Out of all types of batteries, NMC remains the most popular due to its high thermal stability, long service life and high energy storage capacity. This makes Li-NMC batteries ideal for consumer electronics and electric vehicles (EVs), both of which are witnessing an increasing demand.
Another key reason for the growing use of lithium-ion batteries is the increase in renewable energy production. According to the IEA, renewable energy consumption in 2020 increased by 3% compared to 2019 thanks to the commissioning of over 60 GW of wind energy and over 100 GW of solar power plants worldwide. While renewable energy is beneficial, its production is unreliable. For this reason, low power output during periods of peak demand must be supplemented with energy stored in batteries during periods of overproduction.
The use of iron trifluoride in the cathode creates opportunities for players in the lithium-ion battery market, potentially extending the range of applications for these devices. Most conventional cathode materials are able to transfer a single electron to the anode, which limits the energy density of the battery. However, iron trifluoride can transfer three electrons, thereby increasing the energy density threefold.
The use of iron trifluoride in the cathode creates opportunities for players in the lithium-ion battery market, potentially extending the range of applications for these devices. Most conventional cathode materials are able to transfer a single electron to the anode, which limits the energy density of the battery. However, iron trifluoride can transfer three electrons, thereby increasing the energy density threefold.
Therefore, BYD Company Limited, Panasonic Corporation, LG Chem Ltd., Samsung SDI Co. Ltd., GS Yuasa Corporation, Shenzhen BAK Battery Co. Ltd., Showa Denko K.K. Company Ltd., Amperex Technology Limited, Toshiba Corporation, and Tesla Inc. invest large sums in research and development to improve battery technology.
For example, Toyota and Panasonic joined forces in February 2020 to develop prismatic lithium-ion automotive batteries with high capacity and performance.
Key findings from the report on the lithium-ion battery market
The impact of Covid-19 on the lithium-ion battery market
More information on this report can be found at https://www.researchandmarkets.com/r/dmLXki
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