Leoch anticipates lithium battery market to double by 2025

Leoch anticipates lithium battery market to double by 2025

Leoch anticipates lithium battery market to double by 2025 150 150 Energy Storage Journal

November 11, 2021: The global market for lithium batteries is expected to double by 2025, Leoch chairman Dong Li told the Asian Battery Conference on November 5 — a leap from $40.5 billion in 2025 to $80 billion.

The growth of the sector would pose one of the main challenges to the lead battery industry everywhere, he said. He also warned of stricter lead emissions regulations in China and the need to keep improving lead battery technology.

He said there were also opportunities, with GDP growth strong and market demand for all products still healthy.

He also said that technical upgrades in manufacturing meant the demand for new equipment and machinery was growing, along with higher demand for raw materials.

“Better supply infrastructure in China is also helping competitiveness,” he said.

At the moment in China most lithium batteries are sold in the automotive sector, but by 2025 the biggest sector for lithium batteries will be in new energy applications for energy storage, Leoch’s managing director Michelle Chi said after Li’s presentation.

“Chinese government policies to control carbon emissions is the same goal, to make the earth more green,” she said.

Chi said a growing number of Chinese lead battery manufacturers — and all of the major ones — were including lithium batteries in their portfolios because they recognized the demand would only grow.

However she acknowledged there were still huge challenges when it came to recycling them. “Recycling technology for lithium batteries is already mature,” she said. “We have the technology but the problem is, especially in China, we don’t have standard regulations to do it. And it requires an investment as we still haven’t found a way to make money from it.”