As many countries shift towards achieving a more sustainable future, major economies are also adopting and promoting electric vehicles in an effort to reduce carbon emissions from traditional internal-combustion engine, and ultimately help the transport and power sectors contribute towards reaching the 2-degree C Paris Agreement goal.
One of the key commodities to realizing this ambition is nickel. Unlike other battery materials such as cobalt and lithium, nickel is unique in not being primarily driven by global battery demand. About 70% of the world's nickel production is consumed by the stainless steel sector, while batteries take up a modest 5%.
S&P Global Market Intelligence forecasts global primary nickel consumption to rebound year-on-year due to stainless steel capacity expansions in China and Indonesia. Demand outside China is expected to be the main driver of global growth in volume terms in 2022 and global consumption is forecasted to rise at a compound annual growth rate of about 7% between 2020 and 2025.
The battery sector's nickel demand is also expected to accelerate substantially, with many predicting it to near 35% of total demand by the end of the decade.
But while based on the above supply of nickel seems abundant, the production of nickel-rich cathodes in lithium-ion batteries requires a more stringent, high-purity Class I nickel (i.e. greater than 99.8% purity) as feedstock to produce the key ingredient: nickel sulfate. Traditional stainless steel...
Read Full Story: https://www.spglobal.com/platts/en/market-insights/blogs/metals/123121-nickel-supply-electric-vehicle-demand
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