battery supply chain research
관점별 · 3 시각 이번 호 전체
Benchmark's Q2 2026 cobalt market report: LFP chemistry accounted for approximately 55% of global EV battery installations in 2025, displacing cobalt-bearing NMC in the mass-market segment. However, absolute cobalt demand for batteries still grew approximately 8% in 2025, driven by growth in NMC installations in premium EV segments and energy-dense portable electronics. Benchmark projects cobalt demand to continue growing at 5-8% per year through 2028 even if LFP share reaches 60%, because total EV production volumes are growing fast enough to expand absolute cobalt consumption despite chemistry substitution.
“LFP reached 55% of EV battery share in 2025, but absolute cobalt demand still grew 8% as EV volumes expand faster than LFP displaces NMC.”
Quantifies LMFP's share of Chinese EV battery installations at approximately 18% in 2025, up from 9% in 2024, with CATL and BYD both expanding LMFP capacity; projects manganese demand from the battery sector to grow from approximately 35,000 tonnes HPMSM in 2025 to 110,000 tonnes by 2028. Notes that battery-grade HPMSM requires 99.8%+ purity, which only a small fraction of current global HPMSM production achieves.
“LMFP's share of Chinese EV battery installations reached 18% in 2025, and HPMSM demand is set to triple by 2028.”
Benchmark quantifies Rincon's role in the Argentina DLE supply wave: along with Eramet Centenario (projected 24,000 tpa by 2027) and POSCO Sal de Oro (projected 25,000 tpa by 2028), Rincon at 60,000 tpa would make Argentina the world's second-largest lithium exporter behind Australia by 2029. Notes that the IFC/IDB Invest multilateral financing is the first time international development finance institutions have jointly co-financed a DLE-assisted lithium project, establishing a template for future IRA-compliant supply chains.
“Rincon at 60,000 tpa would make Argentina the world's second-largest lithium exporter by 2029; the IFC-IDB multilateral structure is a first for DLE-assisted projects.”