Released July 15, 2024 | NEW DELHI
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Researched by Industrial Info Resources (Sugar Land, Texas)--Nickel, a critical element in the green energy transition, is experiencing a surge in demand globally. Known for its corrosion resistance, nickel has been traditionally crucial to stainless steel production, contributing approximately 70% of the global consumption. However, its role is rapidly expanding into the growing sector of electric vehicles (EVs), which relies heavily on lithium-ion batteries. According to a report by the International Energy Agency (IEA) (Paris, France), the demand for nickel is projected to double by 2050, largely driven by the thriving EV industry.
Nickel-based cathode materials are predominantly used in lithium-ion batteries such as nickel-cobalt-aluminum (NCA) and nickel-manganese-cobalt (NMC). Nickel cathodes, due to their higher energy density, are favored for powering EVs over long distances compared to lithium-iron-phosphate (LFP) batteries, which are only ideal for shorter-range applications, thus limiting broader adoption.
The NCA formulations can contain up to 80% nickel, while NMC batteries typically consist of 60% to 80% nickel. Moreover, newer iterations of NMC batteries are aiming for up to 90% nickel content.
Industrial Info Resources is tracking more than 280 active capital spending projects with investments nearing approximately US$42 billion aimed at nickel ore mining. Sustained increases in demand for the commodity has resulted in continued announcements of new grassroot development projects. About 65% of the total spending that IIR is tracking is geared at adding grassroot development, much of which is in the early planning stage. There is a further US$8.84 billion (21%) which is coming up as expansions and unit additions at existing mine sites.
By region, North America is the leading investor in nickel-ore mining with investments worth US$23.92 billion. Canada commands 54% of these investments, particularly in provinces like Ontario and Manitoba, which boast substantial nickel reserves. Renowned for its stringent environmental standards, the country's mining sector also prioritizes sustainable practices. Oceania follows with investments worth US$6 billion across 38 projects. South America is also investing about US$4 billion, spearheaded by Brazil with spending worth US$3.90 billion.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
Nickel-based cathode materials are predominantly used in lithium-ion batteries such as nickel-cobalt-aluminum (NCA) and nickel-manganese-cobalt (NMC). Nickel cathodes, due to their higher energy density, are favored for powering EVs over long distances compared to lithium-iron-phosphate (LFP) batteries, which are only ideal for shorter-range applications, thus limiting broader adoption.
The NCA formulations can contain up to 80% nickel, while NMC batteries typically consist of 60% to 80% nickel. Moreover, newer iterations of NMC batteries are aiming for up to 90% nickel content.
Industrial Info Resources is tracking more than 280 active capital spending projects with investments nearing approximately US$42 billion aimed at nickel ore mining. Sustained increases in demand for the commodity has resulted in continued announcements of new grassroot development projects. About 65% of the total spending that IIR is tracking is geared at adding grassroot development, much of which is in the early planning stage. There is a further US$8.84 billion (21%) which is coming up as expansions and unit additions at existing mine sites.
By region, North America is the leading investor in nickel-ore mining with investments worth US$23.92 billion. Canada commands 54% of these investments, particularly in provinces like Ontario and Manitoba, which boast substantial nickel reserves. Renowned for its stringent environmental standards, the country's mining sector also prioritizes sustainable practices. Oceania follows with investments worth US$6 billion across 38 projects. South America is also investing about US$4 billion, spearheaded by Brazil with spending worth US$3.90 billion.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
