The global lithium iron phosphate material and battery market is expected to reach USD 25.47 billion by 2025, according to a new report by Grand View Research, Inc. Growing demand for these batteries from the electric & hybrid electric vehicles and consumer electronics segments is expected to be the biggest driver of the market over the next eight years.
New technologies have resulted in increasing popularity of lithium iron phosphate batteries. For instance, the innovation of lithium iron nanophosphate batteries has found extensive applications in electric & hybrid vehicles in the telecommunication sector, apart from electric vehicles and power generation.
Graphite accounted for the majority of the raw material market in 2016, in terms of revenue. This material, which is used as an anode in these batteries, is known for its high performance and stability at high temperatures. These factors have increased its importance in this industry, consequently driving its demand.
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Further key findings from the report suggest:
The global market was valued at USD 4.76 billion in 2016 and is projected to grow at a CAGR of 20.7% from 2017 to 2025
Graphite is projected to grow at the highest CAGR of 25.9% from 2017 to 2025 courtesy growing demand for batteries from electric vehicles and consumer electronics
Lithium iron phosphate, which avoids problems of battery explosions due to over-heating, held a market share of 23.7% by value in 2016
The electric & hybrid electric vehicle segment accounted for the largest share of 57.6% of the market by revenue due to rise in fossil fuel prices and their side-effects on the environment
Presence of numerous companies and abundant raw material availability made Asia Pacific the largest manufacturer of lithium iron phosphate batteries in 2016
The market in North America, characterized by growing demand from the U.S., accounted for the second-largest share of 21.2% by value in 2016
The renewable power generation segment that comprises photovoltaic power generation, wind energy generation, and biomass power generation, is projected to grow at the second-highest CAGR of 18.9% from 2017 to 2025 courtesy growing demand for fossil fuel alternatives
BYD, based in China, with revenues over USD 11.25 billion and 180,000 employees in 2015, was one of the major players in the market. In February 2016, it introduced B-box battery energy systems in Australia, which helped it expand its product offerings in Asia Pacific
Grand View Research has segmented the global lithium iron phosphate material and battery market on the basis of raw material, application, and region:
Lithium Iron Phosphate Material and Battery Raw Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Lithium iron phosphate
Lithium Iron Phosphate Material and Battery Application Outlook (Volume, Megawatt Hour; Revenue, USD Million, 2014 - 2025)
Electric vehicles and hybrid electric vehicles
Renewable power generation
Lithium Iron Phosphate Material and Battery Regional Outlook (Volume, Kilo Tons, Megawatt Hour; Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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