As battery metals continue to rise to the forefront of attention, much has centered around lithium and cobalt.
Governments have enacted policies to encourage investment into the critical raw materials they deem essential to the green energy transition. At the same time, supply chain concerns surrounding nickel have begun to garner increasing focus.
As a key component of battery cathode chemistry in many existing and upcoming electric vehicles (EVs), nickel will remain an important metal to watch in the coming decade, market analyst Fitch Solutions maintains in its latest industry report.
Fitch has updated its estimate of the impact of EV battery manufacturing on nickel consumption and now expects nickel demand for EV battery manufacturing to experience an annual average growth rate of 29% over 2021-2030, outpacing both lithium and cobalt demand, the analyst says.
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