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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":668,"relatedVideos":669},112467864743988,"f77c9596-51e0-44aa-a15b-40a82917ea97","In Charts:  How much must battery mineral supply grow to meet demand?","in-charts-how-much-must-battery-mineral-supply-grow-to-meet-demand","article/in-charts-how-much-must-battery-mineral-supply-grow-to-meet-demand",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":635,"featured":51,"reporter":636,"_editable":640,"component":641,"seo_title":543,"categories":642,"visibility":658,"author_company":49,"data_vis_image":659,"featured_image":663,"seo_description":635,"author_full_name":49,"author_job_title":49,"formattedDate":666,"formattedArticleDate":667},"b0ed3c1b-3602-4046-a9a0-260b552b8b69","2025-04-02 00:00",[550],{"slug":551,"name":552},"data-visualisation","Data Visualisation",[554],{"slug":555,"name":556,"content":557},"didi-bostock","Didi Bostock",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Editor - Energy Transition & Economics",{"filename":560},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":564,"content":565},"doc",[566,573,578,590,595,600,607,612,617,625,630],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"Global lithium supply will need to nearly quadruple to meet battery demand projections by 2040, the latest analysis from Benchmark shows. ","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576],{"text":577,"type":572},"Synthetic graphite and lithium will require the highest absolute growth during the forecast period, while high-purity manganese sulfate (HPMSM) will require the most significant relative expansion by 2030.",{"type":579,"attrs":580},"blok",{"id":581,"body":582},"2ebfb2fd-97b7-408e-bc69-ad35e056aa76",[583],{"id":584,"_uid":585,"type":586,"_editable":587,"component":588,"fixed_height":589,"use_fixed_height":50,"fixed_height_mobile":589,"fixed_height_tablet":589},"21117373","i-81eb87fb-79f5-49e3-b525-6b63984fed83","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-81eb87fb-79f5-49e3-b525-6b63984fed83\", \"id\": \"\"}-->","ContentFlourish","",{"type":567,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":572},"All battery mineral markets are due to be transformed as miners race to meet demand projections over the coming decade. Rapidly rising global electric vehicle (EV) adoption rates and the build out of stationary storage (BESS) infrastructure, to support the global energy transition, are set to accelerate battery demand growth over the forecast period.",{"type":567,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":572},"However, the current low-price environment is disincentivising upstream investment in new supply and leading miners to curtail production at existing mines, particularly in the West, creating future supply risk that could complicate supply growth trajectories.",{"type":601,"attrs":602,"content":604},"heading",{"level":603,"textAlign":49},4,[605],{"text":606,"type":572},"Where will new supply come from?",{"type":567,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":572},"Each battery raw material has a unique supply profile—requiring investment in different resource-rich corners of the globe. Despite the Democratic Republic of Congo (DRC) capturing the lion’s share of global cobalt supply (76% in 2024), Indonesia is set to be the largest source of incremental cobalt supply growth (52% of total supply growth) through to 2035. ",{"type":567,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":572},"Likewise, Indonesia will be the major source of total nickel incremental supply growth (82%), while supply additions in the lithium market will be more geographically spread across different regions, with Argentina (17%), the US (16%), and China (14%) leading the pack.",{"type":579,"attrs":618},{"id":619,"body":620},"07500e7a-453f-44b2-9ec4-54affef4d352",[621],{"id":622,"_uid":623,"type":586,"_editable":624,"component":588,"fixed_height":589,"use_fixed_height":50,"fixed_height_mobile":589,"fixed_height_tablet":589},"21146611","i-34197782-773f-4c73-8e5f-7faee6ca4f23","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-34197782-773f-4c73-8e5f-7faee6ca4f23\", \"id\": \"\"}-->",{"type":567,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":572},"China is set to compose the largest share of incremental supply growth for natural graphite (28%), synthetic graphite (77%), and high purity manganese sulphate (55%). ",{"type":567,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":572},"As China grows its share of supply in these markets, it will pose supply security challenges for the European Union (EU) and the US, both of which are undergoing wide-ranging critical mineral supply chain de-risking efforts.","Global lithium supply will need to nearly quadruple to meet battery demand projections by 2040, the latest analysis from Benchmark shows. Synthetic graphite and lithium will require the highest absolute growth during the forecast period, while high-purity manganese sulfate (HPMSM) will require the most significant relative expansion by 2030. All battery mineral markets are due […]",[637],{"slug":555,"name":556,"content":638},{"job_title":558,"image":639,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b0ed3c1b-3602-4046-a9a0-260b552b8b69\", \"id\": \"\"}-->","article",[643,645,648,651,653,656],{"slug":644,"name":115},"cobalt",{"slug":646,"name":647},"critical-minerals","Critical Minerals",{"slug":649,"name":650},"graphite","Graphite",{"slug":652,"name":8},"lithium",{"slug":654,"name":655},"manganese","Manganese",{"slug":657,"name":150},"nickel","private",{"id":49,"alt":589,"name":589,"focus":589,"title":589,"source":589,"filename":660,"copyright":589,"fieldtype":661,"meta_data":662,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1743612569/www-production/Briefing-and-resources-Supply-growth-Index@2x/Briefing-and-resources-Supply-growth-Index@2x.png?_i=AA","asset",{"alt":589,"title":589,"source":589,"copyright":589},{"id":49,"alt":589,"name":589,"focus":589,"title":589,"source":589,"filename":664,"copyright":589,"fieldtype":661,"meta_data":665,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d0a32e42e2/bm-lithium-mine.jpg",{"alt":589,"title":589,"source":589,"copyright":589},"Apr 02, 2025","2nd April 2025",[],[],1781512926564]