How did EV production affect battery prices in 2023?
Excess EV production capacity, a buildup of inventory and destocking by cathode producers resulted in thin demand for battery materials. This coupled with upstream expansions and market oversupply led to a notable softening of battery raw material prices in 2023. So, what does this year ahead have in store?
Why is the lithium market oversupplied?
The lithium market has been oversupplied for several years, in part due to expectations of huge increases in demand for lithium driven by the energy transition.
Will battery material supply & demand increase in 2024?
There is a lot of uncertainty surrounding battery material supply and demand in 2024. Although EV sales are sluggish, we expect them to continue rising steadily in 2024, translating into robust demand for battery raw materials.
Are battery demand and battery raw material supply affected by global macroeconomic fluctuations?
In recent years the fundamental drivers of battery demand and battery raw material supply have been largely immune to global macroeconomic fluctuations. This changed in 2023, as growing economic headwinds began to weigh on consumer sentiment.
Are the challenges of oversupply going away?
The challenges of oversupply aren’t going away. Renewable generation deployment and the associated shifts in grid management will continue to dominate the U.S. energy transition for decades to come, particularly as grid operators retire more than 200 GW of legacy generation capacity, primarily coal, within the next 10 years.
What will the battery materials market look like in 2024?
In 2024, the battery materials market will also be exposed to a complex interplay of economic headwinds, geopolitical developments, trade tensions, disruptions to shipping and the reshaping of international supply chains.
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