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Cathode and precursor: Five things to look for in 2025

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2024 was a challenging time for the cathode market. Raw material prices fell to new lows impacting cathode and precursors. Some key players exited the market or put plans on hold. As the CEO of Umicore put it, “realignment of operations to a new market reality”, a sentiment that has been echoed by many more across the supply chain. We started 2024 with an expectation that there would be greater clarifications on the market, regulations and incoming tariffs. We now move into 2025 with more questions than answers and more uncertainty than stability. We discuss five trends that we think will define 2025.

Table of contents

  • 1. More concentrated competitive landscape in the ternary cathode supply market
  • 2. Focusing on existing technology while novel innovations progress slowly
  • 3. Geopolitics above everything else
  • 4. Energy storage demand is set to increase but unlikely to be the saviour of the market
  • 5. Can instability in the ex-China market incentivise investment?

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    Cathode And Precursor 5 Things To Look For In 2025.pdf

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