Escalating unrest in Mali, as jihadi groups target fuel convoys around the capital Bamako, has led several governments including France and the US to advise their citizens to leave the country. The attacks have created fuel shortages, and raised serious concerns around the military government’s ability to maintain its rule in the country. Mali is […]

India’s pipeline of cathode active material (CAM) production capacity is set to grow more than 50-fold over the next decade. Altmin, Himadri Speciality Chemical, and Epsilon Advanced Materials have the largest pipeline capacities in the country. Almost all CAM capacity under development in India is for LFP, both due to the popularity of the cathode […]

Global mined rare earth supply in 2024 was six times higher than in 1994, according to an analysis by Benchmark’s Rare Earths Forecast and the United States Geological Survey. Back then, China and the US constituted the majority of supply. However, repeated spills of toxic wastewater into the Mojave National Preserve from the Mountain Pass […]

Benchmark has tracked over $50 billion of energy transition funding, throughout 2025 in its Energy Transition Capital database, with the largest share allocated to the battery supply chain. The role of debt, grants, and equity Debt The EV, battery, and battery materials markets have matured rapidly over the past few years. As a result, debt is playing an increasingly […]

The mining industry accounted for ~5% of global carbon emissions last year, with roughly half originating from mining vehicles. Electrifying mine sites offers an opportunity for miners to cut emissions while also reducing costs. With 30%–50% of a mine’s energy costs attributed to diesel, replacing internal combustion fleets can deliver significant savings. “Mining electrification is […]

The UK currently has no operating lithium extraction facilities. However, there are ambitious plans to develop this industry, with 97,000 tonnes LCE per year of nameplate capacity in the pipeline at various stages of funding and development. Direct lithium extraction (DLE) from geothermal brines accounts for 60% of this pipeline, according to Benchmark’s Lithium Forecast. […]

In the first half of 2025, the global BESS battery market showed clear signs of accelerated growth, with cell shipments in the first six months of 2025 surpassing the total volume of 2023 by over 17%. Explore how the top 10 ESS cell producers has evolved since 2023 in the interactive graphic below. Previously we examined the top BESS […]

California has led the way in the electrification of the US’ vehicle market with one in four of all new vehicle sales in 2024 being an EV, higher than the country-level penetration rate of 10%. As the most populous state, it commands a large proportion of the total vehicle market (11%) but this is dwarfed […]

US battery electric (BEV) & plug-in hybrid (PHEV) sales hit record highs in August and September 2025 as consumers rushed to purchase vehicles before the federal tax credit expired. The New Clean Vehicle Credit (30D) and Qualified Commercial Clean Vehicle Credit (45W) were both eliminated on 30 September 2025, following changes introduced in the One, […]

Black mass markets in Q3 2025 were largely shaped by China’s lifting of import restrictions on 1 August, which re‑routed trade flows. Outside of China, this has created a two-tier market divided by compliance with Chinese custom’s quality controls. Compliant material commanded high premiums (79%–84%), while producers of non‑compliant batches struggled to clear material, trading […]

The UK’s EV penetration rate reached 25% of all new passenger car and light duty vehicle sales in 2024, placing it firmly ahead of other major Western automotive markets, such as the US, Germany, and France. But this figure is still a long way behind the adoption of the most advanced regions, particularly China and […]

Africa is the largest source of new lithium supply in 2025 with new supply from the region exceeding that of the rest of the world combined, Adam Megginson, a lithium analyst at Benchmark, told attendees at the Giga Africa event in Marrakech, Morocco this week. The bulk of this new supply comes from Zimbabwe and […]

Price remains one of the largest factors influencing EV adoption. The biggest contributor to the price of a battery electric vehicle (BEV) is its battery, which in turn is influenced by the pack size and chemistry. How do these factors correlate with regional pricing? How much more are EVs compared to ICE vehicles regionally? When […]

Eight Chinese government departments have jointly issued a two-year plan aimed at stabilising the country’s domestic auto sector. The plan sets out more than 60 measures across four areas: boosting demand, strengthening supply chains, optimising the business environment, and deepening cooperation. Targets under the plan include 32.3m vehicle sales (including exports) in 2025, including ~15.5m […]

To expand any industry, financing is essential. This can come in the form of equity, debt, or grants. The balance between these changes over time and reflects how market players evolve. The EV industry has grown rapidly over the last seven years, and the debt landscape for individual companies has shifted significantly. Here we look […]

Slovakian cell developer Inobat has secured state support for its planned gigafactory in Valladolid, Spain. The support consists of a EUR 53.8m ($63.3m) grant and EUR 456,000 ($537,000) loan funded by the EU’s Recovery and Resilience Facility. This project brings Spain’s gigafactory pipeline to six facilities, though the country does not yet have any operational […]

Europe’s cathode active material supply is set to increase 360% between 2025 and 2030, supported by a growing number of facilities owned by non-European companies. Despite this growth, Benchmark forecasts that European CAM supply will remain lower than the region’s cell production, meaning gigafactories will depend on imports. Europe’s cathode scene today The key European […]

The next-generation battery landscape has progressed from start-up to scale-up, with more than 250GWh of pipeline capacity expected to be installed by the end of 2025 across a variety of emerging technologies, according to Benchmark’s New Technology Service. China has a dominant position in the two most developed of these technologies: sodium ion and solid-state. […]

The US electric vehicle (EV) market posted its highest-ever monthly sales in August, with over 175,000 units sold, according to Rho Motion’s EV & Battery Database. This follows July 2025, which was the third-strongest month on record, and surpasses the previous record set in December 2024 by over 15,000 units. Consequently, sales in the country […]

Lithium-ion battery demand is still primarily driven by passenger EVs and the energy storage sector. However, China’s heavy-duty truck segment (16 tonne and above) is showing how this dynamic could shift, with growth in recent years proving exceptionally strong. Between 2023 and 2024, heavy-duty electric truck sales rose 134%. Data from H1 2025 shows the market grew a further 173%, with expansion expected to […]

A recent BESS system integrator ranking from Rho Motion demonstrates how the energy storage industry is rapidly evolving as it grows. From 2023 to 2024, BESS shipments grew by 79%, and growth in 2025 is expected to be bigger. Data from the first half of 2025 (H1 2025) shows shipments have already surpassed the total […]

Benchmark has promoted Chinese cell producers CALB, EVE Energy, SVOLT, and Gotion to Tier 1 status. This follows sufficient evidence that these companies have met the offtake requirements to qualify as Tier 1 producers. Namely, they have been assessed as supplying multiple multinational passenger EV OEMs outside the Chinese market. CALB CALB has an active […]

As EV sales have risen, the need for EV motors has also grown, translating into increased demand for rare earths. In 2024, 37kt of rare earth demand was tracked within the EV motors market, a 32% increase from the previous year. In 2025, this demand is expected to increase 16% to 43kt. How are rare […]

Lithium ion battery imports are an important part of the US’ domestic BESS industry. Historically, China has been the largest source of imported cells to the US, however this trend appears to be changing as US imports from China have fallen drastically in recent months. Why are China imports falling? From its peak in December […]

Founded in 2011, CATL is the world’s largest lithium ion battery supplier, controlling just under a third of the global market in 2024, according to Rho Motion. Examining how CATL’s revenue mix has shifted over time provides insight into the battery industry’s development and future direction. What did CATL’s revenue split look like pre-2020? In 2017, CATL generated around $2.5 […]

The Battery Energy Storage System (BESS) market is currently the fastest growing segment of global battery demand, with y-o-y growth of 53% in 2024, according to Rho Motion’s BESS database. This expansion has been partly fuelled by falling cell costs along with flexibility demand, which together have enabled BESS to gain a foothold in emerging […]

The Indonesian government has announced a new program in which it aims to build 320GWh of BESS across the country. It will include the deployment of 80GW of solar alongside this, aiming to provide 80,000 villages with microgrids comprising of 1MW of solar and 4MWh of BESS. First projects expected to come online soon The […]

Italy has approved a new package of subsidies worth nearly EUR597million ($692.8 million), in an effort to boost electric vehicle (EV) sales. This follows the UK reinstating EV subsidies in July and Germany launching a new incentives plan. Under the Italian scheme, individuals will be eligible for grants of up to EUR11,000 ($12,760) to purchase a […]

BYD’s European electric vehicle (EV) sales in the first half of this year jumped more than five-fold compared to the same period last year according to Rho Motion’s EV & Battery Database. Over the same period, Tesla’s vehicle sales in Europe fell 28%. As a result, BYD is fast approaching Tesla in terms of unit […]

Australian lithium miner Liontown Resources has raised AUD316 million (US$206 mn) in equity. This includes investments from the Australian government and major Chinese lithium chemical producer Canmax. The funds will support the ramp up of Liontown’s Kathleen Valley spodumene mine which began operations last year. This comes following a recovery in spodumene prices, which traded […]

