Published
30 mins ago
on
February 9, 2024
| 21 views
-->
By
Tessa Di Grandi
Article & Editing
- Bruno Venditti
Graphics & Design
- Alejandra Dander
The following content is sponsored by Sprott
The Future Demand For Battery Minerals
Battery minerals are vital for the clean energy transition. They power cost-effective, on-demand energy systems and are at the core of decarbonizing transportation.
In this graphic, our sponsor Sprott examines the growth in demand for battery metals, as well as potential supply constraints.
Exploring Mineral Growth to 2040
Demand for battery metals is set to skyrocket in the coming years. Let’s break down the expected growth between current usage and the projected demand in 2040, based on a Net Zero Emissions Scenario (NZE):
Mineral Demand (kilotonnes) | 2022 | 2040P (NZE) |
---|---|---|
Copper | 6,062.6 kt | 20,677.8 kt |
Cobalt | 68.3 kt | 258.5 kt |
Lithium | 73.3 kt | 1,187.5 kt |
Nickel | 460.6 kt | 4,344.8 kt |
Graphite | 552.8 kt | 4,540.4 kt |
Manganese | 187.4 kt | 1,507.3 kt |
The raw materials that batteries use can differ depending on their chemical compositions. However, these metals are considered critical for EVs and energy storage.
For example, the cells in the average battery with a 60 kilowatt-hour (kWh) capacity—the same size that’s used in a Chevy Bolt—contained roughly 185 kilograms of minerals.
Supply Gap in 2030
The growing demand for these battery metals is raising concerns over supply. Predicted shortages are expected to emerge by or before 2030, according to Energy Transitions Commission:
Mineral | Supply gap in 2030P |
---|---|
Copper | -10% |
Nickel | -15% |
Lithium | -30% |
Cobalt | -40% |
The rising demand for key minerals, driven in part by the move to EVs, could result in a supply gap that provides a potential investment opportunity in mineral exploration and mining companies. Interested in learning more?
Invest in the energy of tomorrow. Sprott Energy Transition ETFs offer a focused investment opportunity in the miners of the critical minerals essential to fueling the clean energy transition.
Please enable JavaScript in your browser to complete this form.Enjoying the data visualization above? *Subscribe
Related Topics: #battery #battery metals #clean energy #cobalt #copper #evs #graphite #lithium #manganese #minerals #nickel #renewable energy #renewables #sprott
Click for Comments
var disqus_shortname = "visualcapitalist.disqus.com";
var disqus_title = "Visualizing the Future Demand for Battery Minerals";
var disqus_url = "https://www.visualcapitalist.com/sp/visualizing-the-future-demand-for-battery-minerals/";
var disqus_identifier = "visualcapitalist.disqus.com-164439";
You may also like
-
Mining1 month ago
The Periodic Table of Commodity Returns (2014-2023)
Commodity returns in 2023 took a hit. This graphic shows the performance of commodities like gold, oil, nickel, and corn over the last decade.
-
China1 month ago
China Dominates the Supply of U.S. Critical Minerals List
The U.S. Geological Survey estimates that in 2022, China was the world’s leading producer of 30 out of 50 entries on the U.S. critical minerals list.
-
Mining2 months ago
The Critical Minerals to China, EU, and U.S. National Security
Ten materials, including cobalt, lithium, graphite, and rare earths, are deemed critical by all three.
-
Mining3 months ago
All the Metals We Mined in One Visualization
This infographic visualizes the 2.8 billion tonnes of metals mined in 2022.
-
Precious Metals5 months ago
200 Years of Global Gold Production, by Country
Global gold production has grown exponentially since the 1800s, with 86% of all above-ground gold mined in the last 200 years.
-
United States6 months ago
Charted: America’s Import Reliance of Key Minerals
The U.S. is heavily reliant on imports for many critical minerals. How import-dependent is the U.S. for each one, and on which country?
Subscribe
Please enable JavaScript in your browser to complete this form.Join the 375,000+ subscribers who receive our daily email *Sign Up
The post Visualizing the Future Demand for Battery Minerals appeared first on Visual Capitalist.