Automotive lithium-ion (Li-ion) battery demand increased by about 65% to 550GWh in 2022, from about 330GWh in 2021, primarily as a result of growth in electric passenger car sales, with new registrations increasing by 55% in 2022 relative to 2021.
LFP batteries contrast with other chemistries in their use of iron and phosphorus rather than the nickel, manganese and cobalt found in NCA and NMC batteries. The downside of LFP is that the energy density tends to be lower than that of NMC. LFP batteries also contain phosphorus, which is used in food production. If all batteries today were LFP, they would account for nearly 1% of current agricultural phosphorus use by mass, suggesting that conflicting demands for phosphorus may arise in the future as battery demand increases.
With regards to anodes, a number of chemistry changes have the potential to improve energy density (watt-hour per kilogram, or Wh/kg). For example, silicon can be used to replace all or some of the graphite in the anode in order to make it lighter and thus increase the energy density. Silicon-doped graphite already entered the market a few years ago, and now around 30% of anodes contain silicon. Another option is innovative lithium metal anodes, which could yield even greater energy density when they become commercially available.
Beyond those materials, global commodity prices have surged in the last few years, as a result of supply disruptions in the wake of the Covid-19 pandemic, rising demand as the global economy started to recover, and Russia''s invasion of Ukraine in February 2022, among other factors.
The price of batteries also varies across different regions, with China having the lowest prices on average, and the rest of the Asia Pacific region having the highest. This price discrepancy is influenced by the fact that around 65% of battery cells and almost 80% of cathodes are manufactured in China.
Technology Readiness Level (TRL) provides a snapshot of the maturity of a given technology. It has 11 steps ranging from initial idea at step 1 to proof of stability reached at step 11. For more information, refer to the IEA Clean Technology Guide.
Technology Readiness Level (TRL) provides a snapshot of the maturity of a given technology. It has 11 steps ranging from initial idea at step 1 to proof of stability reached at step 11. For more information, refer to the IEA Clean Technology Guide.
On a regional basis, battery pack prices were cheapest in China, at $127/kWh. Packs in the US and Europe were 24% and 33% higher, respectively. Higher prices reflect the relative immaturity of these markets, the higher production costs, the diverse range of applications and battery imports. For the higher end of the range, low volume and bespoke orders push prices up.
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