This is an Iron-Producing Country, a Raw Material for LFP Batteries

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Adi Ahdiat 22/01/2024 17:55 WIB

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Iron is a primary raw material for LFP batteries. Australia was the world's largest iron ore producer in 2022.

Top 10 Global Iron Ore Producing Countries (2022)

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This is an Iron-Producing Country, a Raw Material for LFP Batteries

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Top 10 Global Iron Ore Producing Countries (2022)

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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 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%.

One country poised to benefit from the LFP battery trend is Australia.

This is because Australia is the world's largest iron ore producer, and iron ore is a key raw material for LFP batteries.

According to data from the United States Geological Survey (USGS), Australia produced 880 million metric tons of iron ore in 2022, representing 34% of global production.

Other major iron ore producers include Brazil, China, India, Russia, South Africa, Ukraine, Iran, Kazakhstan, and Canada.

Together, these 10 countries accounted for 92% of global iron ore production 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."