Ex-China prices of heavy rare earth oxides (HREO) are significantly higher than those in the domestic Chinese market following China’s export restrictions. What is driving this bifurcation? The European market remains highly constrained for the HREOs currently subject to China’s export restrictions. Spot market activity is sporadic, with buyers only accepting offers when absolutely necessary […]

Two-thirds of the 2035 sodium ion pipeline capacity is from Tier 3 producers, the Benchmark Gigafactory Database shows. Just 10% of capacity is from Tier 1 producers – those who have proven their ability to produce battery cells at scale for customers outside of China. The reverse trend is true for lithium ion batteries, with […]

Middle Eastern countries, especially the Gulf states, are beginning to pivot their economies away from oil and towards clean energy supply chains. Assisting in this transition are the region’s Sovereign Wealth Funds (SWFs) which are increasingly investing in critical minerals and downstream energy transition projects. SWFs in the Middle East and North Africa (MENA) region […]

US-made lithium iron phosphate (LFP) cell prices are forecast to be 56% higher than their Chinese equivalents in 2025, according to the new Benchmark Cell Price Forecast. Although the build out of domestic LFP cell production lines is expected close this price gap somewhat, US dependence on LFP cathode active material (CAM) imports limits its […]

Indonesia’s nickel smelters are paying an increasingly steep premium to secure nickel ore, as a domestic supply crunch squeezes the industry’s margins. Benchmark notes the premium for some grades, based on data from Mysteel, is approaching 100% over the government’s benchmark price, known as the Harga Patokan Mineral (HPM). This supply tightness is driven by […]

On 17th July, the US Department of Commerce (DOC) issued a preliminary determination that China is dumping graphite anode active material (AAM) into the US market, resulting in an antidumping (AD) tariff of 93.5% for the majority of Chinese AAM imports, including material contained in lithium ion batteries. This anti-dumping duty comes on top of […]

In mid-July, the Yichun Natural Resource Bureau published an official notification stating that it had found issues within the permit approval documents of eight lithium mines during a recent audit. Amongst the mines in question are those belonging to major Chinese lithium producers and other key players, including CATL. In its initial response, the Bureau […]

Last week, President Donald Trump announced the US would impose a 50% tariff on copper imports, in a move that promises to shake-up global copper trade flows. The tariff, which is due to enter force from early August, aims to bolster US copper production by prioritising domestic supply over foreign imports, thus reducing the US’s […]

In 2019, Benchmark’s Simon Moores told the US Senate, “we are in the midst of a global battery arms race.” Critical mineral mining and refining was emphasised as a key battleground in this race, with Moores saying “those that control these supply chains will hold the balance of industrial power for the 21st century in […]

On Tuesday 8th July, President Donald Trump announced the US intends to place a 50% tariff on copper imports into the country. Despite this proclamation, there has yet to be an official written announcement or many additional details. Sources that spoke to Benchmark in the wake of the announcement noted surprise at the size of […]

Improved demand from battery synthetic graphite anode producers and low inventories at the supply level saw prices of petroleum-based coke (pet coke) rise 3% this month following a 16% price drop last month, as assessed by Benchmark. A growing preference from anode producers to purchase pet coke over the more expensive needle pet coke also […]

US-based Chevron has entered the US lithium space through the acquisition of two direct lithium extraction (DLE) leasehold positions from TerraVolta Resources and East Texas Natural Resources (ETNR). The leaseholds are located across 125,000 acres in the Smackover Formation in Arkansas and eastern Texas. This acquisition follows in the footsteps of fellow US oil giant […]

Zimbabwe’s government will ban lithium concentrate exports from 2027, as it pushes for greater domestic downstream development. There are five operating lithium mines in Zimbabwe, all operated by Chinese companies: Chengxin Lithium, Sinomine Resource, Huayou Cobalt, Yahua Group and Tsingshan Group. Combined these assets have a total designed capacity of 290 ktpa LCE (lithium carbonate […]

The past few years have seen a rapid growth in the rollout and usage of artificial intelligence (AI), particularly in the areas of large language models and generative AI. As this power-hungry industry grows, data centre specific electricity demand will increase, consequently Battery energy storage systems (BESS) will play a role in providing and guaranteeing […]

Global cathode active material (CAM) production capacity is set to grow 178% between 2024 and 2030, as assessed by Benchmark. The bulk of this capacity is in China, with the country accounting for 87% of capacity in 2024, falling slightly to 84% by 2030. In China, the predominant cathode chemistry is lithium iron phosphate (LFP) […]

Historically, spodumene closely tracked lithium chemical prices, allowing some market participants to hedge exposure via lithium futures. However, after years of tight linkage between spodumene and lithium chemical prices, the global lithium market is undergoing a structural shift, reshaping how producers, converters, and investors manage risk. Benchmark Mineral Intelligence’s spodumene FOB Australia grade was assessed […]

Chinese anode active material (AAM) producers have received unfair government subsidies according to a preliminary ruling from the US Department of Commerce (DOC) released on 20 May 2025, following a petition from the American Active Anode Material Producers (AAAMP) at the end of last year. The DOC has suggested a countervailing measure (CVM) duty of […]

Mining giant Rio Tinto could become the second largest lithium miner globally following its acquisition of a minority (49.99%) stake in a joint venture with Chilean state miner, Codelco, to develop a 50,000 tonne lithium carbonate equivalent (LCE) project on the Maricunga salt flats in Chile’s Atacama region. Rio Tinto will contribute $900 million to […]

As the largest producer and user of lithium ion batteries, China dominates the global battery supply chain, including the emerging industry of recycling. How are batteries recycled? The first stage of the battery recycling process is the collection of scrap from battery production facilities or end-of-life batteries. Given that China has the largest electric vehicle […]

The US is looking to play a larger role in the critical minerals sector of the Democratic Republic of the Congo (DRC). The country is a key source of cobalt for battery production and has a growing presence in the lithium market. The US plans to use its significant geopolitical sway to push toward this […]

In April 2025, Chile’s Mining Ministry accepted applications from companies for three new lithium flat projects in the country, as part of its National Lithium Strategy first launched in 2023. The projects will be operated through public-private joint ventures in which the Chilean government has a majority stake. The projects are to be licensed through […]

CATL will begin mass production of its next-generation sodium ion batteries for passenger electric vehicle (EV) applications in December this year under the brand name Naxtra. The battery could compete with mid-range lithium iron phosphate (LFP) on an energy density basis, with a purported energy density of 175 Wh/kg. “CATL’s announcement represents one of the […]

The average price for Chinese battery energy storage systems sold in the US could return to 2022 levels, following President Trump’s Liberation Day tariffs. Tariffs on imports of such systems are set to reach nearly 200% next year, with the bulk coming from Trump’s so-called ‘reciprocal tariffs’. How will this impact system prices? Assuming the […]

The Trump administration has ordered a probe into imports of processed critical minerals and rare earth elements (REEs), which underpin US national and economic security. This move marks the latest effort to address US supply chain vulnerabilities and reduce strategic dependence on China. “The investigation highlights growing US concerns over its reliance on China for […]

BYD stock has increased 32% so far this year and the its annual sales have topped $100 billion for the first time. This interactive chart-based story uses data sourced from across the Benchmark and Rho Motion’s suite of products to explore the rise of BYD.

Global lithium supply will need to nearly quadruple to meet battery demand projections by 2040, the latest analysis from Benchmark shows. Synthetic graphite and lithium will require the highest absolute growth during the forecast period, while high-purity manganese sulfate (HPMSM) will require the most significant relative expansion by 2030. All battery mineral markets are due […]

Benchmark’s analysis shows that with the exception of lithium and nickel mining, the European Union is forecast to fall short of the 2030 domestic battery mineral goals laid out in its Critical Raw Materials Act (CRMA). This comes as Brussels announced this week a list of 47 projects it has deemed strategic in helping the […]

Benchmark analysis shows that the US will fall short of meeting most of its critical mineral needs, even if all announced projects come online as planned. Especially in cobalt, nickel and graphite, the US needs significantly more investment if it is to meet a greater proportion of its needs domestically. This comes as US President […]

Black mass will be categorised as a hazardous waste in the European Union following the bloc’s decision to update the List of Waste as part of its recent industrial strategy for the automotive sector. Under the Basel Convention hazardous waste can only be exported to OECD countries. This change unifies how black mass is handled […]

Electric vehicle uptake across China is higher than much of the West, with even the slowest adapting group of provinces seeing penetration rates of 29% in 2024, according to an analysis by Benchmark and Rho Motion. This compares to penetration rates of 21% and 10% in Europe and the US. Policy initiatives, competition and availability […]

Once heralded as Europe’s best shot at competing in the global battery industry, Northvolt has filed for bankruptcy in Sweden. This follows its bankruptcy filing in the US last November. Northvolt’s hopes at securing further investment to support its operations fell through on Wednesday, following the company’s struggles to ramp up production at its gigafactory […]

The European Union’s recent Industrial Action Plan for the European automotive sector placed a strong focus on the role next-generation battery technologies can play in making the bloc internationally competitive in the space. Between 2025 and 2027, €350 million ($377 million) will be invested into next-generation technology and recycling innovation through the BATT4EU partnership programme. […]

