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Global automotive power battery shipments experienced a remarkable surge in 2022, reaching 684.2 GWh, representing 84.4% increase compared to the previous year. And energy storage battery shipments saw substantial growth, reaching 159.3 GWh, marking a significant 140.3% year-on-year(YOY) increase.
It’s projected that global ternary cathode material production will reach approximately 993,000 tons in 2022, exhibiting a year-on-year growth of more than 30%. Looking ahead, from 2021 to 2025, the demand for lithium battery cathode materials is anticipated to grow at an impressive compound annual growth rate of 48.9%, with ternary materials showing an average annual compound growth rate of 37.1%.
According to estimates, the global demand for lithium batteries is expected to increase substantially from 2022 to 2025, with projections of 675.84 GWh, 1025.69 GWh, 1455.07 GWh, and 2065.73 GWh for the respective years. Consequently, there will be a corresponding demand for cathode materials, mainly focusing on lithium iron phosphate and ternary materials, with projected quantities of 1.331 million tons, 2.023 million tons, 2.874 million tons, and 4.086 million tons for the same period.
The compound annual growth rate for lithium battery cathode material demand, spanning from 2021 to 2025, is estimated to be 48.9%, including growth rates of 53.9% for lithium iron phosphate and 37.1% for ternary materials, respectively.
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