1. Introduction
Report overview
This report analyzes the quarterly
lithium-ion secondary battery (LIB) market and supply-chain management (SCM)
status in 2024 and comprehensively review the market trends of four major
materials (cathode materials, anode materials, electrolyte, and separator).
Overview of
LIB
Lithium-ion secondary batteries
(LIB) are energy storage devices widely used in various fields such as portable
electronic devices, electric vehicles (EV), and energy storage systems (ESS).
The major components of LIB are cathode material, anode material, electrolyte
and separator, and the quality and performance of these four materials
determine the efficiency and lifespan of the battery.
Importance of
4 major materials
The cathode material, anode
material, electrolyte, and separator each have a direct effect on the storage
and movement of lithium ions, electrical characteristics, and stability, and
the performance and price of the battery vary depending on the composition and
characteristics of each material. Therefore, understanding the market trends
and supply-chain status of these materials is essential for establishing a
successful strategy for the LIB industry.
2. Overview
of 2024.1Q LIB Market
Market size
and growth rate
In the 1st quarter of 2024, the LIB
market grew by approximately 22% compared to the same period last year in terms
of shipment volume, reaching approximately $26 billion. Although the growth of
demand for electric vehicles has slowed, the spread of renewable energy storage
systems (ESS) has served as a major growth factor.
Key Market
Trend
During the 1st quarter, major
companies focused on technological innovation along with expanding production
capacity, with high voltage/high energy density batteries and fast charging
technology receiving particular attention. In addition, in response to demands
for cost improvement and price competitiveness, the adoption of relatively
inexpensive LFP batteries has increased, and attempts to compensate for the
shortcomings of LFP (e.g. LMFP) have been made by a number of leading companies
such as CATL.
Current
status of major LIB companies
The market share of the three
domestic companies recorded 23.5%, down 2.8 percentage points compared to the
same period last year. LG Energy Solution ranked 3rd, growing 7.8% (21.7GWh)
compared to the same period last year, and Samsung SDI recorded a growth rate
of 36.3% (8.4GWh), the highest among the three domestic companies. On the other
hand, SK on showed degrowth, recording a growth rate of -8.2% (7.3GWh).
CATL in China maintained its global
No. 1 position with a growth rate of 31.9% (60.1GWh) compared to the same
period last year. Unlike last month, when electric vehicle sales plummeted due
to Chinese New Year holidays, BYD showed high sales in March and ranked second
globally with a growth rate of 11.9% (22.7GWh).
Panasonic, the only Japanese
company ranked in the top 10, ranked 4th with 9.3GWh of battery usage this
year, but showed degrowth of 12.6% compared to the same period last year.
Changes and
oulook in the global market
In the U.S. and European markets,
which are expected to expand rapidly as the IRA Act and the European Raw
Materials Act are implemented in the future, along with the local expansion of
Korean, Chinese, and Japanese battery companies, the four major material
companies are also entering the market together or in the form of joint
ventures. In addition, direct contract formats with global automobile OEMs are
also emerging. In the future, material companies that dominate this market are
expected to reorganize the industry structure.
3. Report
Composition
Analysis of
LIB & 4 major materials in 2024
This report is largely divided into
three areas. The first area covers the analysis and annual outlook for the
first quarter of 2024 on the LIB upstream market. It contains the current
status of the global LIB market, including those for small IT batteries,
mid-to-large electric vehicles (xEV), and power storage systems (ESS), as well
as the annual outlook for 2024 from SNE's perspective.
The second area provides a detailed
analysis of manufacturers related to LIB materials in Korea, China, and Japan.
It covers the production capacity and supply volume of global manufacturers and
contains detailed information on the supply-chain (SCM) for each material. In
addition, we analyzed the price trends of each material and raw material from
2020 to the first quarter of 2024, and provide annual forecasts and insights
for 2024.
Lastly, the representative
companies for each material were divided into Korea, China, and Japan, and
business history and status, product information, etc. were analyzed, and
issues that appeared in the market in the first quarter of 2024 were addressed.
4. Strong
Points of This Report
(1) Identification of recent market
status and trends:
You can identify global market status and major trends, including demand for LIB four major materials and performance by company.
(2) Analysis of major suppliers and
demand:
You can determine the material supply status by major suppliers in the LIB four major material markets and demand by secondary battery companies, as well as material price trends and annual outlook. In addition, it provides detailed quarterly status of major material producers in Korea, China, and Japan.
(3) Identification of SCM status:
You can identify the SCM status of major LIB manufacturers' supply of four major materials.
(4) Analysis of changes in material
usage:
You can see in detail the changes in each material usage by major LIB companies for each recent quarter, from 2023.1Q to 2024.1Q .
This report will be useful in the
overall understanding of the lithium-ion secondary battery market and materials
market and will be an important resource in predicting the future market as
well.