The nickel mining industry has significantly improved its gender balance reporting practices compared to this time last year. Reporting on workforce gender balance is a key element of overall environmental, social and governance performance in the mining industry. “You can’t manage what you don’t measure,” said Sarah Colbourn, Benchmark’s head of sustainability. “As with any […]

Significant investment into lithium metal production will be needed if North America’s planned production of lithium metal batteries is to be met with domestically sourced anode material, according to Benchmark’s Solid-state Batteries Forecast. In such batteries, lithium metal is used in place of the graphite found in more traditional lithium ion battery anodes, leading to […]

Lithium chemical producers and traders are increasing their lithium stocks as Chinese supply ramps up after a slow period due to annual maintenance operations. Inventory is also building due to a larger than expected seasonal dip in January electric vehicle sales in China. Market participants told Benchmark that they anticipate chemical inventory levels to rise […]

Penetration of Chinese electric vehicle (EV) brands into overseas markets varies around the world and is dictated by geopolitics as well as the strength of domestic EV production. However, uptake in many North American and European countries remains low. By contrast, in Brazil, Thailand and Indonesia, at least three-quarters of EV sales are for Chinese […]

President Trump this week signed an executive order to investigate copper imports into the US, citing “significant vulnerabilities” and “increasing reliance on foreign sources”. The executive order does not come as a surprise to the market, who have been anticipating tariffs on copper imports since Trump imposed tariffs on aluminium and steel earlier this month. […]

The electric vehicle market is the fastest growing demand sector for rare earth permanent magnets (REPM), according to Benchmark’s Rare Earths Forecast. Demand for such magnets is set to grow at a compound average growth rate of 15% per year between 2024 and 2030, compared to a 9% CAGR for the overall REPM market. “As […]

Exports of cobalt from the Democratic Republic of the Congo (DRC) are to be halted for four months in a bid to counter persistent oversupply in the cobalt market according to a statement by Arecoms, a government body responsible for regulation of the mining industry in the country. The DRC is by far the largest […]

The Chinese battery energy storage market is set to triple between 2024 and 2033, according to Rho Motion’s BESS Outlook. By 2033, it is forecast that 90% of China’s BESS installations will be grid-scale storage. Most grid scale systems will be standalone, continuing the falling market share of renewable-paired storage systems. This trend is set […]

Spodumene prices are relatively high compared to lithium chemical prices, putting pressure on chemical producers, according to Benchmark’s Lithium Price Assessment. However, this week spodumene prices ticked down 2.3%, the second week of falling spodumene concentrate prices following a two-month period of no decline. Despite this correction, the ratio of spodumene prices to lithium chemical […]

This decade is key for major automakers and OEMs looking to commercialise solid-state batteries in electric vehicle applications. Over the past year, several incumbent battery cell producers and automakers have committed to a demonstration of solid-state electric vehicles by 2027 with large-scale production by 2030. Both of the world’s largest battery makers, CATL and BYD […]

Europe’s 2030 pipeline for lithium iron phosphate (LFP) cell production is almost double that of the US following the cancellation of US projects by Freyr and Kore Power. The projects accounted for 22% of the US’ LFP pipeline, according to Benchmark’s Gigafactory Assessment. “Europe’s LFP pipeline has not traditionally been ahead of the US’, but […]

CATL’s Jianxiawo mica mine in Jiangxi, China is rumoured to be resuming operations, potentially weakening price support for lithium. Through conversations with contacts, Benchmark understands that the local government has asked CATL to resume operations in a bid to increase local tax revenues and support jobs. A final decision on whether to restart the mine […]

The US International Trade Commission (ITC) has made a preliminary determination that China has suppressed the establishment of the US graphite industry through the export of artificially cheap anode material. This follows a petition filed by the American Active Anode Material Producers (AAAMP) on 17 December 2024, which sought to impose tariffs as high as […]

In January 2025, Chinese solid-state producer WeLion signed a long term supply agreement to source 80% of its membrane and electrolyte needs from Semcorp. The agreement specifies a minimum order quantity of 300 million square metres of membranes and 100 tonnes of solid electrolyte from the Chinese separator giant over the next six years, equivalent […]

China has dominated global battery supply since Benchmark’s Lithium ion Battery Database began, accounting for 59% of production in 2015. In 2023, when global battery production reached one terawatt hour, Chinese companies were responsible for 84% of supply. Chinese companies make up three of the top five largest companies by market share, these being CATL, […]

France is at the heart of Europe’s solid-state battery efforts, representing over 90% of the region’s forecast 18 gigawatt-hours of production in 2030 according to Benchmark’s Solid-State and Lithium Metal Battery Forecast. Currently Blue Solutions leads the charge in France, having been the first company globally to commercialise a solid-state lithium metal battery for use […]

Just two companies are consistently producing the advanced form of lithium iron phosphate (LFP) cathode material that China has proposed technology export restrictions on. Fulin Precision (also known as Jiangxi Shenghua) and Hunan Yuneng have the technology and capability to consistently produce this advanced LFP cathode active material, known as generation IV LFP. The proposed […]

To meet the increasing demand for batteries for the energy transition 293 new mines would need to be built by 2030, according to analysis by Benchmark. Lithium likely poses the most pressing bottleneck for the industry, with 52 lithium mines needed by the end of the decade. Though it is second to copper in terms […]

Nickel prices on the London Metal Exchange (LME) recovered after the Indonesian government announced lower nickel ore mining quotas for 2025. Prices peaked at $15,850 per tonne on 21 January 2025, having been at $15,000 at the start of the month, marking a 6% rise. Though rumours had circulated of the quota being as low […]

Chinese cathode material producer Lopal has signed a RMB 7 billion ($963 million) deal to supply CATL with lithium iron phosphate (LFP) cathode material in 2025. In addition to purchasing cathode material, CATL will supply Lopal with lithium materials such as mica concentrate or lithium carbonate up to a value of RMB 1.32 billion ($182 […]

BMW announced this week a long-term partnership with South Korean battery recycler SK tes, a subsidiary of SK Ecoplant, in which the automaker will send scrap batteries to SK tes’ plant in Rotterdam, Netherlands. However, the Rotterdam plant only pretreats battery scrap, producing black mass—the material containing critical battery minerals such as lithium, nickel and […]

Just four provinces accounted for over half of China’s cathode active material production in 2024 and are set to continue to do so out to 2030, according to Benchmark’s Cathode Forecast. Which provinces produce the most cathode active material? Sichuan is a popular location in part due to its sizable lithium industry. Benchmark’s Lithium Forecast […]

Mali is set to become the second largest lithium miner in Africa this year behind Zimbabwe, according to Benchmark’s Lithium Forecast. The jump in Mali’s position in Africa’s lithium scene is thanks to the Goulamina spodumene mine coming online towards the end of 2024. The mine is wholly owned by Ganfeng Lithium after the Chinese […]

China’s dominance of global anode production continued to define the market in 2024. Domestic overcapacity led Chinese active anode material (AAM) players to seek expansion abroad. Outside of China, the market saw a host of offtake deals, particularly focussed within the US, as the nation seeks to derisk its supply chain from China. “In 2024, […]

China proposed a new set of restrictions on the export of technologies relating to lithium processing and some types of cathode active materials. The proposed restrictions could further hinder the ability of ex-China players to develop capacity to support the build out of domestic supply chains. “It appears to be an attempt to retain advanced […]

Lithium supply surpassed one million tonnes of lithium carbonate equivalent (LCE) for the first time in 2024, driven by the growing demand for the mineral from the electric vehicle market. The largest gains were seen by China pushing the country to overtake Chile for the number two spot, according to Benchmark’s Lithium Forecast. Zimbabwe, too, […]

Low prices and geopolitical posturing have impacted the natural and synthetic graphite markets in 2024. China’s dominance in graphite production has been at the core of these developments. At the end of 2023, China’s graphite export restrictions underscored the global dependence on the country for graphite supply, not only for batteries but also for other […]

In 2024, companies developing new battery technologies began transitioning from development to commercial deployment in earnest across the world, especially in China. Production of solid-state and sodium ion cells has exceeded demand in 2024 and in the near term, as producers ramp up facilities in anticipation of demand growth in the mid- to long-term, according […]

In 2024, the extended slump in lithium prices on the back of lower than expected electric vehicle demand growth led to a raft of cutbacks at operations tasked with meeting lithium’s future expansion requirements. This price environment, however, also primed the market for a series of mergers and acquisitions signalling belief in the long-term trajectory […]

South Korea’s lithium hydroxide production is set to increase 87% between 2024 and 2030, securing its position as a top three producer of the chemical, according to Benchmark’s Lithium Forecast. Its current number one position was further cemented as Posco completed construction on the second train of its joint venture plant in the country with […]

China’s Ministry of Commerce (MOFCOM) has announced further export controls for graphite, specifically to the US, which could disrupt American anode manufacturing. The additional controls on graphite are part of broader measures that limit the export of ‘dual-use items’ – those which can be used for civil or military purposes – to the US. The […]

