Visualizing the Top Sectors for Battery Investment

What We’re Showing

The total capital expenditure (Capex) requirements to build up capacity to meet future battery demand by 2030, and 2040. 

This data comes exclusively from Benchmark Mineral Intelligence as of July 2024. Demand projections are based on 2023 demand versus forecasted demand. 

Key Takeaways 

• The total Capex necessary in the battery tech sector is projected to increase from $567 billion in 2030 to $1.6 trillion in 2040.
• At the extraction stage (upstream), investments are expected to concentrate mostly on lithium, recycling, and nickel. 
• Among battery components, the cathode (the part of a battery that typically stores the positive charge during discharge) is expected to receive the majority of the investment.
• Copper demand for battery cells is expected to increase fivefold by 2040.
• Demand for recycled materials is forecasted to increase 26 times by 2040.
• Battery demand is projected to increase ninefold by 2040.