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Visualisation",{"filename":574},"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":578,"content":579},"doc",[580,587,592,597,602,607,612,621,626,631,638,653,660,673,678,685,690,695,700,705,710,717,738,743,748,753,758],{"type":581,"attrs":582,"content":583},"paragraph",{"textAlign":49},[584],{"text":585,"type":586},"Despite the rapid growth in use of cheaper lithium iron phosphate (LFP) cathodes in batteries over the past year, nickel cobalt manganese (NCM) chemistries will be dominant by the end of the decade, due to growth in Western electric vehicle markets. ","text",{"type":581,"attrs":588,"content":589},{"textAlign":49},[590],{"text":591,"type":586},"LFP is forecast to account for 44% of total cathode demand in 2030 while NCM is forecast to account for 48% of the cathode market share, according to Benchmark. ",{"type":581,"attrs":593,"content":594},{"textAlign":49},[595],{"text":596,"type":586},"“While LFP will be the chemistry of choice in China, NCM will be preferred in the EU and North American markets,” Jorge Uzcategui, analyst at Benchmark, said during a keynote presentation at Benchmark Week 2023. ",{"type":581,"attrs":598,"content":599},{"textAlign":49},[600],{"text":601,"type":586},"Uzcategui added that the scale of investments towards setting up NCM plants has been quite sizable in both the US and Europe when compared with LFP. ",{"type":581,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":586},"Europe’s NCM cathode capacity is estimated to be seven times higher than LFP capacity by 2030, according to the Benchmark Cathode Price Assessment. In North America, NCM cathode capacity is estimated to be three times higher than LFP.",{"type":581,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":586},"LFP cathodes have increased in popularity recently due to their lower cost, higher safety profile and higher lifecycle, while NCM cathodes offer longer range, especially for cathodes with higher nickel intensities.",{"type":581,"attrs":613,"content":614},{"textAlign":49},[615],{"type":616,"attrs":617},"image",{"id":49,"alt":618,"src":619,"title":49,"source":49,"copyright":49,"meta_data":620},"","https://a.storyblok.com/f/287943243085208/8e9f0105ff/bm-lfp-vs-ncm.png",{},{"type":581,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":586},"China, the world’s leading electric vehicle market, has rapidly adopted LFP cathodes over NCM chemistries. The country currently produces nearly all the global LFP battery materials, but a number of companies in the US and Europe are looking to adopt this chemistry due to its lower cost and being nickel- and cobalt-free. ",{"type":581,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":586},"“LFP as a battery chemistry has had some proven scalability and a very strong track record, particularly in China,” Benchmark analyst Maximilian Court told delegates at Benchmark Week 2023, adding that cell producers outside of China are reacting to demand and building capabilities.",{"type":581,"attrs":632,"content":633},{"textAlign":49},[634],{"type":616,"attrs":635},{"id":49,"alt":618,"src":636,"title":49,"source":49,"copyright":49,"meta_data":637},"https://a.storyblok.com/f/287943243085208/05260f140b/bm-max-bmw-2023.jpg",{},{"type":581,"attrs":639,"content":640},{"textAlign":49},[641,643,651],{"text":642,"type":586},"A host of LFP cathode",{"text":644,"type":586,"marks":645}," projects outside China",[646],{"type":647,"attrs":648},"link",{"href":649,"uuid":49,"anchor":49,"target":49,"linktype":650},"https://source.benchmarkminerals.com/article/the-rise-of-lfp-batteries-outside-of-china","url",{"text":652,"type":586}," are underway including Freyr and Finnish Minerals Group’s collaboration for a LFP cathode plant in Finland. Freyr is also building a LFP battery plant in the US state of Georgia with a capacity of 34 gigawatt hours (GWh) for $1.7 billion. Battery startup Our Next Energy plans to invest $1.6 billion in a 20 GWh battery factory in Michigan.   ",{"type":581,"attrs":654,"content":655},{"textAlign":49},[656],{"type":616,"attrs":657},{"id":49,"alt":618,"src":658,"title":49,"source":49,"copyright":49,"meta_data":659},"https://a.storyblok.com/f/287943243085208/31fdbad907/bm-global-lfp-expansion.png",{},{"type":581,"attrs":661,"content":662},{"textAlign":49},[663,665,671],{"text":664,"type":586},"The LFP supply capacity in China is set to grow by 3.5 times by 2030 from 450 GWh this year, Court said, citing the ",{"text":666,"type":586,"marks":667},"Benchmark Cathode Forecast",[668],{"type":647,"attrs":669},{"href":670,"uuid":49,"anchor":49,"target":49,"linktype":650},"https://www.benchmarkminerals.com/forecasts/cathode/reports/",{"text":672,"type":586},". In contrast, the rest of the world currently has less than 4 GWh of LFP capacity and needs to play catch up. ",{"type":581,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":586},"Despite recent investments, the West will have to depend on China’s supply in the short to mid-term, according to the Benchmark Cathode Forecast.",{"type":679,"attrs":680,"content":682},"heading",{"level":681,"textAlign":49},4,[683],{"text":684,"type":586},"Nickel, cobalt