As the economic benefits of lithium-ion batteries continue to increase, they have begun to replace lead-acid batteries in many industries such as heavy equipment and transportation. China has seized this shift and is leading the lithium-ion battery industry, accounting for 73% of global production capacity.
What is special about lithium-ion ?
In lithium ion batteries, lithium metal migrates from one electrode to the other in the form of lithium ions. Lithium is one of the lightest elements and it has the strongest electrochemical potential. This allows the lithium battery to store a lot of energy in a small, light battery. Therefore, lithium-ion batteries have become the battery of choice for many consumer electronics products such as notebook computers and mobile phones.
Due to the inherent advantages of lithium-ion batteries, sales have grown exponentially since the end of the last century to the beginning of this century. This also contributes to the continued reduction in the cost of lithium-ion batteries. The cost reduction has further helped lithium-ion batteries gain a foothold in new applications.
According to research firm Bloomberg NEF, lithium-ion battery prices fell by 85% between 2010 and 2018, reaching an average of $176 per kWh. According to relevant data, this price will drop to $94/kWh by 2024 and will fall to $62/kWh by 2030.
Cost reductions are important for companies that use batteries in their services, or for power producers that need to store energy. So far, most lithium-ion batteries are sold in the consumer electronics arena, but electric vehicles will drive future lithium-ion battery sales.
China has seized the momentum of this transformation and has established an absolute leading position in the market.
At the beginning of 2019, the global lithium battery capacity was 31.6 billion GWh (GWh). 73% of the production capacity comes from China, followed by the United States with 12% of global production capacity far behind.
By 2025, global lithium battery capacity is expected to grow strongly to 1211 GWh. US capacity is expected to grow, but growth will be lower than global capacity. Therefore, the US share of the global lithium battery manufacturing market is expected to shrink further.
China has a major advantage in the labor force, which allows it to dominate many manufacturing industries. In addition, China's lithium reserves and production far exceed the United States. In 2018, China's lithium production was 8,000 tons, ranking third in all countries and nearly 10 times that of the United States. In 2018, China's lithium reserves are 1 million tons, almost 30 times that of the United States.
This Chinese manufacturer produces a variety of lithium batteries and is also making customized products: BENZO Energy / UFine Technology Co.,Ltd
The polymer lithium ion battery produced by the company has the advantages of high safety, large capacity, long cycle life, small size, ultra-thin flexible design, high efficiency charge and discharge performance, etc., in line with CE, UN38.3, KC, IEC 62133, UL and ROHS standard for mobile phones, Bluetooth, MID, portable DVD, wearable devices, digital cameras, electric toys and tools, energy storage devices, electric bicycles, GPS, miner's lamps, LED lights, medical equipment, etc.