An emphasis on America-first supply chains when President-elect Donald Trump takes office in 2025 could increase the need for battery recycling in the US. However, much of the country’s recycling capacity is targeted at the production of black mass from scrap, rather than processing it all the way to usable battery chemicals. “Trump has placed […]

StarPlus Energy, a joint venture between Stellantis and Samsung SDI, has received a conditional loan of $7.54 billion from the US Department of Energy (DoE) to help finance the development of two gigafactories in Indiana. The investment supports a trend of South Korean battery players driving US battery production. “Despite a global slowdown in battery […]

Sustainability is an increasingly key consideration for companies sourcing critical minerals for the battery supply chain. However, although carbon intensity is an important metric within sustainability, it is far from the only one. Indeed, each critical mineral has its own set of nuances and challenges meaning that the most material metric for one mineral may […]

NOVONIX has signed a binding offtake agreement with PowerCo, a subsidiary of Volkswagen, for synthetic graphite anode material as geopolitical uncertainty continues to drive supply chain diversification. The company will supply a minimum of 32,000 tonnes of synthetic graphite to PowerCo for a five-year term starting in 2027. The battery materials player is expected to […]

Zimbabwe is currently the fourth largest producer of mined lithium globally, and is at the heart of Africa’s rising strength in the global lithium industry. Africa’s mined lithium supply is set to increase nine-fold between 2023 and 2030, according to Benchmark’s Lithium Forecast, when it is forecast to account for 14% of global supply. Zimbabwe […]

Europe and North America’s ambitions to cut China from their supply chains is contending with their demand for lithium iron phosphate (LFP) cells. China dominates production of LFP cells, with supply outside the region insufficient to meet demand. “The current ex-China LFP pipeline won’t go nearly far enough to meeting demand, not just for EVs […]

Australia’s Sayona Mining and US-based Piedmont Lithium intend to merge, forming a company with a market capitalisation of $623 million. The merged entity will be owned 50-50 by the shareholders of each company. The merged company could become the second largest lithium miner in North America in 2030, according to Benchmark’s Lithium Forecast, if the […]

The world’s second largest producer of anode materials, Ningbo Shanshan, is under severe financial strain amid falling profits and missed debt repayments. The Chinese company is expected to account for 14% of global anode active material production in 2024, according to Benchmark’s Anode Forecast. “After record-breaking profits in 2021, Shanshan aggressively expanded into the new […]

Donald Trump has regained control of the White House after beating Kamala Harris in the US election this week. Republicans have secured a majority in the Senate and are currently winning the race for the House of Representatives. Having a majority in both houses strengthens Trump’s ability to repeal more legislation, including parts of President […]

Next-generation silicon-carbon anodes promise enhanced energy density compared to their graphite counterparts, but currently come at a significant cost premium. Novel materials often require technical and supply chain optimisation to compete with incumbent technologies on cost. For the many materials that use a monosilane feedstock to nano deposit silicon, procurement of this critical material can […]

The European Union’s Critical Raw Material Act laid out several ambitious goals to improve the resilience of its critical mineral supply chains. Included in the Act are non-binding goals that the EU builds out sufficient mining capacity that 10% of its critical mineral demands can be met by bloc mines. Similarly the Act sets out […]

Production of solid-state and lithium metal batteries is forecast to grow at a rate of around 40% per year between 2024 and 2036, with solid-state oxide-based batteries accounting for the bulk of this. Currently, the more mature nature of the supply chain for oxide-based electrolytes compared to that of sulphide-based electrolytes makes it the current […]

US automotive giant General Motors (GM) will form a joint venture with Lithium Americas around its Thacker Pass development in a deal worth $625 million. Lithium Americas will contribute $387 million to the venture. The joint venture will see GM increase its stake in the project to 38%. GM will also have access to up […]

China is extending its control of global cobalt production. By 2030, the top 10 cobalt producing countries will account for 96% of the total cobalt mined supply, with just two countries, the Democratic Republic of Congo (DRC) and Indonesia, contributing to 84% of total production, Benchmark data shows. Although Chinese firms have a stake in […]

Mozambique, Tanzania, and Madagascar are forecast to produce 47% of new graphite supply in 2025, according to Benchmark’s Natural Graphite Forecast. The growth in supply comes from six mines across the three countries with all but one – Nipepe in Mozambique – currently operational. Downstream players are increasingly looking to diversify their sourced material away […]

Argentina’s lithium production is set to increase 340% between 2024 and 2035 compared to the 56% growth forecast for Chile, according to Benchmark’s Lithium Forecast. Despite this, Chile is set to maintain its position as the top producer of lithium in South America. The country is forecast to account for 44% of the region’s lithium […]

Mining giant Rio Tinto has announced it will acquire Arcadium Lithium in a cash deal worth $6.7 billion. Combined, Rio Tinto and Arcadium could become the third largest lithium miner globally by 2030 if their projects come to fruition, according to Benchmark’s Lithium Forecast. The counter-cyclical deal comes as lithium prices have fallen by more […]

Lithium ion batteries are a business of scale. Cell prices have fallen 73% since 2014, as higher production volumes, technological advancements, and falling raw material costs have allowed battery makers to achieve significant cost savings in the manufacturing process. Since 2014, there has been a rapid expansion of cell manufacturing capacity around the world, backed […]

US companies own just 43% of the country’s 2030 pipeline gigafactory capacity, according to Benchmark’s Gigafactory Assessment. The Inflation Reduction Act (IRA) has had a significant impact on gigafactory buildout in the country, with 2030 pipeline capacity growing 68% and 17 new projects being added since it came into force in July 2022. The IRA […]

Rio Tinto is in discussions to acquire Arcadium Lithium, as confirmed by both companies on Monday. If a deal is agreed, this would catapult the Anglo-Australian mining giant into the top five lithium players and cement its position in the lithium market. “Rio has a global vision, and may have been preparing for such a […]

The lithium ion battery is now central to the fortunes of the auto industry and energy transition, with demand forecast to exceed one terawatt hour (TWh) this year, according to Benchmark’s Lithium ion Battery Database, rising from just 74 gigawatt hours (GWh) in 2015. This growing industrial role has meant political attention for the technology […]

South Korean-owned gigafactories will account for 43% of the growth in US battery production over the next five years, according to Benchmark’s Lithium ion Battery Database. Incentivised by the Inflation Reduction Act (IRA), total US-based battery supply is forecast to increase ninefold by 2029. “Technological capabilities and the reliable, established production processes of South Korean […]

More than 40% of China’s mined lithium output this year is forecast to come from Qinghai province, according to Benchmark’s Lithium Forecast. Qinghai’s entire output is from brine sources which combine traditional evaporation ponds with direct lithium extraction (DLE) technology. However, the province has relatively little growth in the pipeline, with no projects planned to […]

Copper’s role in battery electric vehicles (BEVs) is evolving. The red metal plays a critical role in battery electric vehicles (BEVs), averaging a copper intensity just shy of 70 kg per vehicle. Copper is essential for various components, including the copper foil that serves as a separator between the anode and cathode in batteries, motors, […]

A slowdown in European electric vehicle (EV) demand is leading to a cutback in gigafactory expansions as Benchmark analysis shows 176 gigawatt hours (GWh) of capacity has been removed from the pipeline in 2024. EV sales in the European market – comprising the EU, UK, and EFTA – were down an estimated 4% between January […]

US-based silicon anode producer Sila Nanotechnologies will source monosilane gas from REC Silicon through a long-term supply agreement signed Thursday. The silane gas will be produced by REC Silicon in Moses Lake, Washington. Sila produces its next generation silicon anode active material at its production facility which Benchmark calculates to have a capacity of around […]

A lack of established manufacturers threaten the security of sodium ion battery supply, according to Benchmark’s Sodium ion Battery Forecast. Currently, there are only three Tier 1 manufacturers: BYD, CATL, and Farasis Energy. All three also manufacture lithium ion batteries. In contrast, there are 43 Tier 2 and 3 manufacturers, Benchmark data shows. “While the […]

Chinese Tier 2 cell producers are increasingly focusing on energy storage systems (ESS) applications amid intense competition in the electric vehicle (EV) market. Overcapacity and low prices are weighing on margins and forcing suppliers to find alternative routes to survive. “Tier 2 companies like REPT and EVE Energy have shifted their focus to the ESS […]

Towards the end of the decade the battery anode market is forecast to enter a supply deficit, presenting an opportunity for next-generation anode technologies such as silicon to bridge that gap, potentially impacting graphite demand. Small quantities of silicon can be added to graphite to significantly boost the energy density of the anode, meaning the […]

A range of international companies, including BYD and Rio Tinto, have been shortlisted to develop Chile’s Altoandinos salt flats, as the country looks to boost its falling share of the global lithium market. Chile was the top lithium producer in 2016, but is expected to fall to third place in 2024 due to growth in […]

