This graphic illustrates this change, driven primarily by growing battery demand. The data comes exclusively from Benchmark Mineral Intelligence, as of November 2024.
Minerals make up the bulk of materials used to produce parts within the cell, ensuring the flow of electrical current:
Lithium: Acts as the primary charge carrier, enabling energy storage and transfer within the battery.
Cobalt: Stabilizes the cathode structure, improving battery lifespan and performance.
Nickel: Boosts energy density, allowing batteries to store more energy.
Manganese: Enhances thermal stability and safety, reducing overheating risks.
The cells in an average battery with a 60 kilowatt-hour (kWh) capacity—the same size used in a Chevy Bolt—contain roughly 185 kilograms of minerals.
Battery Demand Forecast
Due to the growing demand for these materials, their production and mining have increased exponentially in recent years, led by China. In current scenario, all the metals shown in the graphic experience a surplus.
In the long term, however, with the greater adoption of batteries and other renewable energy technologies, projections indicate that all these minerals will enter a deficit.
Metric 指标 | Lithium (tonnes LCE) 锂 | Nickel (tonnes) 镍 | Cobalt (tonnes) 钴 | Manganese (tonnes) 锰 |
2024 Demand 2024需求 | 1103000 | 3440000 | 230000 | 119000 |
2024 Surplus 2024盈余 | 88000 | 117000 | 24000 | 11000 |
2034 Demand 2034需求 | 3758000 | 6082000 | 468000 | 650000 |
2034 Deficit 2034赤字 | -572000 | -839000 | -91000 | -307000 |
