type":585,"marks":745},"controlling 75% and 74% of the natural graphite and synthetic graphite supply chains",[746],{"type":619,"attrs":747},{"href":748,"uuid":49,"anchor":49,"target":49,"linktype":622},"https://source.benchmarkminerals.com/article/infographic-china-controls-three-quarters-of-graphite-anode-supply-chain",{"text":750,"type":585},", according to data from Benchmark. This is set to increase to 85% by the end of the decade according to Tony Alderson, an analyst at Benchmark.",{"type":580,"attrs":752,"content":753},{"textAlign":49},[754],{"type":634,"attrs":755},{"id":49,"alt":636,"src":756,"title":49,"source":49,"copyright":49,"meta_data":757},"https://a.storyblok.com/f/287943243085208/9f2526e3b6/bm-charts-for-james-new-headlines-dec-11-04-gr-use.jpg",{},{"type":597,"attrs":759,"content":760},{"level":599,"textAlign":49},[761],{"text":762,"type":585},"5. Batteries transform cobalt and lithium markets; nickel to follow",{"type":580,"attrs":764,"content":765},{"textAlign":49},[766],{"text":767,"type":585},"The battery market has driven significant increases in demand for lithium, cobalt and nickel since 2016. ",{"type":580,"attrs":769,"content":770},{"textAlign":49},[771,773,779],{"text":772,"type":585},"Lithium demand from across cathode chemistries means that 87% of its demand will come from the battery industry in 2023, up from 40% in 2016 according to ",{"text":774,"type":585,"marks":775},"Benchmark’s Lithium Forecast",[776],{"type":619,"attrs":777},{"href":778,"uuid":49,"anchor":49,"target":49,"linktype":622},"https://www.benchmarkminerals.com/forecasts/lithium/reports/",{"text":624,"type":585},{"type":580,"attrs":781,"content":782},{"textAlign":49},[783,785,791],{"text":784,"type":585},"For cobalt, the battery industry will be responsible for 75% of demand this year. In 2016 battery demand for cobalt exceeded 50% for the first time according to ",{"text":786,"type":585,"marks":787},"Benchmark’s Cobalt Forecast",[788],{"type":619,"attrs":789},{"href":790,"uuid":49,"anchor":49,"target":49,"linktype":622},"https://www.benchmarkminerals.com/forecasts/cobalt/reports/",{"text":792,"type":585},". While cobalt demand has increased considerably since then, increases in demand for LFP and high nickel NCM batteries means it hasn’t seen as rapid growth as other raw materials. ",{"type":580,"attrs":794,"content":795},{"textAlign":49},[796,798,804],{"text":797,"type":585},"The rise of NCM cathodes, driven by growing EV demand means refined nickel demand has seen a substantial increase in relative terms, increasing from 4% of the market in 2016 to more than 16% in 2023. This trend is set to continue with demand from high nickel cathodes forecast to exceed demand from ",{"text":799,"type":585,"marks":800},"stainless steel in the 2030s",[801],{"type":619,"attrs":802},{"href":803,"uuid":49,"anchor":49,"target":49,"linktype":622},"https://source.benchmarkminerals.com/article/nickel-demand-for-batteries-to-overtake-stainless-steel-in-late-2030s",{"text":805,"type":585},".",{"type":580,"attrs":807,"content":808},{"textAlign":49},[809],{"type":634,"attrs":810},{"id":49,"alt":636,"src":811,"title":49,"source":49,"copyright":49,"meta_data":812},"https://a.storyblok.com/f/287943243085208/4d2438323c/bm-charts-for-james-new-headlines-dec-11-05-last-use.jpg",{},"Benchmark Week has been the leading gathering for the world’s lithium ion battery supply chain since 2016. In the years following the first Benchmark Week the industry has been transformed with gigafactories now producing battery cells at an unprecedented scale. In terms of broad market trends, both battery demand and supply have ramped up significantly […]",[815],{"slug":568,"name":569,"content":816},{"job_title":571,"image":817,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a505c00f-8869-4628-9b15-5cce5fa4663e\", \"id\": \"\"}-->","article",[821,823,826,828,830,833,836,839,842,844],{"slug":822,"name":265},"anode",{"slug":824,"name":825},"batteries","Batteries",{"slug":827,"name":300},"cathode",{"slug":829,"name":115},"cobalt",{"slug":831,"name":832},"critical-minerals","Critical Minerals",{"slug":834,"name":835},"ess","ESS",{"slug":837,"name":838},"ev","EV",{"slug":840,"name":841},"graphite","Graphite",{"slug":843,"name":8},"lithium",{"slug":845,"name":151},"nickel","private",{"id":49,"alt":848,"name":636,"focus":636,"title":848,"source":636,"filename":637,"copyright":636,"fieldtype":849,"meta_data":850,"is_external_url":51},"Chart showing the change in demand for different components of the lithium ion market (electric vehicles, energy storage, and portable electrics).","asset",{"alt":848,"title":848,"source":636,"copyright":636},{"id":49,"alt":636,"name":636,"focus":636,"title":636,"source":636,"filename":852,"copyright":636,"fieldtype":849,"meta_data":853,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d5393970c1/bm-china-battery-factory.jpg",{"alt":636,"title":636,"source":636,"copyright":636},"Nov 15, 2023","15th November 2023",[],[],1789982580732]