General Motors (GM) and Samsung SDI have finalised their plans to build a US gigafactory through a joint venture in Indiana, US, demonstrating US automakers’ confidence in long-term electric vehicle (EV) demand despite a recent slowdown in growth. The deal further strengthens the US battery supply chain, where a surge of investment has supported efforts […]

An early mover in the lithium ion battery supply chain, China is home to a significant proportion of global supply and many of the largest companies. The country has the highest 2030 pipeline capacity at close to 6,300 gigawatt hours (GWh), totalling 67% of global capacity. It follows that the largest Tier 1 manufacturers are […]

Sodium ion battery capacity is surging as an additional 50 gigawatt-hours (GWh) are expected to come online this year along with 14 new market entrants, taking global capacity to 70 GWh, according to Benchmark’s Sodium ion Battery Forecast. Benchmark forecasts there will be over 370 GWh of sodium ion battery capacity in 2030 as the […]

Western countries are increasingly looking to derisk their battery supply chains from China in a bid to boost domestic resilience. However, Chinese companies have the most experience developing and ramping up projects across the battery value chain as well as access to cheaper capital and state subsidies. This technical know-how is required to support the […]

China is reshaping the copper landscape. From a marginal player little over a decade ago, the country has emerged as a dominant force in the copper industry: supply from Chinese-backed operations is projected to increase by over 300% between 2010-2028, according to Benchmark estimates. This focus on resource development has come as western peers have […]

To plug the gap between today’s battery industry and 2040 battery demand will require at least $1.6 trillion of investment. This is almost triple the $571 billion needed to meet 2030 demand. Such large investments are needed as battery demand is forecast to grow from 937 gigawatt-hours in 2023 to 3.7 terawatt-hours in 2030. From […]

The lithium metal battery industry is nascent and rapidly growing with no country yet enjoying a dominant position. Upstream lithium metal production, however, is currently dominated by China, though this could change given the growth potential of the industry and technological advancements. Lithium metal has several industrial and aerospace applications and is used in primary […]

Globally, China represents three-quarters of solid-state capacity this year, with much of this concentrated in Shandong province. Between 2024 and 2030, China’s solid-state capacity is set to grow from 62 gigawatt-hours (GWh) to almost 220 GWh, primarily driven by emerging solid-state developers rather than incumbent cell producers from the traditional lithium ion industry. “The Chinese […]

Waste batteries could prove a vital source of critical minerals for the West as many nations look to secure domestic supply chains and decrease import dependence. Globally, as much as 570,000 tonnes of lithium carbonate equivalent could come from recycling by 2035. Currently 79% of the feedstock for battery recyclers–that is process scrap from gigafactories […]

The silicon anode industry’s production capacity is rapidly growing, indicating to the market that it is ready to hit the mainstream. Over 500 gigawatt-hours of capacity for silicon-containing anode material production is expected to be online by the end of 2024, up 234% from 2023, according to Benchmark’s Silicon Anode Forecast. “Innovation has got us […]

LG Energy Solution (LGES) has demonstrated its growing focus on lithium iron phosphate (LFP) cells, signing a deal to supply Renault Group’s Ampere. The South Korean battery manufacturer is expanding its capacity to meet growing demand for LFP cells outside of China. “While LFP lacks in energy density compared to nickel based chemistries, it is […]

The targets laid out in the European Union’s Critical Raw Materials Act will require significant growth in the bloc’s mining, processing and recycling capabilities, Benchmark data shows. The Act, which came into force last month requires that by 2030 certain percentages of the bloc’s combined annual demand for strategic minerals be met by EU-based mines, […]

European lithium iron phosphate (LFP) cell and cathode capacity is expanding as demand for lower cost electric vehicles and ESS batteries rises in the region. European cell production today is almost exclusively focused on nickel cobalt manganese (NCM) chemistries with no active LFP production. However, by 2030 the region is forecast to produce 47 GWh […]

Between January and May this year, 220 gigawatt-hours (GWh) of gigafactory 2030 pipeline capacity has been cancelled or postponed, according to Benchmark’s Gigafactory Assessment. This comes despite increasing demand for batteries from the electric vehicle and energy storage markets. Benchmark’s Lithium ion Database forecasts that battery demand will triple from 1.3 terawatt-hours (TWh) in 2024 […]

The European Union has announced it intends to impose additional duties of up to 38.1% on imports of battery electric vehicles from China. These are on top of the existing 10% tariffs currently in place. This marks the latest geopolitical escalation in China-West relations in the EV supply chain, after the US imposed 100% tariffs […]

CATL’s founder and chairman, Robin Zeng Yuqun, recently issued an internal letter urging the world’s largest battery maker to “harvest” overseas markets. This comes as China’s domestic market faces concerns around overcapacity. CATL will look to meet growing ex-China battery demand through its production base in China but could look to international production expansions as […]

The average construction timeline for Chinese gigafactories is getting longer, according to data from Benchmark’s Gigafactory Assessment. This is the result of Tier 2 and 3 facilities – which take longer to build – making up a greater proportion of domestic construction. “Chinese buildout is slower as active construction and planned projects are now skewed […]

Last month, the US increased tariffs on large sections of the lithium ion battery supply chain. While tariffs were already in place for other critical battery raw materials, White House statements drew specific attention to natural graphite when they announced the application of a 25% tariff starting in 2026. Natural graphite has long been on […]

SQM and the National Copper Corporation of Chile, Codelco, will form a partnership for the development of mining and production activities at SQM’s Salar de Atacama site. The two companies entered a formal partnership agreement on 31 May 2024, after having signed a memorandum of understanding in December last year. “This announcement comes as expected […]

This year, two-fifths of lithium feedstock is forecast to be produced by companies with Industry Leading environmental, social and governance standards, as assessed by Benchmark’s Lithium Sustainability Index. All “Industry Leading” supply came from countries with intrinsically low ESG risks, according to Benchmark’s regional risk map. “The Index is important and aims to increase the […]

China took steps to limit excess capacity in the lithium ion battery industry last week, as the Ministry of Industry and Information Technology released a set of draft rules it said were designed to guide the “healthy” development of the sector. China’s lithium ion battery sector has been heavily subsided since its classification as a […]

Lithium chemical supply is dominated by China, with around two-thirds of last year’s supply involving Chinese companies, and most facilities being located in China. Upstream, however, China was the source of just 20% of mined lithium in 2023, reports Benchmark’s Lithium Forecast. Despite this, Chinese companies are associated with 59% of global mined supplies of […]

As the Inflation Reduction Act (IRA) accelerates the buildout of US gigafactory cell capacity, efforts to onshore the midstream of the US EV battery supply chain are lagging the pace of downstream investment – representing a potential bottleneck for US supply chain security. The IRA provides substantial financial incentives to boost domestic clean energy supply […]

Flake graphite production will require $7.57 billion in capital expenditure (capex) investment to meet battery demand in 2035, according to Benchmark data. This is the level of investment needed to bring online more than 4 million tonnes of annual flake graphite production to meet 2035 demand according to Benchmark’s base case scenario. In the event […]

Japanese and South Korean battery cell producers are prioritising the North American market, with 49% of output expansions by 2030 occurring in the region. Though still expanding in Asia, cell manufacturers based in the two countries are favouring expansion in North America, pursuing Inflation Reduction Act (IRA) incentives and less competition from Chinese cell producers. […]

Mined lithium output from Africa is set to increase threefold in 2024 compared to last year, as assessed by Benchmark’s latest Lithium Forecast. In 2023, the region accounted for just 4% of mined lithium globally. This year it is forecast to account for 10% of global supply. This rapid growth will be the largest proportional […]

As the demand for electric vehicles (EVs) continues to rise, the US government is increasingly concerned about a potential wave of cheap Chinese-made EVs flooding the market and out-competing domestic automakers. In 2023, 1.4 million new electric vehicles were registered in the US up from 930,000 in 2022. In 2024, Benchmark forecasts this will rise […]

The European Union believes electric vehicles (EVs) imported from China are unfairly subsidised to an extent that reduces the competitiveness of automakers operating in the bloc, according to the first results of an ongoing anti-subsidy probe published in March this year. In addition to subsidies, China is able to produce EVs so cheaply in part […]

The US Inflation Reduction Act (IRA) is dramatically accelerating the construction timeline for battery gigafactories in North America, according to Benchmark’s Chief Data Officer Caspar Rawles. “The previous belief was that China was the quickest region to install new plants,” said Rawles at Benchmark’s recent Giga Europe 2024 event in Stockholm. “But since the IRA, […]

US anode pipeline capacity to 2030 has risen nearly 150% since the enactment of the Inflation Reduction Act (IRA), according to Benchmark data. The number of facilities has risen from 12 in July 2022 to 21 in December 2023. “The IRA has catalysed the anode capacity pipeline growth in North America, with the act’s incentives […]

Benchmark analysis shows that notably 65% of next year’s refined nickel supply, a quarter of natural graphite supply and over 70% of ex-China battery supply is forecast to come from countries with elections in 2024–the biggest year in the history of elections. The incumbent political parties of both the US and the European Union (EU) […]

