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(Kitco News) - By the end of the decade, lithium-iron phosphate batteries (LFP) and their variants will grow their share of electric vehicles and the energy storage sector to 42%, forecast Wolfgang Bernhart, senior partner at Roland Berger.
On June 21, 2023, Bernhart spoke to Kitco at the 15th Lithium Supply and Battery Raw Materials 2023 in Henderson, Nevada.
Bernhart wrote that LFP is expected to grow significantly until 2030, addressing the low-entry market segments. The advantage of LFP is that the materials are cheaper. High-cost nickel and cobalt are limited.
Bernhart is also tracking sodium-ion batteries, a chemistry that dispenses with lithium altogether. Sodium-ion chemistries are cheaper, but they are less energy dense. Bernhart sees sodium batteries taking just 8% of expected battery cell demand by the end of the decade.
"Energy density and costs are closely related," said Bernhart. "A big lever—a big reason Chinese manufacturers are starting with sodium is to put a cap on lithium prices."
Coverage of 15th Lithium Supply and Battery Raw Materials 2023 sponsored by Lindian Resources (ASX:LIN).
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