The global lithium-ion battery market is expected to grow at a noteworthy CAGR of over 18.9% over the forecast period 2022 to 2030. The lithium-ion batteries market has been predicted to see tremendous growth as a result of the recent upsurge in popularity of electric cars, in addition to continuing to rise exponentially due to the increased demand for electronic items like laptops, tablets, and smartwatches.

Compared to other battery chemistries, lithium batteries are unique because of their high energy density and cheap cost per cycle. But the word "lithium battery" is vague. There are around six popular lithium battery chemistries, each with specific benefits and drawbacks. Lithium Iron Phosphate is the most common chemical for uses in renewable energy (LiFePO4). Excellent thermal stability, high current ratings, a long cycle life, and abuse tolerance all contribute to the chemistry's high level of safety.

When compared to practically all other lithium chemistries, lithium iron phosphate (LiFePO4) is one of the most stable lithium compounds. A naturally safe cathode material is used to build the battery (iron phosphate). Iron phosphate, as compared to other lithium chemistries, encourages a strong molecular connection that can tolerate extremely high charging temperatures, extend cycle life, and retain chemical integrity across several cycles. These batteries' excellent temperature stability, lengthy cycle life, and abuse tolerance are all due to this. When exposed to intense misuse or extreme weather conditions, LiFePO4 batteries do not overheat or burn because they are not prone to "thermal runaway" or overheating. In contrast to other battery chemistries like flooded lead acid, lithium batteries don't release harmful gases like oxygen and hydrogen. Additionally, exposure to caustic electrolytes like sulfuric acid or potassium hydroxide poses little risk. Most of the time, these batteries are safe to keep in restricted spaces.

According to Precedence Research, the global lithium-ion battery market size was valued at US$ 58.61 billion in 2021 and is projected to hit around US$ 278.27 billion by 2030 with a CAGR of 18.9% from 2022 to 2030.

Lithium-ion battery sales are expanding quickly. The annual installed lithium-ion battery capacity has risen by 500% since 2010. Lithium-ion batteries are currently utilised to power anything from lawn mowers to ferries, although they were mostly employed in consumer gadgets during the 1990s and the early 2000s. The automotive industry, where battery technology advancements have accelerated the fast adoption of electric automobiles and buses, has seen the largest rise. According to numerous estimates, the total number of electric automobiles on the road now exceeds 4 million2 and that number is expected to rise to 20% by 2025. The lithium-ion battery is being employed for uses other than electric cars, such as backup power for telecom base stations and data centres, or to run electric forklifts, scooters, and cycles.

The demand for solutions to deal with batteries after they reach the end of their useful lives is growing as more batteries are put on the market. Despite not being as harmful as lead-acid or nickel-cadmium batteries, lithium-ion batteries do contain substances that should not be released into the environment.

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EV will propel the growth of Lithium-ion battery

The market for lithium-ion batteries has been predicted to see tremendous growth as a result of the recent upsurge in popularity of electric cars, in addition to continuing to rise exponentially due to the increased demand for electronic items like laptops, tablets, and smartwatches. The market for lithium-ion batteries has been expanding at an unheard-of rate in recent years thanks to the electric vehicle trend, with more EVs predicted to be on the road by 2040 than those powered by fossil fuels.

It is obvious that lithium-ion batteries are not new and have been mass manufactured since the early 1990s because of their extensive and intricate value chain. However, the EV application has caused this business to develop into a stand-alone sector with great development within the context of battery cells According to the International Energy Agency, government regulations will continue to be the major driver of EV adoption, and by 2030, the number of EVs is expected to reach 125 million. The aforementioned statistics strongly supports the claim that lithium-ion batteries will continue to be the preferred technology throughout the next years. As a result of pressure to combat climate change, growing energy demand, and worries about energy security, electric cars have come back into fashion as an alternative mode of transportation. As it determines the price, range, and safety of these cars, the battery component will be crucial to their acceptance. For the first time, electric vehicles may be able to compete with their gasoline equivalents because to advancements in lithium-ion battery technology. Numerous obstacles still exist, with cost ranking as the most significant. There are three key goals for this thesis. The first step is to outline the development of the lithium-ion battery market up to this point. The United States and Europe were the first regions to develop lithium-ion battery technology.