Europe faces unique challenges across its electric vehicle battery supply chain. The region also holds significant advantages. The following charts set out some of the key trends and data for understanding the European battery cell market. European demand significantly exceeds supply European battery cell production for 2035 is forecast to be more than 8x higher […]

Lithium mining companies operating or developing in Europe have stronger gender diversity at the board level than other regions, according to Benchmark’s Lithium Sustainability Index. Of the 24 lithium mining companies with projects in Europe that disclose their board members, there is an average of 26% female representation. This compares to a 13% global average. […]

Capacity for the production of lithium iron phosphate (LFP) cathode material is significantly exceeding demand for the material, driving down prices. This year, LFP production capacity is set to be 76% higher than the forecast demand for the material. This overcapacity is expected to increase to 127% in 2025. A significant quantity of this supply, […]

China dominates global pCAM (precursor cathode active material ) capacity and will drive global expansions, a trend that Benchmark forecasts will hold for the foreseeable future. With data from Benchmark’s Precursor Cathode Active Material Assessment showing pCAM capacity increasing by 195% between 2024 and 2035, here we outline the key trends using Benchmark’s charts and […]

With lithium iron phosphate (LFP) batteries increasing in popularity, recycling them will be key to reducing the demand-side pressures facing lithium producers. However, unlike nickel cobalt manganese (NCM) cells, the only critical mineral accessible to recyclers in an LFP cell is lithium, exposing them more strongly to the mineral’s pricing trends. Since February 2023, Benchmark’s […]

By 2040, the combined battery scrap pool containing end-of-life batteries and process scrap is forecast to contain lithium in a quantity equivalent to 30 of today’s mines, Benchmark analysis shows. If all the material in the combined pool were recycled back into the supply chain it could represent around a quarter of total lithium demand […]

CATL and BYD are among the big names in China’s new consortium aiming to jump-start the country’s progress in all-solid-state batteries. The China All-Solid-State Battery Collaborative Innovation Platform (CASIP), formed by Beijing at the end of last month, brings together major battery and automakers alongside academia and government to accelerate the research, development and commercialisation […]

Falling cathode and anode raw material prices in 2023 have magnified the contributions of operational costs and other inputs to battery cell prices, Benchmark analysis shows. Nickel cobalt manganese (NCM) 622 battery cell prices fell from $145.2 per kilowatt hour (kWh) at the start of the year to $90.1/kWh by December 2023, according to Benchmark’s […]

Lithium ion battery demand is forecast to grow almost four-fold between 2023 and 2030 to 3.9 terawatt-hours, according to Benchmark’s Lithium ion Battery Database. This growth in battery demand will result in a corresponding surge in demand for the constituent critical raw materials. In 2015, batteries accounted for just 34% of lithium demand. In 2024, […]

Majority Chinese-owned companies will produce a large but declining share of nickel suitable for batteries made in Indonesia out to 2030. In 2033, 54% of Indonesia’s battery nickel output will come from majority Chinese-owned producers, down from 82% in 2024.* Western investment will drive the trend. An indicative example is Ford’s recent entry into a […]

China’s regulations on the export of graphite products have been in force since the start of December last year, making it more difficult for some Western traders and buyers to get a hold of material. Benchmark has not received reports of any licences being granted for shipments of graphite from China into North America. However, […]

Indonesia relies on coal for most of its electricity, but in November 2022, the country welcomed the Just Energy Transition Partnership (JETP), aiming to raise the share of renewables in the country grid to 34% by 2030. Introduced a year later, the Comprehensive Investment and Policy Plan (CIPP) is the roadmap to achieve the JETP’s […]

The rise of cheaper lithium iron phosphate (LFP) batteries will continue this year, with the cell chemistry set to account for almost 50% of all market demand. LFP cells are forecast to increase their market share to 48% in 2024, from 45% of demand in 2023, according to Benchmark’s Lithium Ion Battery Database. In contrast, […]

A major correction in prices from record highs defined the lithium market in 2023, as new capacities provided flexibility in raw material supplies and electric vehicle (EV) demand growth underperformed on expectations. Benchmark’s lithium carbonate prices had surged to unprecedented levels, reaching $81,375 per tonne in China by December 2022, leading consumers across the supply […]

The number of planned battery gigafactories announced globally this year fell to the lowest level since 2019, as investment in the sector cools following a rapid buildout over the past two years. Only 47 new planned plants were added to the pipeline this year, representing around 1.5 terawatt hours (TWh) of production capacity, according to […]

South Korea’s Samsung SDI will purchase nickel cobalt aluminium (NCA) cathode materials from EcoPro BM, in a deal worth 43.9 trillion KRW ($34 billion). EcoPro is the largest producer of NCA cathode material globally, producing 34% of the global supply of the material last year, according to Benchmark’s Cathode Forecast. The deal comes amidst falling […]

The European Union has increased its target for the proportion of annual demand for critical minerals that should be sourced from recycling, in an effort to reduce its reliance on China for clean energy inputs. The Council and the European Parliament reached an agreement this month on the Critical Raw Materials Act, which could see […]

Benchmark Week has been the leading gathering for the world’s lithium ion battery supply chain since 2016. In the years following the first Benchmark Week the industry has been transformed with gigafactories now producing battery cells at an unprecedented scale. In terms of broad market trends, both battery demand and supply have ramped up significantly […]

Investment in the UK battery supply chain has picked up this year, backed by renewed government attention and a number of company announcements. But can the country scale fast enough to remain relevant on the global stage? The government of prime minister Rishi Sunak has announced a number of critical mineral agreements this year, including […]

Battery anodes depend on a supply chain in which China dominates at every stage from feedstock material to active anode material production. Chinese production represents 74% of the total supply chain for graphite anodes, according to data from Benchmark. This poses a risk to supply chain security for anode producers in South Korea and elsewhere […]

China’s electric vehicle (EV) market has slowed down this year, amid concerns about a downturn in the world’s second-largest economy. China’s plug-in car sales are on course to grow by 32% this year, while sales in North America are expected to grow by 45%, according to Rho Motion. Yet despite the slower growth, China still […]

There are over 240 operational gigafactories across the world, with this currently set to rise to over 400 by 2030 as assessed by Benchmark’s Gigafactory Assessment. Combined, these gigafactories have a 2030 pipeline capacity of nine terawatt-hours (TWh). Although 82% of gigafactory capacity this year is located in China, Western policies aimed at encouraging domestic […]

Benchmark data shows that a severe lack of anode developments outside of China will see global reliance on the country continue into the 2030s. China’s recent decision to restrict some exports of graphite products has put the anode supply chain under increased scrutiny. In the near term, the restrictions could slow battery anode production in […]

Democrat senator Joe Manchin warned a committee that China could use critical minerals as “leverage” over the US as the country ramps up its electric vehicle ambitions. China dominates in the processing of battery minerals, forecast to produce 66% of the world’s lithium chemicals, 75% of nickel sulphate and 76% of refined cobalt this year, […]

The Western Australian government has awarded A$1 billion ($644 million) in contracts for the building and expansion of battery energy storage systems (BESS) in the state. This investment is part of a larger A$2.8 billion ($1.87 billion) commitment from the state government for delivering renewable energy projects, highlighting Australia’s commitment to moving away from a […]

The proportion of global cobalt supply that is mined as a byproduct of nickel could increase from 25% this year to 41% in 2030, driven primarily by the rise of production in Indonesia, according to Benchmark’s Cobalt Forecast. The majority of cobalt is currently mined as a byproduct of copper, with this accounting for three-quarters […]

China has over six terawatt-hours of capacity in its 2030 gigafactory pipeline, representing two-thirds of the world total. This month, Benchmark’s Gigafactory Assessment showed that there are now 401 gigafactories in the 2030 pipeline with a total capacity of 8.9 TWh. Just five provinces in China account for 53% of the country’s total capacity. Jiangsu […]

The price of lithium ion battery cells in China could be as much as 15% cheaper than those in North America, due to higher operating costs and raw material prices. The price of nickel cobalt manganese (NCM) 622 pouch cells in China are $103.6 per kilowatt-hour, compared to $121.9 in North America, according to Benchmark’s […]

Three-quarters of North America’s 2030 pipeline gigafactory capacity is associated with an automaker through either a solo or joint venture, according to Benchmark’s Gigafactory Assessment. This is a significantly higher proportion than the global 2030 pipeline, in which only 29% of capacity is associated with an automaker. China, by far the largest producer of batteries, […]

The lithium industry needs to invest $116 billion by 2030 if the world is to meet the ambitions targets set by governments and the largest automakers, according to a Benchmark analysis. This “high case” scenario is based on automakers hitting their targets and electric vehicle penetration increasing on the back of enacted decarbonisation policies from […]

The cathode market is set to be balanced until 2027, after which it is forecast to enter a growing deficit, according to Benchmark’s Cathode Forecast. Despite this overall balance, a closer look reveals imbalances in some areas of the cathode market. Firstly, only China and the rest of Asia have surplus cathode supply relative to […]

