Commodity Market Report

Global cathode and precursor market strategic planning outlook - Q1 2022

31 March 2022

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31 March 2022

Global cathode and precursor market strategic planning outlook - Q1 2022

Report summary

In 2022, spot prices for cathode materials continue to surge driven by the high prices of battery raw materials. Nickel prices advanced to an annual average of almost US$18,500/t, a level not seen since 2011. On 8 March 2022, the world’s pricing mechanism for nickel – the London Metal Exchange – “failed” as a short squeeze took prices on the electronic trading platform above US$101,000/t. We believe “normal” nickel prices will return as Indonesian nickel pushes the market into surplus from 2023 to 2025. But the long-term increase in nickel usage and the difficulty in quickly ramping-up production are quite likely to lead to a more pronounced turn to high-manganese and LFP cathode chemistries, which are less nickel-concentrated but exhibit good performance. Outside of Asia, countries have been striving to develop localised battery supply chains and cathode processing facilities.

Market outlook
- LFP cathode materials market outlook
- Precursor market outlook
- Nickel-based cathode market outlook
- LMO cathode market outlook
- LCO cathode market outlook
Price forecast
- Precursor materials price forecast
- NCM cathode materials price forecast
- LFP cathode materials price forecast
- LCO cathode materials price forecast
- LMO cathode materials price forecast
Global outlook
Demand by application
- The automotive sector
- The energy storage system (ESS) sector
- The portable electronics sector
- The power device sector
- The motive product sector
- LFP supply
- Precursor supply
- Nickel-based cathode supply
- NCA cathode
- NCM series cathode
- LCO cathode supply
- LMO cathode supply

Tables and charts

This report includes 51 images and tables including:

Cathode materials demand by application, 2020-2050 (kt)
LFP cathode materials market balance, 2020-2050
Precursor production vs demand

Precursor market balance
Nickel-based cathode production vs demand
Nickel-based cathode market balance
NCM series cathode market balance
NCA cathode market balance
LMO cathode market balance
LCO cathode market balance
NCM precursor price forecast, 2021-2050
NCM cathodes price forecast, 2021-2050
Comparison of NCM cathode materials unit energy cost (US$/kWh)
Cost comparison of NCM811 and high-manganese cathodes
LFP cathode raw materials cost by synthesis method
LFP cathode price forecast, 2021-2050
High-voltage LCO cathode price forecast, 2021-2050
Low-voltage LCO cathode price forecast, 2021-2050
LMO cathode price forecast, 2021-2050
Cathode materials demand from passenger and commercial EVs, 2020-2050 (kt)
Cathode chemistry split in electric vehicles using battery technologies, 2020-2050
Automotive sales outlook by powertrain type, 2020-2050 (million units)
Energy storage technology split
Cathode materials demand from energy storage systems using Li-ion technologies, 2020-2050 (kt)
Cathode chemistry split in energy storage systems using Li-ion technologies, 2020-2050
Cathode materials demand from portable electronics using Li-ion technologies, 2020-2050 (kt)
Cathode chemistry split in portable electronics using Li-ion technologies, 2020-2050
Cathode materials demand from motive products using Li-ion technologies, 2020-2050 (kt)
Cathode chemistry split in power devices using Li-ion technologies, 2020-2050
Cathode materials demand from motive products using Li-ion technologies, 2020-2050 (kt)
Cathode chemistry split in motive products using Li-ion technologies, 2020-2050
LFP cathode capacity, by source
The existing capacity of LFP cathode materials by region, 2020-2050
New projects& expansion capacity of LFP cathode materials by region, 2020-2050
LFP cathode materials production split by country, 2020-2050
Precursor capacity, by source
Precursor existing capacity, by geography
PCAM new projects& expansion capacity, by geography
Precursor production, by type
Precursor production, by country
Precursor production, by owner
Cumulative production from offtake agreements (%)
NCM&NCA capacity, by source
New NCM&NCA projects& expansion, by geography
NCM&NCA production, by type
NCM series cathode supply, by geography
NCA cathode supply, by geography
NCM&NCA production, by owner
China NCM cathode production, by Ni content
LCO production, by geography
LMO production, by geography