Top 5 fastest growing countries by battery nickel consumption
Although LFP continues to eat into the market share of NCM and NCA batteries, particularly in China, nickel usage in the EV industry is still being propelled higher by a steady rise in the average EV’s battery capacity (in kWh) and an affinity for high nickel cathode chemistries in high-end, performance EV models.
According to data from the Adamas Battery Metals Intel Platform , through the first five months of 2024, a total of 115,704 tonnes of nickel were deployed onto roads in the batteries of all newly sold passenger EVs worldwide, a 15% increase over the same period of 2023.
From January through May this year, China led the pack by nickel deployed at 40,015 tonnes, affording the country 35% of the global market.
China’s dominant position in the battery nickel market comes despite the popularity of EVs fitted with LFP batteries in the nation. By GWh deployed, these nickel-free packs were responsible for 53% of all GWhs rolled onto roads in China over the five-month period.
Despite the already large size of the Chinese market, the country also remains one of fastest growing consumers of battery nickel, slotting in at number four by growth after seeing its consumption rise by 27% year over year.
However, if using a base market size of 1,000 tonnes as a cutoff, the fastest growing country in terms of battery nickel consumption so far this year is Australia, which increased usage of the metal by 43% year over year to 1,123 tonnes.
Belgium was ranked second, adding 588 tonnes or 34% to its nickel consumption year on year, followed by Denmark, which went from 883 tonnes deployed in the first five months 2023 to 1,143 tonnes over the same period this year.
In fifth, France slotted in behind China with 4,600 tonnes of nickel rolled onto the countries highways and byways, a 24% jump year on year.
Honorable mention goes to Canada, which was outpaced by France by less than a percentage point.
In terms of total tonnage, France is ranked fifth worldwide by battery nickel deployed while Canada places seventh, ahead of Belgium.
The second biggest EV market globally, the US, managed a respectable 18% increase over the period with 28,154 tonnes of nickel deployed.
Adamas take:
Although LFP continues to eat into the market share of NCM and NCA batteries, particularly in China, nickel usage in the EV industry is still being propelled higher by a steady rise in the average EV’s battery capacity (in kWh) and an affinity for high nickel cathode chemistries in high-end, performance EV models.
