PUBLISHER: SNE Research | PRODUCT CODE: 1356951
PUBLISHER: SNE Research | PRODUCT CODE: 1356951
The year 2021 was a year of explosive interest in lithium iron phosphate (LFP, LiFePO4) batteries in China, and the trend has been strong through the first half of 2023. The share of LFP batteries in electric vehicles also increased from 17% in 2020 to 27% in 2021 and 36% in 2022.
The share of LFP battery-powered electric vehicles sold in China has surpassed the share of NCM (nickel-cobalt-manganese) or NCA (nickel-cobalt-aluminum) batteries since September 2020.
Currently, most LFP batteries are produced by Chinese companies, but Tesla, as well as Volkswagen, Ford, and Stellantis, are also showing interest in LFP batteries.
Lithium iron phosphate (LiFePO4) batteries are gaining attention for large-scale applications due to their cost-effectiveness, safety, and extended service life. Unlike traditional lithium-ion batteries, LiFePO4 batteries can be produced inexpensively without using cobalt. They exhibit robust safety features, maintaining performance even in high temperatures and during overcharging. Furthermore, the expiration of key patents around 2022 eliminates concerns about patent fees or infringement risks, paving the way for broader adoption. To grasp the characteristics, advantages, and disadvantages of lithium iron phosphate (LiFePO4) secondary batteries, a comprehensive understanding of lithium-ion batteries and insights into the strengths and limitations of LiFePO4 cathode materials is crucial. This knowledge forms the foundation for anticipating the future development direction of LiFePO4 secondary batteries.
Lithium iron phosphate batteries, like the ones in the 2021 Tesla Model 3, currently offer a range of about 400 kilometers, with the Model 3 achieving 407 kilometers. Their cost advantage, stemming from the use of inexpensive iron, is amplified amid rising prices of raw materials for ternary systems like cobalt and nickel. The safety edge of lithium iron phosphate, with its olivine structure, is evident in its resistance to fire or explosion reactions even at 300 degrees Celsius and 260% overcharging. This characteristic eliminates the need for contingency funds to address safety incidents, benefiting battery companies and automakers.
Although there are still many challenges to be addressed, it is thought that another breakthrough in olivine lithium iron phosphate is possible if the performance of bulk lithium iron phosphate, effective compounding with graphene, and the performance of LiMnPO4 are realized.
Recently, LMFP batteries with manganese mixed have been attracting attention as a new technology that can overcome these limitations. The energy density can be increased by about 15-20% at a similar price. Chinese companies such as CATL, BYD, and Guoxuan have also developed LMFP-based batteries with similar technologies and entered the commercialization stage.
This report delves into the types and traits of lithium-ion battery cathode materials, focusing on the noteworthy lithium iron phosphate (LFP, LMFP) cathodes. We will provide a detailed examination of their characteristics, alongside a discussion on development status and manufacturing processes. Moreover, this report explores the market outlook and major companies in lithium iron phosphate (LFP, LMFP) cathode materials, providing insights into the current status of LFP-equipped automakers and battery companies.