6 The Impacts of Electric Vehicles …
201
Fig. 6.4 Final consumption of critical metal resources in 2019
nickel 2019), bears very limited impact on the nickel market at present. However,
with mediocre annual growth between 10% and 20% for stainless steel and alloy
industries and over 30% for battery industry, nickel consumption would be subject
to much greater influence from the battery industry as nickel-rich NMC battery gains
more popularity.
Manganese consumption is highly concentrated as 95% of it is used in steelmaking
and less than 2% in battery. The size of the steel industry is approaching its ceiling
in recent years without notable changes The quantitative impact of battery industry
on manganese market will remain trivial for a considerable period.
6.1.4 Identification of Challenges
Undoubtedly, the rapid development of EVs will trigger a spike in demand for battery,
which will in turn drive up demand for critical metal resources such as lithium, nickel,
cobalt and manganese. The size of demand, however, will depend on EV market
growth, battery technology development, resources utilization efficiency, etc., with
multiple scenarios that require scientific assessment with bottom-up modeling.
Rising demand for critical metal resources will bring two critical challenges. First,
sustainability. From a supply and demand perspective, the resources endowment of
lithium, nickel and cobalt is less than abundant and it remains a question mark
whether the limited resources can support the long-term development of EVs. Will
201
Fig. 6.4 Final consumption of critical metal resources in 2019
nickel 2019), bears very limited impact on the nickel market at present. However,
with mediocre annual growth between 10% and 20% for stainless steel and alloy
industries and over 30% for battery industry, nickel consumption would be subject
to much greater influence from the battery industry as nickel-rich NMC battery gains
more popularity.
Manganese consumption is highly concentrated as 95% of it is used in steelmaking
and less than 2% in battery. The size of the steel industry is approaching its ceiling
in recent years without notable changes The quantitative impact of battery industry
on manganese market will remain trivial for a considerable period.
6.1.4 Identification of Challenges
Undoubtedly, the rapid development of EVs will trigger a spike in demand for battery,
which will in turn drive up demand for critical metal resources such as lithium, nickel,
cobalt and manganese. The size of demand, however, will depend on EV market
growth, battery technology development, resources utilization efficiency, etc., with
multiple scenarios that require scientific assessment with bottom-up modeling.
Rising demand for critical metal resources will bring two critical challenges. First,
sustainability. From a supply and demand perspective, the resources endowment of
lithium, nickel and cobalt is less than abundant and it remains a question mark
whether the limited resources can support the long-term development of EVs. Will