The transition to a 100% electric vehicle (EV) world is poised to dramatically reshape global commodity demand, particularly for materials integral to battery production. Lithium and cobalt, essential components of EV batteries, are expected to see staggering increases in demand, with lithium demand surging by nearly 2,900% and cobalt by over 1,900%. This reflects the critical role these materials play in the energy storage capabilities of EVs. Rare earth elements and graphite also show significant demand spikes, at 655% and 524% respectively, underscoring their importance in the production of high-performance magnets and battery anodes. Interestingly, while the demand for nickel and copper is projected to rise, the increase is relatively modest compared to other materials, suggesting a more balanced supply-demand dynamic. Conversely, the demand for platinum group metals (PGM) is expected to decline by 53%, likely due to their reduced use in catalytic converters as internal combustion engines are phased out. This shift highlights the broader environmental and economic implications of a global move towards EVs, emphasizing the need for strategic resource management and sustainable mining practices. The data underscores the transformative impact of EV adoption on the commodities market, necessitating a reevaluation of current production and supply chain strategies to meet future demands efficiently.
