Global LFP Battery Market Research Report 2022(Status and Outlook)

The global LFP battery market size is projected to reach US$ 61.91 Billion by 2028, from US$ 15.36 Billion in 2021, at a CAGR of 54.68% during 2022-2028.- Bossonresearch.com

The lithium iron phosphate battery (LiFePO4 battery) or LFP battery (lithium ferrophosphate) is a type of lithium-ion battery using lithium iron phosphate (LiFePO4) as the cathode material and a graphitic carbon electrode with a metallic backing as the anode. Because of their lower cost, high safety, low toxicity, long cycle life, and other factors, LFP batteries are finding several roles in vehicle use, utility-scale stationary applications, and backup power. LFP batteries are cobalt-free. However, the energy density of an LFP battery is lower than that of other common lithium-ion battery types such as nickel manganese cobalt (NMC) and nickel cobalt aluminum (NCA) and also has a lower operating voltage.

Since 2021, LFP batteries have received more and more attention, and the scope of the market has been expanding. Tesla said in the second quarter of the 2021 earnings report that two-thirds of future models will use LFP batteries. In 2022, LG Energy Solution announced that the production of ferric phosphate batteries is scheduled to be held at LG's plant in China in 2023. It is expected that in the future, LFP batteries will not only be widely used in electric vehicles, but also play an increasingly important role in energy storage and consumer electronics.

According to Bosson Research,The global LFP Battery market size is projected to reach US$ 619077.10 Million by 2028, from US$ 15364.91 million in 2021, at a CAGR of 54.68% during 2022-2028, Increasing electric vehicle usage will be the key driver for the market development. According to IEA, electric car sales reached a record high in 2021, despite supply chain bottlenecks and the ongoing Covid-19 pandemic. Compared with 2020, sales nearly doubled to 6.6 million (a sales share of nearly 9%), bringing the total number of electric cars on the road to 16.5 million. Also, the growing need for power storage systems is an important driver of the market. LFP devices were increasingly being used in power storage systems because of their high personality frequency, low cost, and small deployment space. Moreover, Consumer lithium batteries are widely used in 3C digital products such as mobile phones and computers, and the LFP battery market is expected to be fueled by the increased usage of consumer technology.

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However, the development of the market is facing many headwinds. First of all, the usage of alternative products brings a huge challenge to the LFP battery market. One of the alternatives is sodium-ion batteries which have the advantages of abundant resources and low cost. Secondly, poor energy density directly impacts the value of LFP in various applications. The low volumetric energy density (the amount of energy stored in a given volume) limits the battery capacity that can physically fit into a typical automotive drivetrain, putting an upper limit on vehicle range. Finally, as an important application field of LFP batteries, electric vehicles are regarded as having huge room for development. However, the development of new energy vehicles may not be as expected, and the impetus brought to the LFP market may not be sufficient.

Segment by Type, the three main types of LFP battery market are prismatic LFP batteries, soft pack LFP batteries, cylindrical LFP batteries. Currently, the prismatic LFP battery occupies the most important market share, accounting for 76.58% in 2021. Prismatic cells are the superior type of Lithium cell for use in any battery that is in a non-stationary environment. Also, prismatic cells offer an opportunity to drive down costs by diminishing the number of manufacturing steps. Due to its premium characteristics, more and more enterprises produce and use prismatic LFP batteries. Cylindrical LFP battery and soft pack LFP battery market share will only account for 23.08% and 0.34% respectively in 2021.

In terms of application scenarios, the LFP battery market includes electric vehicle, energy storage, and others. The electric vehicle segment has a dominant market position, with a market share of 52.04% in 2021 and the market size will grow at a CAGR of 47.81% during the forecast period. The development of electric vehicles has broad prospects and can provide more opportunities for the application of LFP batteries. However, it is expected that in the future, the market share of energy storage will surpass that of electric vehicles. In 2028, the market share of energy storage is expected to reach 56.71%.

By region, Asia-Pacific account for the highest revenue share at 93.81% in 2021. The top producers in Asia-Pacific in 2021 alone got 200GWh of new production lines running and by the end of last year cumulative manufacturing capacity reached 600GWh. The Asia-Pacific region will therefore continue to lead the market, which globally has announced 5,500GWh of manufacturing capacity to come online by 2030 at 300 facilities, but Europe and the US will have begun to eat into its share by then. The second largest market is Europe, accounting for 3.06% in 2021.

Global LFP Battery Market: Competitive Landscape
Currently, the global LFP battery market is highly concentrated. In 2021, the CR5 and HHI of the global LFP battery market are 88.35% and 34.01% respectively, showing a high market concentration. Players operating in the market are adopting various strategies such as partnerships, collaborations, mergers and acquisitions, and product development to expand their product portfolio and geographical distribution. Some of the key players operating in the global LFP battery market are CATL, BYD, Gotion High-tech, Ruipu Energy Co., Ltd, EVE Energy Co., Ltd, CALB, Great Power, Lishen Battery, ANC, Wanxiang A123, Hithium, Lithion (Valence), etc.
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Key players in the LFP Battery Market include:
Bausch + Lomb
Alcon
Optos, PLC
Carl Zeiss
Topcon Corporation
IRIDEX Corporation
Lumenis
Dutch Ophthalmic Research Center (International) B.V
Quantel Medical
Nano Retina
OCULUS Optikgeräte GmbH
Oertli Instrumente
Ellex Medical Lasers
Geuder
Sonomed Escalon
ASICO
Millennium Surgical
Katena Products. Inc
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