Global cathode and precursor market investment horizon outlook- Q3 2022

Prices for cathode materials are expected to peak in 2023, driven mainly by expected elevated levels of lithium prices. Cathode active material demand from automotive applications is set to increase by more than 5.1Mt over the next decade. This will require a diverse range of technologies, with L(M)FP, high-nickel ternary and Mn-rich technologies accounting for the greatest proportion of production by 2032. China will remain the largest producer of precursor materials; however, supply chain security will encourage ROW production to increase from 13% currently to 30% by 2032.