LFP Battery Prices Rise: What are the Raw Materials?

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Adi Ahdiat 22/01/2024 13:48 WIB

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According to First Phosphate, a Canadian battery company, the raw material composition of LFP batteries is 61% phosphate (PO4), 35% iron (Fe), and 4% lithium (Li).

LFP Battery Raw Material Composition (January 2024)

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LFP Battery Prices Rise: What are the Raw Materials?

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LFP Battery Raw Material Composition (January 2024)

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According to the International Energy Agency's (IEA) *Global EV Outlook 2023*, the trend of using lithium iron phosphate (LFP) batteries for electric vehicles is strengthening, eroding the popularity of nickel-based batteries.

Between 2018 and 2022, the global market share of LFP batteries rose from 7% to 27%, while high-nickel batteries fell from 78% to 66%.

According to First Phosphate, a Canadian battery company, the raw material composition of LFP batteries is 61% phosphate (PO4), 35% iron (Fe), and 4% lithium (Li).

With these raw materials, First Phosphate considers LFP batteries to have several advantages over nickel batteries, such as being more environmentally friendly, more heat-resistant, more durable, more efficient in performance, and cheaper.

They also state that LFP batteries can be used not only for electric vehicles but also for electronics, telecommunication towers, large-scale power storage facilities, and military equipment.

According to the IEA's *Global EV Outlook 2023*, the increase in the market share of LFP batteries is currently driven by increased demand from Chinese electric vehicle manufacturers, including BYD.

The IEA also reports an increase in the use of LFP batteries in Tesla electric car production, from 20% in 2021 to 30% in 2022.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."