In August 2022, Honda Motor Co. and LG Energy Solution have established a joint venture (JV) business that would manufacture lithium-ion batteries in the United States for use in Honda and Acura electric vehicle models sold in North America. A new joint venture facility will be built in the US with investments of US $4.4 billion (Rs 35,173 crore) from the two businesses. The project intends to have a production capacity of about 40GWh per year. Honda and LGES are betting that increasing local EV manufacturing and securing a timely battery supply would give them in the greatest possible position to compete in the North American EV market, which is rising quickly. The new Joint Venture operation will provide its pouch-type batteries solely to Honda locations in North America. The two businesses hope to start building the joint venture factory in early 2023 in order to commence mass production of advanced lithium-ion battery cells by the end of 2025, while the exact site has not yet been determined based on Honda's ambitions for EV manufacturing in North America.

The United States & China lead the way for Lithium Ion Battery

In current civilization, lithium-ion batteries are everywhere. Electric vehicles (EVs) account for the majority of the demand today and in the future, but lithium-ion batteries are also widely used in consumer devices, vital defence applications, and stationary energy storage for the electric grid. Electric hybrids, plug-in hybrids, and all EVs supported 198,000 U.S. workers in 2016, and 242,700 U.S. employees by 2019. This rise in employment related with EVs has already been established, according to the US Department of Energy. Both as a component of the transition to a clean energy economy and as a crucial component of the automobile industry's competitiveness, battery development and manufacture are strategically significant for the United States. In actuality, the sale and maintenance of automobiles contribute $1.1 trillion annually to the economy. According to estimates from the Alliance for Automotive Innovation, the automotive sector supports 5% of all U.S. jobs and accounts for around 10 million of the country's direct workers. 8 The greatest source of greenhouse gas (GHG) emissions in the United States, transportation produces roughly 28% of all GHG emissions. By electrifying the transportation sector, we can reduce carbon emissions, combat climate change, and create a clean-energy economy that benefits all communities equally and fairly.

The US has to act quickly because building a competitive and sustainable battery manufacturing business will be extremely difficult. Similar to China's "Made in China 2025" strategy, which was unveiled in May 2015, and the European Union's "Strategic Action Plan on Batteries," which was unveiled in May 2018, other nations have developed vertical battery manufacturing supply chains that are supported by their own national strategies. China and other countries stand to acquire a first-mover pricing advantage as they increase production capacity due to economies of scale, process learning, and control of crucial inputs, which will affect the competitiveness of U.S. business. Costs for lithium-ion batteries have dropped by about 90% since 2010, and the market seems to be at a turning point. This technology is upending the world's transportation sectors and has the potential to change international businesses in the next decades. According to projections, China's lithium cell production capacity will reach 1,811 GWh in 202515, which would enable cost-competitive EV production up to the equivalent of one-fourth of the world's passenger EV sales in 2020.

The US Defense Department (DoD) needs dependable, secure, and sophisticated energy storage technologies in addition to the economic necessity for a competitive EV and advanced battery sector to support crucial activities carried out by joint forces, contingency bases, and at military locations. The Department is moving toward more dispersed, austere, and autonomous operational concepts that are executed by platforms and installations with rising power needs in response to an increase in kinetic and non-kinetic threats. To sustain mobile troops using power-hungry propulsion, communications, sensors, and weapons, DoD favours domestically generated, high-density energy storage. But because weapons system batteries are special and make up a small portion of the wider commercial market for advanced batteries, the DoD supply chain faces difficulties.

Rise in investments towards Lithium-Ion Battery Production across the globe

Since their introduction 30 years ago, lithium-ion (li-ion) batteries have been utilised in a wide variety of goods, from early portable gadgets to presently powering vehicles and buses. These batteries are also growing in demand for use in energy storage applications and frequently used in conjunction with the production of renewable energy. According to recent projections by Bloomberg New Energy Finance, the world's total energy storage capacity is expected to reach 2,857 GWh by 2040, a significant increase from the current capacity of 545 MWh, as a result of the continued decline in battery prices and the global trend toward energy grids powered by renewable energy sources.

The second factor influencing the increase in LIB capacity and regional diversification has been battery-to-raw material integration. Cooperation among nations is the only practical route to ensuring the security of the LIB supply in North America. According to the USMCA, taxes are only waived for light-duty electric cars whose traction battery and component value are created locally in at least 75% of cases. The framework is intended to be used by the North American battery value chain. Canadian PEV production capacity is being sought after by GM, Ford, and Stellantis. There are also proposals for 130 GWh of capacity, which will enable Canada to start producing LIBs in 2023. In the battery midstream, Electra Battery Materials Corp., based in Toronto, plans to start producing battery cobalt in December, while both BASF SE and a joint venture between GM and Posco Chemical Co. Ltd. intend to develop precursor and cathode facilities in Quebec. The United States is turning to Canada for upstream resources since the country is home to activities for nickel, cobalt, and lithium and has a history of producing lithium. There are still obstacles in the way of cooperation. U.S. tax credit ideas for locally produced PEVs and batteries were challenged by Canada and Mexico under the USMCA because they would benefit American manufacture and undercut efforts to establish a regional supply chain.

