In 2020 there seems to have been a resurgence of lithium iron phosphate (LFP) cathodes in the battery supply chain. So, why is this and what are the implications for raw materials?
Firstly, we should note that LFP never went away. According to Benchmark’s Cathode Market Assessment, production of LFP cathodes has increased 8.1x between 2013 and 2019. Overall, this level of growth is comparable to that of NCM (nickel, cobalt, manganese) cathode materials, production of which has increased by 9.2x over the same period.
The majority of growth for NCM has come from NCM 622 and . . .