The Li-ion market is expected to grow to over $430 billion by 2033, driven by demand for electric vehicles, a recentAccording to the market analyst, electric vehicles remain the key driver behind the Li-ion market, and electric cars will be the
In the view of the market analyst, while NMC and NCA cathodes will remain important, especially in Europe and North America, pressures seen on battery prices through 2021 and 2022, and the potential for future material supply disruptions, will continue to force EV makers and battery manufacturers to re-think strategies.
“This growth in LFP will be driven by pressure to reduce battery prices for both electric vehicles and stationary battery storage systems. While LFP is already well suited for stationary applications, for an electric vehicle, where energy density remains a key performance metric, technological innovations could help minimize the impact of its lower energy density compared to NMC/NCA and make LFP an even more attractive proposition,” the report states.
LNMO cathodes, which are cobalt-free and high-voltage, may also join the race as they offer comparatively low costs and opportunities for improving the efficiency of battery pack designs.