Worldwide markets are poised to achieve continuing growth as the advantages brought by using new materials are used to decrease the cost of producing lithium ion batteries. The customization achieved by reducing the quantity of cobalt proportionally inside the cathode is a significant market growth driver.
Lithium-ion Batteries at $100/kWh Make EVs Cheaper Than Traditional Gas-Powered Vehicles. As the new cathode technologies are applied to lithium ion batteries, the cost of lithium ion batteries will continue to decrease. Lithium-ion batteries aim to cost $100/kWh, – a cost that makes EVs cheaper than traditional gas-powered vehicles. Companies are targeting between $80/kWh and $100/kWh. Realistically companies will likely approach $100/kWh.
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NMC lithium battery cathode materials are used for electric vehicles. As the cathode markets develop toward NMC, it is clear the LFP favored by Chinese manufacturers, not suitable for electric vehicles will lose market share. Current NMC ternary lithium-ion batteries from South Korean and Japanese makers typically employ a ratio of 60% nickel to 20% manganese, and 20% cobalt (6:2:2), but as that ratio moves to 8:1:1 in 2018 and beyond, the cathode is a key element in achieve vast cost efficiencies.
On the basis of product, the market is primarily split into
- Nickel Cobalt Manganese (NMC)
- Lithium Iron Phosphate (LFP)
Worldwide Lithium Ion Battery cathodes have many applications. On the basis on the end users/application, this report covers
- Electric Vehicles
- Drones, UAV, UUV
- Power Tools
- Smart Phone Equipment
- Consumer Electronics Products
Worldwide Lithium Ion Battery cathode market at $5.1 billion market in 2017, is expected to reach $58.8 billion by 2024.
- Sumitomo Metal Mining (SMM)
- NEI Corporation
- Argonne National Labs
- Mitsubishi Chemical
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Published by Vishal
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This post was originally published on Food and Beverage Herald