Battery materials
Overview
Growth in global electric vehicles (EVs) and plug-in hybrid (PHEV) production has put a spotlight on battery materials. While lithium-ion batteries dominate the current market, this is a rapidly emerging technology space where improved range or charge times can quicky shift industry sentiment and investment in a different direction.
Argus is at the forefront of battery materials pricing and reporting with coverage of common battery metals (lithium, cobalt, nickel, graphite), industry-grade cathodes and black mass. As experts in specialty metals and rare earths, we future-proof our price assessment portfolio with a range of electronic metals crucial to the manufacture of technology deployed in modern vehicles.
Our Argus Battery Materials and Argus Non-Ferrous Markets services help businesses to understand these complicated supply chains, including price volatility and sustainability challenges around future demand.
Minor metals: Battery metals
As automakers continue to invest in electric vehicle production and power companies explore infrastructure that includes energy storage programmes, the metals contained in lithium-ion batteries supporting these products has attracted interest from investors, institutions and manufacturers alike.
Argus is well positioned to provide insight into price volatility, global supply and responsible material sourcing for all manufacturers and investors in this sector.
Highlights of Argus battery materials coverage
- Understand the context of significant price movements and industry trends with a weekly PDF that highlights the most important market news across lithium, cobalt, graphite, nickel and other common battery materials
- Mitigate risk and perform reliable forward planning with 1-year and 10-year forecasts across different battery metals, chemistries and industries
- Gain a competitive edge with industry-specific tools, such as the Black Mass Calculator that estimates the intrinsic value of different battery chemistries (including cathodes like NCM111, NCM523, LFP, NCA)
- Invest with confidence knowing Argus is IOSCO-compliant with over 50 years of experience delivering trusted price data and market intelligence
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Viewpoint: Asia energy storage to accelerate in 2026
Viewpoint: Asia energy storage to accelerate in 2026
Singapore, 7 January (Argus) — Stronger government signals and new industry initiatives to support energy storage systems (ESS) in Asia-Pacific are set to accelerate deployments, creating ripple effects across the battery and lithium market in 2026 as participants eye a new growth engine. ESS deployment remains uneven across Asia-Pacific. China accounts for 88pc of the region's 85GW capacity in 2024, according to industry group Energy Institute. The remainder is concentrated mainly in Australia and South Korea. These countries aim to scale up ESS buildout further. China is targeting 180GW of capacity by 2027, while South Korea plans to reach 2.22GW capacity by 2029. Australia has committed A$500mn ($337.75mn) to expanding local battery manufacturing. Other Asian nations are also picking up pace. Vietnam is targeting up to 16.3GW of ESS by 2030, while Malaysia launched its first 400MW auction this year. Governments are increasingly supporting integrated renewables and battery projects. India and the Philippines awarded such projects this year; Australia is auctioning dispatchable clean power contracts , and Malaysia intends to do this year, according to lawmakers. "In Asia-Pacific, while spot markets exist in some jurisdictions, most markets still lack mature price signals and ancillary service frameworks needed for merchant energy storage investment," nonprofit EnergyTag's Asia Pacific head Shailesh Telang told Argus . ESS deployment is still primarily backed by tenders, subsidies, regulated tariffs, or state-supported procurement, Telang noted. "Over time, market forces can take over, but today policy remains the primary driver," he said. Industry initiatives could further support growth. Regional advocacy group Fessia launched in September and will initially focus on smoothing policy for ESS deployment and bankability in Vietnam and the Philippines. Corporate standard-setter Greenhouse Gas Protocol is also consulting on switching from annual to hourly matching of clean power purchases . The requirement could spur demand for nighttime clean energy — and, in turn, batteries. But the clause is hotly debated and could feature leeway for smaller industries and emerging economies. Meanwhile, the South Korean government's first ESS central contract market auction in 2025 drew intense interest, selecting eight operators out of 51 proposals for 563MW of ESS capacity — largely concentrated on the mainland. A second auction round followed later. South Korea's ESS momentum, driven by its 2029 capacity target, aligns with domestic battery makers' pivot from electric vehicles. Top battery maker LG Energy Solution's (LGES) plans to produce lithium-iron-phosphate (LFP) ESS batteries domestically, citing the domestic energy ecosystem, starting with 1GWh. South Korean battery makers' ESS focus will likely intensify as the US EV market slows. Leading firms such as Samsung SDI, LGES, and SK On have all redirected resources to tap the ESS market, particularly in the US, given the data centre and renewable energy build-out. Their once EV-dedicated lines are increasingly repurposed to produce ESS as EV market uncertainty lingers. LFP reality sets in Chinese-dominated LFP chemistry continues to see surging adoption in South Korea , which has firmly stepped into the space and closed multiple LFP ESS supply deals in 2025. But China's dominant position in LFP still appears immovable, thanks partly to the scale of its domestic ESS and EV markets. The Chinese government is on track to more than double its new energy storage capacity to 180GW by the end of 2027 from 2024, it said in an action plan . Strong growth persists among Chinese domestic energy storage firms such as Eve Energy, Cornex, Envision, Great Power Energy and Technology, and Hithium, commented a Chinese battery recycler — though the sector remains overshadowed by industry giant CATL. Anticipation of robust ESS growth in China for 2026 — where Argus heard estimates between 30-100pc across multiple analysts and market participants — reflects varying degrees of optimism. Yet, one consensus stands out among market participants: ESS growth is confirmed and is dominating lithium market discussions near the end of 2025, supporting lithium prices and injecting fresh hope for market expansion. By Joseph Ho and Liang Lei Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EV technology takes centre stage at US CES
EV technology takes centre stage at US CES
London, 6 January (Argus) — New EV platforms and solid state batteries were demonstrated at this year's Consumer Electronics Show (CES) in Las Vegas, showing that electrification is still high on the agenda in the US and progressing towards delivering the next generation of technology despite political scepticism. This year's CES focused on interchangeable and easy-to-use EV platforms. Companies such as Ample demonstrated swappable battery platforms, targeting ride-sharing and high-use vehicles. CATL, the world's largest battery maker, used the show to again tout its own battery swap network, aiming to have up to 140 cities covered by its swap stations by the end of 2026. Elsewhere, new EV platforms were demonstrated. Everatti and Aria displayed their joint EV platform, designed specifically for low-volume, heritage and specialist car brands. It is aimed at carmakers that do not operate large-scale production, but rather bespoke models, allowing these producers to electrify without having to transition entire production facilities. "This is about removing the structural barriers that have made low-volume electrification slow, expensive and risky," Everrati chief executive Justin Lunny said. Solid State shifts from theory to delivery Several firms demonstrated commercially viable solid state batteries this week, with Finnish company Donut Lab demonstrating a working solid state battery that it claims is designed for up to 100,000 charging cycles, much longer than standard lithium-ion batteries. "Solid-state batteries have always been described as ‘just a few years away,'" Donut Lab chief executive Marko Lehtimaki said. "Our answer is different. They're ready today. Not later." Verge Motorcycles also showed how solid-state batteries are beginning to leave the lab and enter actual products, unveiling an updated version of its TS Pro electric superbike equipped with all-solid-state battery technology developed in collaboration with Donut Lab. The new Verge TS Pro, among the first motorcycles with solid-state cells on the road, boasts dramatic improvements in range, with variants offering up to roughly 370 miles (595km) on a single charge and rapid charging in minutes, highlighting how advanced cell chemistry can enhance real-world vehicle performance. This represents one of the most tangible consumer-facing applications of solid-state tech yet seen at CES, and a milestone in shifting industry narratives from theoretical breakthroughs to deployable, high-performance EV batteries. By Thomas Kavanagh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Viewpoint: ESS to jolt lithium higher in 2026
Viewpoint: ESS to jolt lithium higher in 2026