An example of a resource-rich nation integrating downstream into batteries is Indonesia. The second export embargo on nickel ore, which began in 2020, has encouraged the government to increase its capacity for processing nickel and cobalt. Geographically, Indonesia is located directly between Australia and China along the busiest shipping route for lithium. By 2024, LG Energy Solutions expects to have 10 GWh of battery capacity, which is the largest objective in the nation.

In Asia Pacific, the US-based start-up Power Global would invest around USD 25 million (about Rs 185 crore) over the next two to three years to establish a lithium-ion battery manufacturing facility and battery swapping infrastructure in India. The business, which is constructing a battery factory with a gigawatt-hour capacity in Greater Noida, Uttar Pradesh, also plans to convert some 8 lakh existing conventional three-wheelers in India to electric models. It will use the batteries from these modified cars, which would be available for exchange via a subscription model. Exide Industries stated in March 2022 that it will invest over Rs 6000 crore on a cutting-edge lithium-ion cell manufacturing facility in Karnataka. Following a meeting between the chief minister Basavaraj Bommai and the battery manufacturer's managing director Subir Chakraborty, a statement was made. The project is anticipated to increase employment by 1400. One of India's largest giga plants has been planned by the battery manufacturer for cutting-edge cell chemistry technologies. The company is looking for 80 acres of land in the Haraluru industrial area, which is close to the international airport in Bengaluru.

Future prospects for the Lithium-Ion Battery industry

Although portable electronic devices have historically been the biggest market for Li-ion batteries, the need for LIBs in the transportation sector is also significantly increasing. It could not be long before the majority or all road traffic is electric, fueled by LIBs of course, as electric vehicles are on a path to rival conventional automobiles in terms of cost and range. An EV can typically go 360-450 kilometres on a single charge nowadays. Energy density will grow, increasing the autonomy of the automobile and making EVs more practical.

Aerospace applications, including as satellites and drones, are likewise affected by LIBs in the transportation sector. A fully electric aircraft prototype being developed by the Israeli company Aviation will be able to carry nine people for up to about 1 000km at 3 000m and 440km/h and be powered entirely by batteries. Electric aeroplanes have the potential to provide emission-free air travel, much like EVs. Electric vertical take-off and landing (eVTOL) aircraft used for urban package delivery and air transportation for up to four people represent a short-term emerging market. According to IATF Estimates, By 2025, the market for eVTOL aircraft is anticipated to be worth between $162 million and $1 billion worldwide. The all-electric or hybrid electric commuter aircraft with a capacity of around 10 people is predicted to be the next aviation industry segment. Following the arrival of the first 50- to 70-seat hybrid electric aircraft, which is anticipated for 2028, there are significant potential for worldwide development in the market for regional hybrid electric aircraft. Electric aeroplane propulsion may be possible thanks to modern lithium-ion batteries with high specific energy and power density. The initial commercial introduction of eVTOL aircraft may be possible with current and in-development lithium-ion batteries; however, significant advancements in lithium-ion battery technologies will be necessary for the market expansion of commercial electric aircraft to multiple classes of aircraft, such as large regional and single-aisle 737-class aircraft. Next-generation high specific energy battery technologies, which may not yet match the calendar life and durability criteria for automotive applications, have the potential to be early adopters in the aviation industry. A faster commercialization of next-generation battery technologies is possible because to the early acceptance of improved battery technologies in the electric aircraft sector.

By fueling our homes and cars with renewable energy, LIBs will also be crucial in the fight against climate change. Environmental variables affect renewable energy. Both solar energy and low wind conditions prevent turbines from producing electricity. Researchers are currently competing to develop the best and most economical way to store that energy in order to make it cost-competitive with fossil-fueled plants.

Countries all around the globe are committing to battery power as part of their carbon-neutrality goals, despite the fact that the rising usage of lithium-ion batteries clearly poses a harm to the environment and is not a sustainable alternative for the generation of energy from fossil fuels. Batteries have been a focal point of President Joe Biden's carbon-neutral plans, with the aim that greater domestic production will also aid in job creation and lowering unemployment rates. Despite the serious environmental issues they raise, lithium-ion batteries are the most popular battery technology in use today, and usage is only expected to rise. Lithium-ion batteries are used in the majority of the electric vehicles currently being built, with Tesla being one of their biggest users.

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