China LFP Battery Output Surged 263% YoY in 2021

SHANGHAI, May 7 (SMM) - According to the data of the Power Battery Application Branch, the installed capacity of power batteries in the Chinese market in 2021 was about 159.6GWh, of which the installed capacity of lithium iron phosphate batteries was 81.7GWh, accounting for 51.2%. Lithium iron phosphate batteries have become one of the mainstream routes of power batteries; in terms of output, the cumulative output of lithium iron phosphate batteries in the Chinese market in 2021 was 125.4GWh, accounting for 57.1% of the total power battery output, an increase of 262.9% year-on-year.
 In addition, 2021 was also a year of explosive growth in China's energy storage market, with shipments of lithium iron phosphate batteries in the energy storage market increasing by more than 110%.
 The booming electric vehicle and energy storage markets have driven a substantial increase in the shipments of lithium iron phosphate cathode materials. According to the data of the Power Battery Application Branch, the shipments of lithium iron phosphate materials in the Chinese market were 480,000 mt in 2021, an increase of nearly 2.5 times when compared with 2020. Among them, the top five companies in terms of shipments of lithium iron phosphate were Hunan Yuneng, Defang Nano, Guoxuan Hi-Tech, Hubei Wanrun and Changzhou Liyuan, with a combined market share of 69.1%.