“As the world turns its attention to the geopolitical conflict between Russian energy and the Western world, a new clean energy battle is waged across the lithium-ion battery supply chain.” This is what the latest report from the consultancy Global Data says, stating that in order to reach the potential of this market by 2030, it is necessary for the public and private sectors to reject the prevailing ecological positions and open up more mining activities.
Otherwise, they estimate that as of 2025, there could be a shortage of essential minerals for construction, such as lithium, nickel, cobalt and graphite. They all saw their price skyrocket in early 2022
—up to 120% in the case of lithium hydroxide— and the war in Ukraine has not softened the upward trend. Analysts say this material is in abundance, but greater investment in mines is necessary.
The dominant player in the global battery market is the Chinese CATL This has become a giant in the last five years “thanks to generous subsidies, a large and growing domestic market and soft regulation”. This company has a 30% market share, almost double that of its former leader, Panasonic. “Key customers, such as Tesla, BMW, General Motors or the Volkswagen Group, have accepted that they have no choice but to use CATL as a supplier for their electricity.”
In 2020, the battery industry’s revenue was $55 billion and it is estimated that it will have a compound annual growth rate of 14% to reach $168 billion by 2030. To reduce China’s geographic dependence and minimize environmental impact, “battery recycling is imperative. It is the only way to ensure the industry is sustainable in the long run.”
Source: La Verdad
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
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