Advancements and Competition Key Factor Behind IDTechEx's US$380B Li-ion Forecast

Solid-state batteries also continue to garner significant interest as one of the most promising next-generation battery technologies due to their ability for safer operation, an issue of increasing concern to the industry and consumers. Improvements to energy density are also possible with solid electrolyte technology as it can help enable the use of high-energy lithium metal anodes.

On the cathode front, efforts are focused on optimizing the balance between performance and cost. For example, materials such as lithium manganese iron phosphate (LMFP) and lithium-manganese-rich (Li-Mn-rich) layered oxides are being developed to bridge the gap between lower-cost LFP and higher-energy, high-nickel NMC and NCA cathode materials. Innovations to how cathode active materials (CAM) are synthesized are also being explored to reduce cell costs and minimize the environmental impact of cathode and battery production, issues that will only become more important. Barriers still exist before the widespread deployment of advanced anode, cathode, and electrolyte materials, but improvements to battery technology will be key to enabling the mass adoption of EVs and opening up new applications and markets such as electric and eVtol aircraft.

Meanwhile, the geographical dynamics of the Li-ion battery market are evolving. While Asia currently dominates the value chain, regions like the US and Europe are ramping up efforts to develop their own battery supply chains, leveraging innovation and next-generation technology development. The US is home to numerous startups dedicated to advancing and commercializing next-generation Li-ion technology. Government initiatives, such as the Inflation Reduction Act and funding provided by the Bipartisan Infrastructure Law, are further catalyzing innovation and investment. For example, companies like Sila Nano and Group14 Technologies are deploying available funding and investment to develop commercial-scale manufacturing capabilities for advanced silicon anode materials. While Asia remains a powerhouse in battery manufacturing and materials production, efforts in the US and Europe to cultivate domestic supply chains and foster innovation offer a pathway to competitiveness. The future of the Li-ion battery market will be shaped by ongoing technological advancements, geographical shifts in production, and the race to capture value in this rapidly expanding industry.

To find out more about the IDTechEx report "Advanced Li-ion Battery Technologies 2024-2034: Technologies, Players, Forecasts", including downloadable sample pages, please visit www.IDTechEx.com/AdvLithium. IDTechEx's latest report and subscription platform provides the data and analysis to keep up to date with the latest trends and innovations in battery technology.

To find out more about the portfolio of batteries and energy storage market research from IDTechEx, please see www.IDTechEx.com/Research/ES.

Upcoming free-to-attend webinar

Exploring the World of Li-ion Battery Technology Advancements

Dr Alex Holland, Research Director at IDTechEx and author of this article, will be presenting a free-to-attend webinar on the topic on Wednesday 15 May 2024 - Exploring the World of Li-ion Battery Technology Advancements.

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About IDTechEx:

IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com. 

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