Anode makers could look to larger flake graphite sizes keep up with battery demand as Benchmark forecasts a growing -100 flake graphite deficit. Before being converted into the spherical graphite required for battery anode material, flake graphite must first be micronised. Given that the larger graphite flake sizes sell at a premium and also need […]

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 […]

Despite 60% of lithium chemicals globally being produced in China last year, the vast majority of this is not produced from domestic feedstock materials. In China, 86% of lithium chemicals, such as lithium carbonate and lithium hydroxide, are derived from hard rock sources. In 2030, China is forecast to mine 265,000 tonnes LCE of hard […]

Globally, the battery industry needs to invest at least $514 billion across the whole supply chain to meet expected demand in 2030, and $920 billion by 2035, according to a new analysis by Benchmark. Demand for lithium ion batteries is forecast to grow to 3.7 terawatt-hours by 2030, up from around 1 TWh this year. […]

The US battery capacity pipeline has overtaken Europe’s for the first time, as the Inflation Reduction Act (IRA) accelerates the country’s clean energy transition. A total of 436 gigawatt hours (GWh) of battery capacity has been added to the US pipeline since the IRA was passed, a jump of 57.9%, according to Benchmark’s Gigafactory Assessment. […]

Although the solid-state battery industry is expected to break the two gigawatt-hour (GWh) production barrier this year, the total nameplate capacity will be over 25 GWh. This effectively gives the emerging solid-state battery industry a nine per cent utilisation rate, far lower than the more mature lithium ion industry, highlighting the importance of looking beyond […]

As the 2030 pipeline for sodium ion gigafactories continues to grow, layered metal oxides are emerging as the cathode family of choice for the fledgling industry. Sodium ion’s 2030 pipeline capacity is now at 152 gigawatt-hours, and layered metal oxides will be used as the cathode for 76% of this, according to Benchmark data. Although […]

Production of flake graphite in Tanzania is forecast by Benchmark to increase by forty-fold this decade, potentially overtaking Madagascar as the continent’s second largest producer of the anode feedstock material. By 2030, Tanzania is expected to produce 11.4% of the world’s graphite, up from just 0.6% last year, according to Benchmark’s weighted Flake Graphite Forecast. […]

High nickel cathode chemistries have seen robust growth in recent years and are forecast to continue to grow in popularity, as demand for more powerful electric vehicle batteries continues to increase. But production of the lithium, nickel, manganese, and cobalt (NCM) cathode chemistry with the highest nickel content, NCM 811, is not expected to keep […]

Continued investment in China’s battery production scene is increasingly pushing its market into oversupply, putting strain on Tier 3 producers who are unable to access large global EV markets and are forced to compete in the saturated domestic space. Benchmark’s Lithium ion Battery Cell Database shows the Chinese market’s surplus will continue to grow to […]

Tesla today released the details behind its plan to transition the world to clean energy, estimating how much it will cost for the world to reach 240 terawatt hours of total battery deployment. The total bill for mining, refining, chemicals, battery production and gigafactories came to $3.4 trillion, Tesla said. The biggest mining and refining […]

The US and Europe face a looming shortage of cathodes that could leave automakers reliant on Chinese supply for production of electric vehicles, according to Benchmark. Investments in planned battery production capacity in Europe and the US grew rapidly in 2022, but the midstream has yet to catch up, according to James Mills, an analyst […]

The decision to buy any electric vehicle (EV) based on its range, type, battery pack and end use has a direct impact on critical battery material demand. The amount of lithium, nickel and cobalt that goes into making a battery pack varies greatly across different electric vehicle models, depending on the battery pack’s size and […]

The European Union is looking to have 40% of processed critical raw materials come from within the bloc. But for spherical graphite, Sweden is the only member state forecast to produce any of the material through to 2040, according to Benchmark’s Flake Graphite Forecast. China absolutely dominates the production of spherical graphite, with 100% of […]

The battery industry is set to extend its dominance of the lithium market this decade, with Benchmark forecasting that by 2026 it will account for 90% of lithium demand. Rapid growth in electric vehicle (EV) adoption has seen the battery industry develop from a relatively small consumer of lithium to become the market’s primary driver […]

Lithium chemicals derived from hard rock sources such as spodumene can be over three times as carbon-intensive as that from brine sources, according to Benchmark’s Lithium ESG Report. Hard rock sources of lithium currently make up 60% of global mined lithium supply and are forecast to continue to do so through to 2030, according to […]

The -100 natural flake graphite deficit is forecast by Benchmark to more than double this year, despite supply increasing by 15%. The synthetic graphite market, by contrast, is forecast by Benchmark to be in a surplus until 2028, with this year’s surplus growing 23% on last year. Flake graphite is generally preferred by Western automakers […]

Japan will struggle to meet its target of its battery makers owning a 20% share of the global market by 2030, according to an analysis by Benchmark. Japan’s trade and industry ministry, METI, last year set a target for Japanese producers to achieve 600 gigawatt hours (GWh) of production or a 20% market share by […]

Ford’s decision to build a plant in the US to produce cheaper lithium iron phosphate (LFP) batteries significantly advances production of the chemistry outside of China. LFP chemistry was invented and developed in North America, with patents held until recently by a consortium including Hydro-Québec, the University of Montreal, the National Centre for Scientific Research […]

The world’s ten largest battery companies accounted for 71% of all lithium ion battery cells produced last year. Just three producers – CATL, LG Energy Solution, and BYD, accounted for 44% of all production. The top ten battery producers, who supply most of the global electric vehicle industry, are set to increase production by 400% […]

Investment in new mines as well as expansions to existing assets are set to increase the supply of battery minerals this year. Lithium supply is expected to have the biggest increase, rising by over 40% compared to 2022, while production of cobalt and nickel is expected to grow at more modest rates of 9% and […]

Manganese demand from batteries is set to increase almost five-fold over the next ten years, as forecast by Benchmark. Lithium nickel cobalt manganese (NCM) cathode chemistries have dominated the demand for manganese over the past few years, but this is expected to change moving into the next decade. Alternative cathode chemistries, such as lithium manganese […]

Towards the end of 2022, the European Parliament and Council provisionally agreed on legislation to regulate the full lifecycle of a battery to improve circularity and sustainability. Included in the regulations are recovery and collection targets, and mandatory minimum targets for how much of a new battery’s raw materials should come from recycled sources. Yet […]

This week Zimbabwe’s government banned the export of unprocessed lithium ores, citing concerns over increased trade by artisanal miners. Beyond artisanal mining, the ban will also encourage lithium developers in the country to process the raw lithium ore into a concentrated form before exporting it to China or elsewhere to produce battery-grade lithium chemicals. All […]

Brazil is forecast to more than double its share of the global mined lithium market over the next few years, becoming a significant new producer in South America. Benchmark forecasts the country is set to account for 4.4% of global production by 2024, half of the forecast global market share of Argentina. Brazil is often […]

China’s Jiangsu province will produce more batteries than the rest of the world this year and is set to extend its lead in 2023, according to a Benchmark analysis. Jiangsu is forecast to produce almost 250 gigawatt-hours (GWh) of battery cells next year, 10 GWh more than all other non-Chinese countries, data from Benchmark’s Lithium […]

LG Chem’s decision to build a $3.2 billion battery cathode facility in Tennessee could more than double North American cathode production in five years, highlighting the scale of new investments in the US following the passing of landmark climate legislation this summer. The South Korean company said the 120,000 tonnes per year plant is scheduled […]

The US announced more battery capacity and gigafactories to its pipeline than Europe in the second half of the year, following the unveiling of tax incentives in President Joe Biden’s Inflation Reduction Act (IRA) in August. A total of 242 giga-watt hours (GWh) of battery capacity was added to the US pipeline in the second […]

The three biggest lithium producers outside of China are continuing to invest in Chinese production assets, despite mounting geopolitical tensions and efforts by the US to build a domestic supply chain. Albemarle, Livent and SQM have all announced new processing plants in China this year to produce lithium hydroxide and lithium carbonate, with production set […]

Increased penetration of electric vehicles and large-scale deployment of energy storage systems is driving the rising demand for batteries in North America. Benchmark forecasts regional demand will increase nearly six-fold between 2022 and 2030. But while battery cell production is expected to meet the region’s demand this decade, there is a lack of forecast capacity […]

Plans for the UK’s first lithium refinery were announced to guests on a blustery day at a port in north-east Teesside this week, in a step forward for the country’s battery supply chain.Green Lithium said the £600 million refinery would produce around 50,000 tonnes of battery-grade lithium hydroxide starting in 2025, enough for around 1 […]

Indonesia’s cobalt production could increase more than thirty-fold this decade, making it the second-largest producer after the Democratic Republic of the Congo and helping to ease concerns about a shortfall of the battery metal. Supply from the South-East Asian country is expected to reach 76,345 tonnes a year by the end of 2030, from just […]