deficits",{"type":581,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":586},"Preference for nickel cobalt manganese cathodes for electric vehicle batteries in North America and Europe is likely to drive the current surpluses for these raw materials into deficit towards the end of the decade, Uzcategui said.",{"type":581,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":586},"Continuous investments in Indonesia and Africa has helped bring nickel and cobalt capacities online faster than the current demand. ",{"type":581,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":586},"“There’s been a lot of ramp ups and expansions in different operations for both of these markets,” Uzcategui said.",{"type":581,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":586},"“We’re also seeing weaker than expected demand due to the current macroeconomic environment yet we see that there are large growing supply gaps for both of these markets happening for nickel from 2028 onwards and for cobalt from 2027,” Uzcategui said. ",{"type":581,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":586},"While the global supply of nickel and cobalt is expected to increase multifold over the coming years, the Benchmark forecasts show there is not enough materials to satisfy the growth in electric vehicle battery demand from the late 2020s onwards.",{"type":581,"attrs":711,"content":712},{"textAlign":49},[713],{"type":616,"attrs":714},{"id":49,"alt":618,"src":715,"title":49,"source":49,"copyright":49,"meta_data":716},"https://a.storyblok.com/f/287943243085208/6c1761a7aa/bm-nickel-cobalt-deficits.png",{},{"type":581,"attrs":718,"content":719},{"textAlign":49},[720,722,728,730,736],{"text":721,"type":586},"Global nickel supply is expected to increase to 4.7 million tonnes by 2030 from 3.4 million tonnes this year, according to the ",{"text":723,"type":586,"marks":724},"Benchmark Nickel Forecast",[725],{"type":647,"attrs":726},{"href":727,"uuid":49,"anchor":49,"target":49,"linktype":650},"https://www.benchmarkminerals.com/forecasts/nickel/",{"text":729,"type":586},". The supply of cobalt is expected to increase to around 350,000 tonnes by 2030 from 225,117 tonnes this year, according to the ",{"text":731,"type":586,"marks":732},"Benchmark Cobalt Forecast",[733],{"type":647,"attrs":734},{"href":735,"uuid":49,"anchor":49,"target":49,"linktype":650},"https://www.benchmarkminerals.com/forecasts/cobalt/reports/",{"text":737,"type":586},".",{"type":679,"attrs":739,"content":740},{"level":681,"textAlign":49},[741],{"text":742,"type":586},"Manganese & phosphoric acid deficits",{"type":581,"attrs":744,"content":745},{"textAlign":49},[746],{"text":747,"type":586},"Growing demand for LFP cathodes could also lead to market deficits for both manganese and phosphoric acid, according to Court.",{"type":581,"attrs":749,"content":750},{"textAlign":49},[751],{"text":752,"type":586},"Court added that securing pure chemical forms of these relatively abundant minerals is key. The phosphate works to provide lithium ions with a latticework by which to move and impurities impede that movement and could also be dangerous. ",{"type":581,"attrs":754,"content":755},{"textAlign":49},[756],{"text":757,"type":586},"Manganese too requires a high level of purity and is difficult to produce at scale and expensive as well. Battery makers use the highly refined form of manganese metal to increase the performance of LFP and the NCM batteries. While manganese ore is abundant, its processing is dominated by China. ",{"type":581,"attrs":759,"content":760},{"textAlign":49},[761],{"type":616,"attrs":762},{"id":49,"alt":618,"src":763,"title":49,"source":49,"copyright":49,"meta_data":764},"https://a.storyblok.com/f/287943243085208/be49a96454/bm-manganese-and-ppa-deficits.png",{},"Despite the rapid growth in use of cheaper lithium iron phosphate (LFP) cathodes in batteries over the past year, nickel cobalt manganese (NCM) chemistries will be dominant by the end of the decade, due to growth in Western electric vehicle markets. LFP is forecast to account for 44% of total cathode demand in 2030 while […]",[767],{"slug":569,"name":570,"content":768},{"job_title":572,"image":769,"bio":575,"linkedin":576},{"filename":574},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d15b0405-799f-4c50-839c-abc5a694e8ba\", \"id\": \"\"}-->","article",[773,776,778,780,783,786,788,791,793],{"slug":774,"name":775},"batteries","Batteries",{"slug":777,"name":298},"cathode",{"slug":779,"name":115},"cobalt",{"slug":781,"name":782},"critical-minerals","Critical Minerals",{"slug":784,"name":785},"gigafactories","Battery & Gigafactory",{"slug":787,"name":8},"lithium",{"slug":789,"name":790},"manganese","Manganese",{"slug":792,"name":150},"nickel",{"slug":794,"name":795},"phosphate","Phosphate","private",{"id":49,"alt":618,"name":618,"focus":618,"title":618,"source":618,"filename":798,"copyright":618,"fieldtype":799,"meta_data":800,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c828417c5b/bm-jorge-bmw-2023.jpg","asset",{"alt":618,"title":618,"source":618,"copyright":618},"Nov 21, 2023","21st November 2023",[],[],1780500957791]