Nickel ore, a key resource for lithium-ion batteries, becomes more and more important with the rise of electric vehicles. Bao Wenjun, head of market analysis for metals and mining at BHP Billiton, said that the battery industry¡¯s demand for primary nickel will surge by 1.3 million tons in the next decade. The demand was expected to grow by more than 500% or 700,000 tons from 2020 to 2030, and the demand will occupy more than 20% of the total global demand.
According to a previous report from the consulting firm Rystad Energy, global nickel demand was forecasted to rise to 3.4 million tons by 2024 from 2.5 million tons in 2021. In 2024, the global supply will be in short with the production of 3.2 million tons then.
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