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2030s","nickel-demand-for-batteries-to-overtake-stainless-steel-in-late-2030s","article/nickel-demand-for-batteries-to-overtake-stainless-steel-in-late-2030s",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":683,"featured":51,"reporter":684,"_editable":688,"component":689,"seo_title":543,"categories":690,"visibility":696,"author_company":49,"data_vis_image":697,"featured_image":701,"seo_description":683,"author_full_name":49,"author_job_title":49,"formattedDate":704,"formattedArticleDate":705},"e7dd019b-f457-42cb-b2cb-46e83c3a1b65","2023-07-11 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",[566,583,588,593,606,615,620,625,638,651,671,676],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570,573,581],{"text":571,"type":572},"Nickel demand from the battery industry is expected to grow 27% this year, compared to just 4% from stainless steel, according to ","text",{"text":574,"type":572,"marks":575},"Benchmark’s Nickel Forecast",[576],{"type":577,"attrs":578},"link",{"href":579,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://www.benchmarkminerals.com/forecasts/nickel","url",{"text":582,"type":572},".",{"type":567,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":572},"The stainless steel industry is currently the primary demand driver for refined nickel, accounting for more than 60% of demand this year.",{"type":567,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":572},"This is forecast by Benchmark to change in 2036, when batteries will be the largest single market for nickel. In 2020, the battery market became the second largest demand driver for batteries when it overtook the non-ferrous market.",{"type":567,"attrs":594,"content":595},{"textAlign":49},[596,598,604],{"text":597,"type":572},"“Most of the growth is from batteries,” Harry Fisher, a project manager at Benchmark, said. “The total volume growth in NCM [nickel cobalt manganese] battery cells is driving this increase. In particular, most of this volume growth we are seeing is ",{"text":599,"type":572,"marks":600},"NCM 811",[601],{"type":577,"attrs":602},{"href":603,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/article/ncm-811-cathode-production-in-deficit-from-next-year",{"text":605,"type":572},".”",{"type":567,"attrs":607,"content":608},{"textAlign":49},[609],{"type":610,"attrs":611},"image",{"id":49,"alt":612,"src":613,"title":49,"source":49,"copyright":49,"meta_data":614},"","https://a.storyblok.com/f/287943243085208/59a8a0c31c/bm-nickel-demand-by-sector-1.png",{},{"type":567,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":572},"Battery demand dominates other minerals",{"type":567,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":572},"Demand for other battery minerals have been overtaking their respective incumbent markets over the past few years.",{"type":567,"attrs":626,"content":627},{"textAlign":49},[628,630,636],{"text":629,"type":572},"Although the battery industry has been the largest sector for lithium since Benchmark began tracking the mineral in 2015, it became over 50% of the market for the first time in 2018. ",{"text":631,"type":572,"marks":632},"Benchmark’s Lithium Forecast",[633],{"type":577,"attrs":634},{"href":635,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://www.benchmarkminerals.com/forecasts/lithium",{"text":637,"type":572}," expects the battery industry to be 87% of lithium demand this year.",{"type":567,"attrs":639,"content":640},{"textAlign":49},[641,643,649],{"text":642,"type":572},"Cobalt has a similar story to lithium. The battery sector drove over 50% of demand for the mineral in 2016 and ",{"text":644,"type":572,"marks":645},"Benchmark’s Cobalt Forecas",[646],{"type":577,"attrs":647},{"href":648,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://www.benchmarkminerals.com/forecasts/cobalt",{"text":650,"type":572},"t expects the sector to account for 74% of demand this year.",{"type":567,"attrs":652,"content":653},{"textAlign":49},[654,656,662,664,670],{"text":655,"type":572},"The battery industry overtook the stainless steel industry for demand of ",{"text":657,"type":572,"marks":658},"flake graphite in 2021",[659],{"type":577,"attrs":660},{"href":661,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/video/watch/analyst-insights-natural-flake-graphites-lithium-ion-moment",{"text":663,"type":572}," and then reached above 50% of demand for the material in 2022, according to ",{"text":665,"type":572,"marks":666},"Benchmark’s Natural Graphite Forecast",[667],{"type":577,"attrs":668},{"href":669,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://www.benchmarkminerals.com/forecasts/natural-graphite",{"text":582,"type":572},{"type":567,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":572},"Unlike the minerals described above, nickel is a bulk commodity with major applications outside of the battery sector, especially the large stainless steel market. In 2016, the nickel market exceeded two million tonnes, compared to cobalt which was less than 100,000 tonnes in the same year, highlighting the stark difference in the markets.",{"type":567,"attrs":677,"content":678},{"textAlign":49},[679],{"type":610,"attrs":680},{"id":49,"alt":612,"src":681,"title":49,"source":49,"copyright":49,"meta_data":682},"https://a.storyblok.com/f/287943243085208/516be4b98d/bm-battery-demand-by-mineral.png",{},"Nickel demand from the battery industry is expected to grow 27% this year, compared to just 4% from stainless steel, according to Benchmark’s Nickel Forecast. The stainless steel industry is currently the primary demand driver for refined nickel, accounting for more than 60% of demand this year. This is forecast by Benchmark to change in […]",[685],{"slug":555,"name":556,"content":686},{"job_title":558,"image":687,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e7dd019b-f457-42cb-b2cb-46e83c3a1b65\", \"id\": \"\"}-->","article",[691,694],{"slug":692,"name":693},"critical-minerals","Critical Minerals",{"slug":695,"name":150},"nickel","private",{"id":49,"alt":612,"name":612,"focus":612,"title":612,"source":612,"filename":698,"copyright":612,"fieldtype":699,"meta_data":700,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692311912/www-production/Nickel-demand-by-sector-1-1/Nickel-demand-by-sector-1-1.png?_i=AA","asset",{"alt":612,"title":612,"source":612,"copyright":612},{"id":49,"alt":612,"name":612,"focus":612,"title":612,"source":612,"filename":702,"copyright":612,"fieldtype":699,"meta_data":703,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5784f313f5/bm-nickel-demand-featured-image.jpg",{"alt":612,"title":612,"source":612,"copyright":612},"Jul 11, 2023","11th July 2023",[],[],1783091367434]