SHANGHAI, Apr. 15 (SMM) – The new energy vehicle sector is booming in China, and with robust demand for batteries, especially high-performance ones.
“Demand for lithium battery is robust, with the rapid development of new energy vehicle sector both home and abroad,” said Zhang Jiangfeng, Secretary-General of China Nonferrous Metals Industry Association Lithium Branch, at 2016 SMM Cathode Material Conference in Wuhan.
According to industry data, output of new energy vehicle in China was 379,000 million vehicles in 2015, up 3.5 times year-on-year, accounting for 54.76 percent of global total, up from the previous share of 24.01 percent. The number of China’s new energy vehicle will grow to 5 million vehicles in 5 years, and output will grow at a CAGR of 40 percent by 2020.
The booming new energy vehicle sector both in China and world also paints a rosy picture for development of ternary material battery, boding well for battery-grade nickel sulfate.
“Output of ternary material battery in China was 3.7 Gwh in 2015, and is expected to reach 8.2 Gwh in 2016, and amount to 25.4 Gwh by 2020,” said Zhang Yunhe, head of R&D of GEM at the conference.
In fact, output of cathode material for lithium battery has grown with strong demand.
According to SMM data, output of lithium nickel cobalt manganese oxide, lithium manganese oxide, and lithium iron phosphorous oxide increased by 65.22 percent, 29.31 percent, and 400.00 percent, on a yearly basis, in 2015.
SMM expects China’s cathode material capacity to reach around 180,000 tonnes, and total output will climb above 160,000 tonnes in 2016, up more than 33 percent from 2015’s.
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