What is the global market for lithium-ion batteries?

The global market for Lithium-ion batteries is expanding rapidly. We take a closer look at new value chain solutions that can help meet the growing demand.

How will rising demand for lithium-ion batteries affect the battery industry?

Rising demand for substitutes, including sodium nickel chloride batteries, lithium-air flow batteries, lead acid batteries, and solid-state batteries, in electric vehicles, energy storage, and consumer electronics is expected to restrain the growth of the lithium-ion battery industry over the forecast period.

When will lithium-ion batteries become more popular?

It is projected that between 2022 and 2030, the global demand for lithium-ion batteries will increase almost seven-fold, reaching 4.7 terawatt-hours in 2030. Much of this growth can be attributed to the rising popularity of electric vehicles, which predominantly rely on lithium-ion batteries for power.

Which countries manufacture lithium ion batteries?

Asia dominates the Li-ion battery supply chain, especially China, where Chinese Li-ion battery manufacturer CATL is the world leader in battery manufacturing. China’s success results from its sizeable domestic battery demand, control of more than 70% of the world’s graphite raw material refining, and massive cell and cell component manufacturing

What is lithium ion battery used for?

Li-ion batteries are also utilized for providing backup power supply for commercial buildings, data centers, and institutions. Also, lithium-ion battery is preferred for energy storage in residential solar PV systems. These factors will boost the growth of energy storage applications over the forecast period.

Are lithium-ion batteries the future?

Lithium-ion batteries have revolutionized our everyday lives, laying the foundations for a wireless, interconnected, and fossil-fuel-free society. Their potential is, however, yet to be reached.