Theme Overview
Battery metals are at the center of the most important commodity demand story of the 2020s. Global EV sales are growing 25-35% annually, with each vehicle requiring 8-12 kg of lithium, 5-10 kg of cobalt (for NMC chemistry), and 30-60 kg of nickel. Grid-scale battery storage is adding another massive demand channel independent of EVs. The IEA projects lithium demand will grow 40x by 2040 under net-zero scenarios. Supply responses face 5-10 year development timelines for new mines, creating structural shortages during rapid demand growth phases. Battery chemistry shifts (LFP vs NMC vs solid-state) create evolving exposure across metals, but lithium remains the common denominator across all lithium-ion chemistries.