Charted: Battery Capacity by Country (2024-2030)

What We’re Showing

This graphic illustrates the global battery market’s growth by cathode type, comparing Nickel-Cobalt-Manganese (NCM) and Lithium Iron Phosphate (LFP) chemistries.

This data comes exclusively from Benchmark Mineral Intelligence as of February 2025. 

Cathode: Electrode where lithium ions move during discharge, generating power.

NCM vs. LFP:

• NCM (Nickel Cobalt Manganese) - More costly to produce, longer range per charge, better performance in cold weather, shorter lifespan.
• LFP (Lithium Iron Phosphate) - Cheaper, greater thermal stability, shorter range per charge, heavier.

Key Takeaway 

• The West is focusing on building an NCM-based midstream cathode supply chain, with some investment in LFP. Meanwhile, China, despite past investments in both, is now prioritizing LFP.