LiFePO4 is expected to dominate the energy storage and electric vehicle markets

Date:Aug 20, 2020

Miltarwood, a senior analyst at Milan, said that if more lithium batteries were applied in the field of heavy duty batteries, then electric batteries would be developed.

According to a latest report by wood Mackenzie, lithium iron phosphate is expected to surpass lithium manganese cobalt oxide as a dominant power storage chemical in the next decade, gaining a foothold in the battery storage market, and gradually taking a dominant position in the field of electric vehicles.

Wood Mackenzie is a global research and consulting firm in the energy, chemicals, renewable resources, metals and mining industries, known for providing insightful data, analysis and advice.

According to wood Mackenzie's report, LiFePO4 had a 10% market share in the power storage chemicals market in 2015, and the market share of the battery has risen rapidly in the following five years, and is expected to exceed 30% by 2030.

This growth is due to a shortage of lithium manganese cobalt oxide batteries and components at the end of 2018 and the beginning of 2019. With the rapid increase of battery energy storage and electric vehicle demand, the raw materials of lithium iron phosphate battery and lithium manganese cobalt oxide battery will inevitably be in short supply.

Due to the increasing demand from electric vehicles and energy storage systems, the battery industry needs to develop advanced lithium-ion batteries by improving the cathode, anode and electrolyte of batteries. Although there is a lack of lithium manganese cobalt oxide batteries in the energy storage market, a large number of lithium iron phosphate batteries are still available, and the production capacity is mainly concentrated in China.

In the future, one factor that will drive the dominance of LiFePO4 batteries will be the difference between the types of batteries used for storage and those for electric vehicles, which need further innovation and specialization.

Because the Current Lithium-Ion energy storage system will run out of power in four to six hours, the performance degradation and poor economy will occur in longer storage time, so it is urgent to have a long-term energy storage system.

In addition to requiring longer storage time, Gupta also predicts that the market will place more emphasis on strong recycling performance than energy density and reliability, and lithium iron phosphate batteries will perform well in this area. Cost and safety will continue to be the first consideration for battery suppliers in a variety of battery application scenarios.

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