Lithium iron phosphate (LiFePO4), as an important battery material, will face huge market demand in the future. According to the search results, it is expected that the demand for lithium iron phosphate will continue to grow in the future, specifically in the following aspects:
1. Energy storage power stations: It is expected that the demand for lithium iron phosphate batteries in energy storage power stations will reach 165,000 Gwh in the future.
2. Electric vehicles: The demand for lithium iron phosphate batteries for electric vehicles will reach 500Gwh.
3. Electric bicycles: The demand for lithium iron phosphate batteries for electric bicycles will reach 300Gwh.
4. Communication base stations: The demand for lithium iron phosphate batteries in communication base stations will reach 155 Gwh.
5. Starting batteries: The demand for lithium iron phosphate batteries for starting batteries will reach 150 Gwh.
6. Electric ships: The demand for lithium iron phosphate batteries for electric ships will reach 120 Gwh.
In addition, the application of lithium iron phosphate in the non-power battery field is also growing. It is mainly used in energy storage of 5G base stations, energy storage of new energy power generation terminals, and lead-acid market replacement of light power. In the long term, the market demand for lithium iron phosphate materials is expected to exceed 2 million tons in 2025. If we take into account the increase in the proportion of new energy power generation such as wind and solar, plus the demand for energy storage business, as well as power tools, ships, two-wheelers For other applications such as automobiles, the annual demand for lithium iron phosphate material market may reach 10 million tons in 2030.
However, the capacity of lithium iron phosphate is relatively low and the voltage to lithium is low, which limits its ideal mass energy density, which is about 25% higher than that of high-nickel ternary batteries. Nonetheless, the safety, longevity and cost advantages of lithium iron phosphate make it competitive in the market. With the continuous advancement of technology, the performance of lithium iron phosphate batteries has been greatly improved, the cost advantage has been further highlighted, the market size has grown rapidly, and it has gradually overtaken ternary batteries.
To sum up, lithium iron phosphate will face huge market demand in the future, and its demand is expected to continue to exceed expectations, especially in the fields of energy storage power stations, electric vehicles, electric bicycles, and communication base stations.
Post time: Feb-29-2024