London, 5 January (Argus) — Lithium prices could rise faster than many expect in 2026 as grid scale energy storage systems (ESS) — modular, bankable and increasingly prevalent — add a new material pull on lithium salts. Argus-assessed prices for 99.5pc lithium carbonate were $11,600/t on 9 December — still roughly 80pc below late-2022 highs. Lepidolite project restarts and brine expansions weighed on prices in the first half of this year , and stocks were considered adequate. While many expect gains this year, conditions in recent months appear to have shifted more dramatically. Chinese battery makers have raised operating rates, and futures on the Guangzhou exchange climbed towards 100,000 yuan/t in November — prices not seen since early last year — signalling tighter spot availability and stronger downstream demand. Futures often lead physical prices when buyers anticipate structural demand growth. Why modular ESS matters now Energy storage systems are increasingly deployed in containerised blocks — most using lithium iron phosphate (LFP) — that can be installed at substations, paired with solar farms or added to peaking plants. This design bypasses some grid bottlenecks — projects can connect at distribution level rather than waiting years for high-voltage transmission upgrades. And construction times for large battery parks in China have been as short as 81 days from start to commissioning, compared with 5–7 years for new transmission corridors or gas plants. That speed is critical as grids face congestion and renewables curtailment. The data support this. Global ESS additions rose to an estimated 273GWh in 2025, according to Argus Consulting, and are forecast to hit 359GWh in 2026, with China alone adding 182GWh (see graph) . Procurement pipelines codified in auctions and grid connection queues are now converting into physical installations. The Italian government's Macse auction scheme and the UK's queue reform have locked in multi-GW storage capacity for delivery before 2030. In the UK, 34.5GW of battery projects have been prioritised for connection — around one-third of the UK's current installed capacity of 110GW, according to grid operator Neso. Europe-wide, annual installations are expected to rise from 10.1GW in 2023 to 17.6GW by 2030, driven by auctions specifying four-hour duration and co-location, according to LCP Delta, a consultancy. China's battery output underscores the shift. Production reached 1.29TWh in January–October, up from 843GWh a year earlier (see graph). LFP accounted for nearly 79pc of output, according to the China Automotive Industry Battery Alliance (Cabia). Power-battery installations hit almost 170GWh in October, with LFP near 80pc — evidence that storage demand is rising alongside transport electrification. And the chemistry matters — LFP typically uses 30–50pc more lithium per kWh than nickel-rich systems because its lower energy density requires more cells for the same duty cycle. This amplifies the lithium intensity of ESS growth. Grid flexibility becomes key Lithium demand from ESS is not just about shifting cheap midday power to evening peaks. Batteries earn their keep by providing frequency regulation, inertia and congestion relief — services that gas turbines cannot deliver as quickly or at zero emissions. These functions lock in multi-year revenue streams, making storage economical and accelerating lithium uptake. In France, battery projects initially earn most of their revenue from ancillary services such as primary and secondary reserves, which pay for real-time frequency stabilisation of the grid. The grid requires only 1–2GW of battery capacity before ancillary markets become saturated. Beyond that point, new projects will need to rely on wholesale opportunities — such as intra-day price arbitrage, where batteries charge and discharge within the same day — for more dependable revenue. The sharp rise in clearing prices underscores the premium on fast-response assets like batteries as operators try to manage volatility. Policy is reinforcing this trend. Policy makers in Europe warn of the cost of renewable generation curtailment, indicating demand for battery backup. In China, battery energy storage systems are increasingly co-located with solar installations to provide back-up power and load balancing. Solar-plus-storage systems accounted for 34pc of the 0.61GW of newly commissioned power-side installations in June, while wind-plus-solar-plus-storage accounted for 46pc. By Chris Welch China monthly power battery installations GWh Global ESS additions forecast GWh China monthly battery production GWh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Viewpoint: Will solid-state batteries upend the sector?
Viewpoint: Will solid-state batteries upend the sector?
