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Home / Metal News / Explosion of Battery Demand Causes Tigh Supply of Raw Materials and Drives Up Costs

Explosion of Battery Demand Causes Tigh Supply of Raw Materials and Drives Up Costs

Nov 16, 2021 13:21

Source:SMM

The demand for various materials of lithium batteries has increased significantly. As the growth of supply is more slowly than the demand, the raw material prices all increased.

SHANHGAI, Nov 16 (SMM) - Driven by the demand for batteries, the demand for various materials of lithium batteries has increased significantly. As the growth of supply is more slowly than the demand, the raw material prices all increased.

The total global NEV sales are expected to be 6.8 million units in 2021, a year-on-year increase of nearly 115%. China is expected to achieve annual sales of 3 million units, with a penetration rate of 12%.

The market shares of LFP battery is increasing in 2021-2023 owing to its high cost effectiveness and safety performance. The ternary cathode material LFP battery will penetrate into various market segments according to their technical characteristics.

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