Page 181 - CW E-Magazine (10-9-2024)

Special Report Special Report

Li-ion cell market to touch $400-bn by 2035, performance-oriented EVs or other production particularly concentrated However, signifi cant opportunities
applications requiring high energy in the region. While excitement builds exist in other applications and mar-
but challenges remain densities and long runtimes. for new anode materials, graphite kets. These include a variety of diffe-
remains the dominant material used rent vehicle classes, from large electric
In line with the broader market, for Li-ion anodes. IDTechEx estimates trucks and mining vehicles to electric
he global lithium (Li)-ion bat- sumers, it has also impacted margins Dr. Alex Holland cathode prices, including for LFP and close to 99% of total anode material two- and three-wheelers, through to
tery cell market will reach and exacerbated the diffi culty of new NMC materials, have fallen substanti- used in Li-ion batteries is graphite. grid-scale and residential battery
Tover $400-bn by 2035, as per entrants succeeding in the Li-ion Research Director, IDTechEx ally from early 2023 due to sharp energy storage systems, each with
a new market report, ‘Li-ion Battery market. To reduce reliance on a single reductions in lithium and raw mate- Applications and markets their own performance priorities, not
Market 2025-2035: Technologies, region and develop domestic battery rial prices, as well as overcapacity and Battery electric cars have been one all of which can be satisfactorily met
Players, Applications, Outlooks and Cell manufacturing and the Li-ion manufacturing capabilities, Europe and competition. of the key drivers behind growth in by current generation batteries.
Forecasts’. market North America are attempting to foster Li-ion demand over the past 10 years
Given the rapid increase in forecast domestic supply chains. In the US, At the anode, new materials, especi- and are forecast to remain the domi- The stationary sector has seen rapid
While there has been strong growth demand for Li-ion batteries over the the Infl ation Reduction Act (IRA) an- ally silicon-oxide and silicon-carbon nant driver of Li-ion battery demand. year-on-year growth due to increased
in the stationary battery sector, electric past fi ve years, there has been signi- nouncement led to a fl urry of giga- composites, continue to garner interest Developments and innovations conti- deployment of renewable energy onto
vehicles (EVs) remain the key driver fi cant growth in the number of giga- factory and investment announcements. due to their potential to improve nue to be made in Li-ion anode and electricity grids and particularly fast
behind the Li-ion market, and electric factories brought online as well as those Prior to the IRA, IDTechEx estimated energy density despite issues regarding cathode materials, manufacturing, cell drops in stationary battery prices.
cars will be the largest market for being planned and announced. Much that approximately 600-GWh of battery cycle life and lifetime. The potential design, and pack design, all contri- Longer lifetime and higher capacity
Li-ion batteries over the next 10 years. of this has been driven by incumbent cell capacity would be located in to establish supply chains for silicon buting to improved performance and containerized storage systems offer a
Although there are some regional manufacturers such as CATL, BYD, North America by 2030 with this fi gure anodes outside of China represents price points and the general positive glimpse into the continued innovation
concerns over the rate of EV adoption LG Energy Solution, SK Innovation, growing to 850-GWh in IDTechEx’s another potential benefi t, with anode outlook for EVs. going into Li-ion battery systems.
in 2024, sales of EVs grew rapidly in and Samsung SDI, along with a latest analysis. In Europe, the reality
2022 and 2023, and the medium-long- number of fast-growing Chinese manu- of scaling production rapidly, compet-
term outlook for EV adoption remains facturers. ing with established Asian players, and
strong. some slower than expected demand has Chemical Weekly Buyers’ Guide
IDTechEx estimates that the majo- inhibited recent investment and expan-
2023 and 2024 have also seen rity of cell production is located in China, sion plans. Challenges remain in esta- www.cwbg.in
substantial declines in battery prices, a trend common across the Li-ion blishing robust battery supply chains www.cwbg.in
driven by lower raw material prices, value chain where Chinese companies in America and Europe. Pocket-Friendly Pay-as-you-use Subscription Plans
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Nevertheless, the high energy
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Source: IDTechEx a key chemistry for long-range and

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