SMM Analysis: 2024 LMFP Market Review Highlights Mixed Performance and Upcoming Demand Potential

[SMM Analysis: 2024 LMFP Market Review - Increased Mixing Ratio for High-Power Applications, Downstream Market Demand Poised to Take Off]

As the New Year’s bell of 2025 is about to ring, the LMFP industry has completed another year. Although a year is not a long time, it has been a challenging one for LMFP. Since September 2023, LMFP, as a potential material to replace LFP and challenge ternary lithium batteries in the future, has gained favour from several major manufacturers and has been prominently applied in M3P batteries, sparking sudden market activity. However, a year later, the sales of vehicles equipped with LMFP batteries have been less than satisfactory, though the performance in the two- and three-wheeler market has been relatively better. Overall market demand remained below 5 GWh. Meanwhile, China's LMFP production in 2024 reached 10,000 mt.