The battery sector is also seen as a major nickel consumer in the years to come, accounting for almost 60% of nickel demand growth out to 2040.
If LFP’s share is greater than we forecast, the need for new nickel capacity will be lower in the long run,” the analysis reads.
CRU points out that, in addition to the prior, aluminium scores highly in the EV sector not only in terms of cost but also because of potential weight savings. Yet, one thing plays in favour of copper: the fact that aluminium’s cross-sectional area needs to be over 50% greater than that for copper for the same level of conductivity.