Beijing, 5 January (Argus) — Development of the global solid-state battery sector underwent a marked acceleration in 2025, with particularly notable progress achieved in China thanks to technological breakthroughs, production line deployments and industrial collaboration. Multiple battery producers have achieved rapid advances in key materials and cell development over the past year, introducing a series of all-solid-state battery samples boasting energy densities ranging from 400–500 Wh/kg. In late November, major Chinese automaker Guangzhou Automobile Group (GAC) commissioned a pilot production line for all-solid-state batteries with energy density exceeding 400 Wh/kg, theoretically enabling a driving range beyond the 1,000km threshold. This line is scheduled to begin small-scale vehicle testing in 2026, with mass production scaling up from 2027 to 2030. Domestic competitor Chery unveiled its Rhino S all-solid-state battery module in early October, with an energy density of 600 Wh/kg supporting a range of over 1,200km. Chery plans to begin vehicle integration and validation for this battery by 2027. Other Chinese automakers such as BYD and Chang'an Auto have also accelerated development of all-solid-state batteries in recent years, targeting initial small-scale production around 2027. A significant step was taken in May when the China Society of Automotive Engineering released its Criteria for Judging All-Solid-State Batteries, providing the first clear industry definition for all-solid-state batteries and establishing a foundation for standardised testing and technological upgrades. Outside China, South Korean battery materials supplier Posco Future M and US solid state battery technology firm Factorial signed an agreement to develop solid-state batteries in early December . Japanese automaker Toyota and trading firm Sumitomo Metal Mining (SMM) agreed in October to jointly develop and produce cathode materials for all solid-state batteries used in battery electric vehicles (BEVs). In the long term, solid-state battery commercialisation is expected to reshape raw material demand . The new technology may create new opportunities for nickel suppliers, as ultra-high-nickel cathode materials can be adopted in solid-state systems to enhance performance. Such batteries are also likely to shift toward lithium metal anodes instead of conventional graphite to increase energy density. The ultimate goal for solid-state batteries is to adopt new cathode materials, such as lithium-rich manganese-based materials. Moreover, lithium consumption in sulphide-based solid electrolytes can be more than eight times that of conventional liquid lithium-ion batteries such as lithium iron phosphate (LFP), according to industry estimates. In the transition period before lithium metal anodes are widely adopted, battery manufacturers are expected to increase the use of silicon-carbon anode materials, which may gradually reduce demand for traditional graphite anodes. Beyond electric vehicles, solid-state batteries' high energy density and improved safety characteristics mean they have significant potential in applications such as drones, electric vertical take-off and landing aircraft (eVTOLs), grid energy storage, consumer electronics and humanoid robots. Challenges ahead The research and industrialisation of all-solid-state batteries remain largely at the pilot and validation stage, however, with mass production not anticipated before around 2030. Several key challenges need to be addressed before large-scale adoption becomes feasible. The foremost hurdle is cost reduction. Current estimates indicate that all-solid-state batteries remain 3–5 times more expensive than conventional lithium-ion batteries with liquid electrolytes. Key materials, including solid electrolytes — especially those that are sulphide-based — and compatible high-performance electrodes, remain substantially more costly. Moreover, manufacturing all-solid-state batteries often requires strictly controlled dry rooms that are immune to moisture and oxygen, necessitating specialised and costly equipment. And the absence of a mature supply chain inhibits economies of scale, keeping costs high. Further progress depends on how soon these critical technical bottlenecks can be overcome and production costs reduced. For the first few years, these batteries are likely to be limited to more expensive high-end vehicle models, as their premium cost can more easily be absorbed by buyers in that segment who are less sensitive to prices. Despite these challenges, solid-state batteries are not a gimmick but represent a viable direction for the future evolution of the battery industry — as well as being poised to stimulate demand for several key metals. Industry confidence remains strong and government support continues to materialise, but the timeline for large-scale commercialisation remains dependent on technical progress and cost trajectories, clouding the outlook for their widespread adoption. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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