The world will need more than twenty times the amount of lithium than was mined last year to meet demand by mid-century, according to new data from Benchmark Mineral Intelligence, driven by growth in energy storage and electric vehicles. Annual production of 11.2 million tonnes LCE will be needed by 2050 with energy storage making […]

Lithium iron phosphate (LFP) has become the cathode chemistry of choice for energy storage applications around the world. But China’s near monopoly in its production could hamper efforts to deploy such systems in North America. Installations of energy storage are set to accelerate in the US, following the passing of the Inflation Reduction Act this […]

North America and Europe want to develop local battery supply chains, but removing China from the equation will be difficult given how embedded the country is in the processing of battery minerals. While most of the world’s lithium, nickel, cobalt, and manganese for batteries is mined outside of China, the majority of all critical minerals […]

The global capacity of lithium ion battery gigafactories is set to surpass seven terawatt hours (TWh) by 2031, according to Benchmark’s Gigafactory Assessment. This milestone comes just four months after the ten-year pipeline exceeded six TWh in April. BYD last month announced a 30 GWh gigafactory in Yichun, China, tipping the pipeline capacity for the […]

More than 300 new mines could need to be built over the next decade to meet the demand for electric vehicle and energy storage batteries, according to a Benchmark forecast. At least 384 new mines for graphite, lithium, nickel and cobalt are required to meet demand by 2035, based on average mine sizes in each […]

Scrap from gigafactories will be the primary source of recyclable battery material for the next decade, according to Benchmark’s Recycling Report. End-of-life batteries are not expected to become a major source of material until the 2030s as electric vehicles sold now won’t be scrapped for another ten years or so, according to Benchmark. “Process scrap […]

Battery companies are pledging to invest billions of dollars in new production capacity to meet rising demand for electric vehicles, yet the actual supply of batteries is likely to be considerably lower than announced. New battery gigafactories take time to ramp up to full production and even then will rarely operate above 80% utilisation rates. […]

A total of $15 billion could be invested into US gigafactories from announcements in the last two months, enough to build more than the entire current production capacity in the country, according to Benchmark. The announcements from Tesla supplier Panasonic, Honda and LG Energy Solution, as well as Toyota, could result in an additional 157 […]

Canada is a key target for automakers looking to secure battery raw materials such as lithium, cobalt and nickel for the North American market. This week Volkswagen and Mercedes-Benz signed agreements with the government of prime minister Justin Trudeau, announcing their intention to source and produce battery materials in the country. The high-level visit highlights […]

It’s been almost a year since lithium prices hit an inflection point to all time highs and three months since a controversial Goldman Sachs research note predicting a price crash on increased lithium supply. Yet Benchmark’s global average lithium prices have held steady since April’s record high levels, with Chinese technical and battery-grade lithium carbonate […]

US critical mineral supply chains are unlikely to meet the targets set in the Inflation Reduction Act in order for automakers to receive tax credits on sales of new electric vehicles, according to an analysis by Benchmark. The act, which is expected to be signed by President Joe Biden on Tuesday, stipulates that a certain […]

Automakers are facing growing scrutiny over their use of Indonesian nickel as Tesla received an open letter from environmental groups outlining their concerns with nickel production in the country. Electric vehicle manufacturers are increasingly looking to Indonesia to meet their growing nickel requirements, with Ford and Volkswagen announcing nickel supply deals in recent months. This […]

Africa could overtake China as the world’s largest producer of natural graphite for lithium ion batteries as soon as 2026, according to Benchmark, in a sign of the continent’s growing importance to the electric vehicle supply chain. Benchmark forecasts Africa to increase its share of global graphite production from 15% in 2021 to 40% in […]

The automotive industry could face a global shortage of high quality “Tier One” battery cells by the end of the decade, without investment by the leading battery companies in further capacity. By 2030, Benchmark forecasts a Tier One cell supply deficit of 695 gigawatt hours, up from 22 GWh this year. Tier One suppliers are […]

So far during 2022, nickel prices have experienced significant volatility, with price increases and subsequent rising costs observed throughout the nickel and lithium ion battery and cathode supply chains, compounded by unprecedented levels of uncertainty in the market. A rally in the London Metal Exchange (LME) nickel price, driven by a short squeeze in March, […]

The European Union’s proposed battery recycling targets could require a more than thirty-fold increase in recycled lithium supply from Europe by the end of the decade, according to Benchmark’s analysis. That could leave battery producers struggling to meet the EU legislation with recycled materials produced at home, forcing them to turn to suppliers outside of […]

Tesla is locking in future supplies of lithium by betting on conventional spodumene mines in Australia coming into production over the next few years. The electric carmaker has signed two deals over the last month with Australian lithium project developers Liontown Resources and Core Lithium that will provide over 20,000 tonnes of lithium carbonate equivalent […]

The lithium market faces its biggest ever shortage in tonnage terms this year as labour shortages and border closures due to Covid-19 hinder mine expansions in a market already suffering from a lack of new supply. Project ramp-ups are at the risk of delays that could result in a supply shortfall of around 26,000 tonnes […]

China’s dominance of the graphite market could pose problems for western automakers as demand for anode material is set to rise by over seven times this decade. Automakers will need to diversify their sources of graphite to reduce the risks of relying on one country for a critical battery material, according to Benchmark Mineral Intelligence. […]

A bidding war for the lithium producer Millennial Lithium is highlighting Argentina’s emergence as a key future supplier to the electric vehicle industry. Canadian miner Lithium Americas offered $400m this week in shares and cash for Vancouver-listed Millennial Lithium, the third offer for the company this year following one by China’s largest battery maker CATL […]

Prices of lithium carbonate assessed by Benchmark Mineral Intelligence have reached new all-time highs on the back of limited supply and high and sustained lithium ion battery demand in China. Benchmark’s EXW China (Battery) grade of lithium carbonate rose by 26.5% to RMB 160,000/tonne ($24,800) in the final two weeks of September 2021. This surpasses the previous […]

Outside of China, Europe and North America are the key regions developing significant lithium ion cell production capacity. Europe now has 778 GWh of capacity in the pipeline for 2030 — cell plants in production, under development, or planned — with North America’s pipeline currently sitting at 499 GWh. There has been a notable uptick […]

Benchmark’s May 2021 Lithium Price Assessment saw lithium hydroxide restore its historical premium to lithium carbonate in the Chinese domestic market after the traditional price relationship between the chemicals inverted at the beginning of the year. In January 2021, carbonate prices rallied on strong demand from LFP cathode manufacturers, inverting the historical relationship as hydroxide […]

Benchmark’s May 2021 Lithium Price Assessment saw lithium hydroxide restore its historical premium to lithium carbonate in the Chinese domestic market after the traditional price relationship between the chemicals inverted at the beginning of the year. In January 2021, carbonate prices rallied on strong demand from LFP cathode manufacturers, inverting the historical relationship as hydroxide […]

The USA is fighting back in the global battery arms race with a number of new supply chain developments already this year. In the past week alone, President Biden set out plans to electrify the US government fleet of approximately 645,000 vehicles, Sila Nanotechnologies raised a record $590 million of funding and plans to build […]

Cobalt prices have started 2021 with a bang, with price increases observed across the supply chain, particularly for battery-focused feedstocks and chemicals. The ground was set for a strong start to 2021 with the Chinese State Reserve Bureau (SRB) and its approved Chinese suppliers quietly agreeing a deal to acquire cobalt metal. In late December, behind closed […]

Lithium prices within China, as assessed by Benchmark Mineral Intelligence, are beginning to rise for the first time in three years marked by rises in Chinese domestic chemical prices throughout Q4 2020, bringing an end to lithium’s two-and-a-half year bear market. Benchmark’s Lithium Carbonate, EXW China Battery Grade, prices have increased by 11.7% from an […]

By Simon Moores, Managing Director, Benchmark Mineral Intelligence The prevailing market price for lithium ion battery cells has fallen to $110/kWh from 2019’s average of $120/kWh as assessed by Benchmark Mineral Intelligence. The average mid-point price of a lithium ion battery at a cell level per kWh, used in large automotive or electric vehicle (EV) […]

By Andrew Leyland, Head of Strategic Advisory Lithium ion battery cell prices have decreased from $290/kWh in 2014 to $110/kWh in 2020 (large contract automotive), according to Benchmark’s latest data, yet there is a view in the lithium ion industry that this trend will continue indefinitely. This in turn will lower the price of electric […]

By Simon Moores, Managing Director, Benchmark Mineral Intelligence The UK has placed electric vehicles (EV) and lithium ion batteries at the heart of a new “Ten Point Plan for a Green Industrial Revolution” and with it announced intentions to ban new sales of the internal combustion engine by 2030. This aggressive move on climate change […]

While cobalt prices have shown positive signs of late, there are nuances within the market which highlight the key fundamentals that will likely decide cobalt’s future price trend – which is taking its cues less and less from the industrial metal supply chain. Cobalt metal prices (cobalt battery metal, min 99.8%, EXW Europe, USD/lb) have […]