<2025> EV Metal Usage Trends and
Outlook: Lithium, Nickel, Cobalt, and Manganese (‘21~‘25.1H)
The battery metal market is a raw material
market that expands in proportion to the adoption of electric vehicles and
energy storage systems, and it has the characteristics of a strategic asset
that simultaneously determines cell cost, performance, and stability. Lithium
is a fundamental element in all commercial lithium-ion batteries, forming the
broad base of demand. Nickel directly affects energy density and driving range,
leading to higher demand as the share of high-specification models increases. Cobalt
contributes to thermal stability and cycle life, but substitution and reduction
are being pursued due to environmental and human rights issues in mining as
well as high prices. Manganese enhances cost-effective performance, with its
share increasing alongside the expansion of specific cathode chemistries. As
the expansion of LFP and the adoption of high-nickel cathode materials progress
simultaneously, differing growth rates in demand by metal have emerged as a key
characteristic of the current market.
Meanwhile, major mining and refining
capacities are concentrated in specific regions, and long project lead times
make the market structurally prone to high short-term price volatility. Price
declines can delay project development, potentially leading to supply shortages
over the long term. As end-of-life (EoL) batteries are expected to surge from
the 2030s onward and function as a source of recycled supply, understanding
usage volumes and regional distribution is essential to estimate recoverable
volumes and economic viability. Battery metal usage data show the total amount
of battery metals embedded in regional EV shipments. This serves as a critical
basis for assessing future recycling potential by region, and in the event of
raw material supply shortages, recycled metals could emerge as a key supply
source.
This report aims to analyze the impact of
EV adoption and changes in cathode material composition on the supply and
demand of key battery metals. From 2021 to 2024, EV battery metal usage grew at
a CAGR of over 30%, with the expansion of LFP and the adoption of high-nickel
cathode materials progressing simultaneously. Based on this, the report
presents differences in growth rates by metal over the next decade, along with
short- and mid- to long-term supply–demand outlooks. By analyzing the regional
distribution of metal usage from 2021 to the present, the report assesses
recycling potential by region. In addition, metal usage is estimated based on
shipment data from EV OEMs and battery and cathode material manufacturers, and
company-specific metal demand, raw material procurement strategies, and related
trends are summarized.
1. Overview of Battery Minerals
1.1 Lithium 07
1.1.1 Product types
1.1.2 Processing and production
1.1.3 Reserves status
1.1.4 Production status
1.2 Nickel 15
1.2.1 Product types
1.2.2 Processing and production
1.2.3 Reserves status
1.2.4 Production status
1.3 Cobalt 23
1.3.1 Product types
1.3.2 Processing and production
1.3.3 Reserves status
1.3.4 Production status
1.4 Manganese 27
1.4.1 Product types
1.4.2 Processing and production
1.4.3 Reserves status
1.4.4 Production status
2. Global Battery Metal Market Trends
and Outlook
2.1 Global EV Market Overview 32
2.2 Global Battery Metal Market Trends 37
2.2.1 Lithium – prices, issues, usage
2.2.2 Nickel – prices, issues, usage
2.2.3 Cobalt – prices, issues, usage
2.2.4 Manganese – prices, issues, usage
2.3 Global Battery Metal Market Outlook 54
2.3.1 LIB demand outlook
2.3.2 Cathode material demand outlook
2.3.3 Demand outlook by metal type
2.3.4 Supply outlook by metal type
2.3.5 SNE insight
3. Analysis of Metal Usage by Automotive
OEM
3.1 Tesla 62
3.2 BYD Auto 67
3.3 Geely Holding Group 72
3.4 VW Group 77
3.5 SAIC Group 82
3.6 BMW Group 87
3.7 Hyundai Kia Automotive Group 92
3.8 Daimler (Mercedes-Benz) Group 97
3.9 GM Group 102
3.10 Stellantis Group 107
3.11 Ford Group 112
3.12 Renault-Nissan Alliance 117
3.13 Toyota Group 122
3.14 Analysis of Metal Usage Trends by
Automotive OEM 127
4. Analysis of Metal Usage by Battery
Manufacturer
4.1 CATL 129
4.2 BYD 133
4.3 LG Energy Solution 137
4.4 CALB 142
4.5 SK On 146
4.6 Panasonic 150
4.7 Samsung SDI 154
4.8 Gotion 158
4.9 Sunwoda 162
4.10 SVOLT 166
4.11 Analysis of Metal Usage Trends by
Battery Manufacturer 170
5. Analysis of Metal Usage by Cathode
Material Manufacturer
5.1 Hunan Yuneng 172
5.2 Dynanonic 175
5.3 Ronbay 178
5.4 Reshine 181
5.5 L&F 184
5.6 LG Chem 187
5.7 Hubei Wanrun 190
5.8 Ecopro BM 193
5.9 Sumitomo Metal Mining 196
5.10 POSCO Future M 199