[Contents] – 182 Pages
1. EV / LIB
Market Dynamics
1-1. Review of EV (BEV+PHEV) sales and battery
usage in 2023
1-2. Outlook of battery usage for EV in 2024
1-3. Quarterly shipments of battery (xEV/ESS)
by major LIB companies
1-4. Yearly trends and outlook of battery
(xEV/ESS) by major LIB companies (2019~2024)
2. Cathode
Market Dynamics & Issues
2-1. Global cathode material market review in
`24.1Q
2-2. Quarterly cathode material usage trend
(by cathode material type)
2-3. Quarterly cathode material usage trend
(by region)
2-4. Cathode material usage trend by year (by
region)
2-5. Quarterly cathode material usage trend
(by application)
2-6. Quarterly cathode material usage trend
(by cell maker)
2-7. Analysis and forecast of cathode material
usage by major LIB companies (`23~`24F)
2-8. SCM analysis by cathode material supplier
(`23~`24F) – NCM, LFP
2-9. Shipment analysis by cathode material
supplier (`23)
2-10. Production capacity status and outlook
by cathode material supplier
2-11. Analysis of shipment volume by cathode
material supplier (`24.1Q)
2-12. Cathode material price trend and
short-term outlook (`20.1Q~`24.4Q) - LMO, LFP, NCM, NCA, LCO
2-13. Price trend and short-term outlook of
precursor for cathode materials (`20.1Q~`24.4Q)
2-14. Price trend of cathode raw materials
(lithium, nickel, cobalt) (`20.1Q~`24.1Q)
2-15. Cathode materials (NCM/NCA) export scale
and ASP trends in Korea
2-16. Analysis of business status of major
cathode material companies (EcoPro, Ronbay, Hunan Yuneng (LFP), SMM)
2-17. Business performance trends of major cathode material
companies
2-18. Major issues of cathode material market in `24.1Q
3. Anode
Market Dynamics & Issues
3-1. Global anode material market review in `24.1Q
3-2. Quarterly anode material usage trend (by
anode material type)
3-3. Quarterly anode material usage trend (by
region)
3-4. Anode material usage trend by year (by
region)
3-5. Quarterly anode material usage trend (by
application)
3-6. Quarterly anode material usage trend (by
cell maker)
3-7. Analysis and forecast of anode material
usage by major LIB companies (`23~`24F)
3-8. SCM analysis by anode material supplier (`23~`24F)
– artificial graphite, natural graphite, silicon anode material
3-9. Shipment analysis by anode material
supplier (`23)
3-10. Production capacity status and outlook
by anode material supplier
3-11. Analysis of shipment volume by anode
material supplier (`24.1Q)
3-12. Anode material price trend and
short-term outlook (`20.1Q~`24.4Q) – Artificial graphite, natural graphite by
grade
3-13. Price trend of anode raw materials
(Normal Cokes, Needle Cokes) (`20.1Q~`24.1Q)
3-15. Anode material (artificial graphite)
export scale and ASP trend in Korea
3-16. Analysis of business status of major
anode material companies (Posco Future M, BTR)
3-17. Business performance trends of major anode material
companies
3-18. Major issues of anode material market in `24.1Q
4. Separator
Market Dynamics & Issues
4-1. Global separator market review in `24.1Q
4-2. Quarterly separator usage trend (by
separator type)
4-3. Quarterly separator usage trend (by
region)
4-4. Separator usage trend by year (by region)
4-5. Quarterly separator usage trend (by
application)
4-6. Quarterly separator usage trend (by cell
maker)
4-7. Analysis and forecast of separator usage
by major LIB companies (`23~`24F)
4-8. SCM analysis by separator supplier
(`23~`24F) – wet, dry separators
4-9. Shipment analysis by separator supplier
(`23)
4-10. Production capacity status and outlook
by separator supplier
4-11. Shipment analysis by separator supplier
(`24.1Q)
4-12. Separator price trend and short-term outlook
(`20.1Q~`24.4Q) – wet, dry separators
4-13. Separator (artificial graphite) export
scale and ASP trend in Korea
4-14. Analysis of business status of major
separator companies (SK IET, SEMCORP, Asahi Kasei)
4-15. Business performance trends of major separator companies
4-16. Major issues of separator market in `24.1Q
5. Electrolyte
Market Dynamics & Issues
5-1. Global electrolyte market review in `24.1Q
5-2. Quarterly electrolyte usage trend (by
electrolyte type)
5-3. Quarterly electrolyte usage trend (by
region)
5-4. Electrolyte usage trend by year (by
region)
5-5. Quarterly electrolyte usage trend (by
application)
5-6. Quarterly electrolyte usage trend (by
cell maker)
5-7. Analysis and forecast of electrolyte
usage by major LIB companies (`23~`24F)
5-8. SCM analysis by electrolyte supplier
(`23~`24F)
5-9. Shipment analysis by electrolyte supplier
(`23~`24.1Q)
5-10. Production capacity status and outlook
by electrolyte supplier
5-11. Electrolyte price trend and short-term
outlook (`20.1Q~`24.4Q) – Electrolyte for LFP, ternary, LCO, LMO
5-12. Price
trend by electrolyte component material (additives, lithium salt, solvent)
(`20.1Q~`24.1Q)
5-13. Electrolyte (artificial graphite) export
scale and ASP trend in Korea
5-14. Analysis of business status of major
electrolyte companies (Enchem, Tinci, Mitsubishi Chemical)
5-15. Business performance trends of major electrolyte companies