LiFePO4 Batteries
Recently, the field of lithium iron phosphate (LiFePO4) batteries has witnessed a series of remarkable advancements, demonstrating its strong development vitality and broad market prospects.
In terms of technological innovation, Xiamen Tungsten New Energy Materials Co., Ltd. has achieved a breakthrough patent. The company's patented "Method for Preparing Lithium-rich Ferrite from Spent Lithium Iron Phosphate and Related Materials" has brought an innovative breakthrough to the battery material industry chain. Through this technology, spent lithium iron phosphate can be converted into lithium-rich ferrite, which not only reduces resource waste but also increases the energy density of lithium-ion batteries, significantly extends the cycle life of the batteries, and enhances battery stability.
In the market application field, according to data from the Battery Alliance, in November 2024, the installed capacity of power batteries was 67.2 GWh, among which the installed capacity of lithium iron phosphate batteries was 53.6 GWh, with a month-on-month growth of 14% and a year-on-year growth of 84%, accounting for 79.7% of the total installed capacity. From January to November, the cumulative installed capacity of power batteries was 473 GWh, and the cumulative installed capacity of lithium iron phosphate batteries was 348 GWh, accounting for 73.6% with a year-on-year growth of 51.5%. Lian Yubo, Executive Vice President and Chief Scientist of BYD Group, publicly stated that considering multiple factors such as economy, safety, and material controllability, it is expected that lithium iron phosphate batteries will remain the mainstream choice in the market within the next 15 years.
In terms of international cooperation, Stellantis and CATL have reached a significant cooperation. The two parties will jointly invest up to 4.1 billion euros to build a large lithium iron phosphate (LiFePO4) battery factory in Spain, committed to creating a fully carbon-neutral production facility. It is expected to provide strong support for the European electric vehicle and energy storage markets, further promoting the application and development of lithium iron phosphate (LiFePO4) batteries on a global scale.
Furthermore, in the global market, the demand for lithium iron phosphate (LiFePO4) batteries continues to grow, especially outstanding in fields such as electric transportation, energy storage systems, and industrial equipment. The Asia-Pacific region, as the largest market, countries such as China, India, Japan, and South Korea all occupy important positions in the production and demand of lithium-ion batteries, providing broad space and strong impetus for the development of lithium iron phosphate (LiFePO4) batteries.
With continuous technological progress and the sustained growth of market demand, the lithium iron phosphate (LiFePO4) battery industry is embracing unprecedented development opportunities and is expected to play an important role in more fields, achieving broader applications and greater breakthroughs in the future.
