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NCM MARKET
BY 2030, NCM IS EXPECTED TO DOMINATE OTHER NICKEL RICH CHEMISTRIES INCLUDING NCA AND LMNO
Within the NCM chemistry class, NCM811 Precursor is expected to gain the largest market share
▪ Blackstone began its life as an explorer when the predominant
2030 Snapshot – Adoption of Nickel Rich Battery Chemistries NCM battery chemistry had ratio of nickel , cobalt and manganese
Source: Benchmark Mineral Intelligence
of 1:1:1
▪ The last few years have seen rapid advancement towards higher
nickel content cathodes, with NCM811 expected to be the
dominant battery chemistry
Forecast Nickel Demand by NCM Chemistry
1,400
Source: Benchmark Mineral Intelligence
1,200
1,000
800
NI (KT) 600
400
200
NCA NCM LMNO 0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
NCM 111 NCM 523 NCM 622 NCM 811
5
