China to Extend Battery-Metal Lead as Electric Cars Fuel Demand
- Lithium-ion battery demand to surge by 2030, BloombergNEF says
- Copper and aluminum will lead surge in battery-metals demand
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Electric cars will drive a sevenfold surge in lithium-ion battery demand in the next nine years, fueling more appetite for battery metals from an industry overwhelmingly dominated by China, according to BloombergNEF.
Lithium-ion battery demand by 2030 will surpass 2.8 terawatt-hours per year -- that’s equal to the annual output of 80 Tesla Inc. gigafactories -- and passenger electric vehicles will account for 72% of that market, BloombergNEF said in a report published Wednesday. The thirst for those rechargeable batteries will contribute to a fivefold increase in demand for battery metals in the period, led by copper and aluminum, the energy data and analysis firm said.