Sources: copper.org, copperalliance.org, Bernstein
Annual nickel demand…
…from EVs is expected to grow 20x between 2018 and 2030, to_1.3mm_tonnes –
more than 60% of the current global nickel market.
Today’s fleet of electrical vehicles is less than 1% of total global car fleet. This number is expected to grow to 12% by 2030, requiring additional 15MT of copper.
Wind capacity is set to almost triple over the next decade from ~600 Gigawatts (GW) to 1800 GW. This will require additional 7_MT of copper by 2030.
Solar capacity is set to increase six fold over the next decade from ~500 GW to ~3000 GW. This alone will require additional 11-12 MT of copper by 2030
Sources: RENA.org. WoodMac, Mckinsey, Deloitte, IEA.org
Nickel is the most important metal by mass in lithium-ion battery cathodes in EVs, expected to make up 80% of the mass in cathodes. Annual nickel demand from electric vehicles is expected to grow 20x by 2030.
Where will we get all the nickel needed?
Copper and nickel are critical material components for the next great energy transition. Both are expected to be in critical deficits by
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