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Asia ","japanese-and-south-korean-battery-makers-prioritise-north-america-over-asia","article/japanese-and-south-korean-battery-makers-prioritise-north-america-over-asia",{"_uid":547,"date":548,"tags":549,"editor":562,"content":572,"excerpt":713,"featured":51,"reporter":714,"_editable":718,"component":719,"seo_title":543,"categories":720,"visibility":727,"author_company":49,"data_vis_image":728,"featured_image":732,"seo_description":713,"author_full_name":49,"author_job_title":49,"formattedDate":736,"formattedArticleDate":737},"051da007-2da2-42a1-bfdd-5b0cabbb5f03","2024-04-19 00:00",[550,553,556,559],{"slug":551,"name":552},"data-visualisation","Data Visualisation",{"slug":554,"name":555},"inflation-reduction-act","Inflation Reduction Act",{"slug":557,"name":558},"japan","Japan",{"slug":560,"name":561},"south-korea","South Korea",[563],{"slug":564,"name":565,"content":566},"didi-bostock","Didi Bostock",{"job_title":567,"image":568,"bio":570,"linkedin":571},"Editor - Energy Transition & Economics",{"filename":569},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":573,"content":574},"doc",[575,582,587,596,611,618,623,631,636,641,652,657,662,667,672,677,682,687,706],{"type":576,"attrs":577,"content":578},"paragraph",{"textAlign":49},[579],{"text":580,"type":581},"Japanese and South Korean battery cell producers are prioritising the North American market, with 49% of output expansions by 2030 occurring in the region.","text",{"type":576,"attrs":583,"content":584},{"textAlign":49},[585],{"text":586,"type":581},"Though still expanding in Asia, cell manufacturers based in the two countries are favouring expansion in North America, pursuing Inflation Reduction Act (IRA) incentives and less competition from Chinese cell producers.",{"type":576,"attrs":588,"content":589},{"textAlign":49},[590],{"type":591,"attrs":592},"image",{"id":49,"alt":593,"src":594,"title":49,"source":49,"copyright":49,"meta_data":595},"","https://a.storyblok.com/f/287943243085208/977b40dee3/bm-newjapanskchart.png",{},{"type":576,"attrs":597,"content":598},{"textAlign":49},[599,601,609],{"text":600,"type":581},"Benchmark’s ",{"text":602,"type":581,"marks":603},"Lithium ion Battery Database",[604],{"type":605,"attrs":606},"link",{"href":607,"uuid":49,"anchor":49,"target":49,"linktype":608},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports/","url",{"text":610,"type":581}," shows China produced 93% of cells within the Asia-Pacific (APAC) region in 2023. By 2030, this figure is forecast to grow to 94%, despite cell supply from APAC ex-China tripling over this period.",{"type":612,"attrs":613,"content":615},"heading",{"level":614,"textAlign":49},4,[616],{"text":617,"type":581},"APAC ex-China players look to North America",{"type":576,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":581},"South Korea’s LG Energy Solutions (LGES), Samsung, SK Innovation, and Japan’s Panasonic, some of the APAC ex-China region’s biggest battery manufacturers, are directing most of their production expansion towards North America.",{"type":576,"attrs":624,"content":625},{"textAlign":49},[626],{"type":591,"attrs":627},{"id":49,"alt":628,"src":629,"title":49,"source":49,"copyright":49,"meta_data":630},"Bar chart showing SK On, Panasonic, LGES, and Samsung SDI battery production in 2023 and 2030 broken down by production coming from North America and the rest of the world.","https://a.storyblok.com/f/287943243085208/92efcfe348/bm-company-cell-production-north-america.png",{},{"type":612,"attrs":632,"content":633},{"level":614,"textAlign":49},[634],{"text":635,"type":581},"Why are APAC ex-China battery manufacturers looking to North America?",{"type":576,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":581},"The APAC ex-China region may prove to be a substantial market for lithium ion batteries, however, South Korean and Japanese manufacturers favour the larger market and policy incentives of North America. ",{"type":576,"attrs":642,"content":643},{"textAlign":49},[644,646,650],{"text":645,"type":581},"Demand for lithium ion batteries from the APAC ex-China region is forecast to be 85 GWh in 2024, according to Benchmark’s ",{"text":602,"type":581,"marks":647},[648],{"type":605,"attrs":649},{"href":607,"uuid":49,"anchor":49,"target":49,"linktype":608},{"text":651,"type":581},". For North America, the figure is 182 GWh. ",{"type":576,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":581},"“Cell manufacturers within APAC ex-China have focused on expanding overseas into North America and Europe, driven by the demand for localised supply chains in both regions,” said Aran Waid, senior analyst at Benchmark. ",{"type":576,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":581},"North America, specifically the US, offers incentives to battery manufacturers through tax credits and subsidies as part of the IRA. However, foreign entity of concern (FEOC) rules mean that Chinese cell manufacturers are not eligible for these credits.",{"type":576,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":581},"“The significant growth observed in North America can be credited to the US’ IRA, which offers manufacturers greater financial support and incentives,” said Waid.",{"type":576,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":581},"Supply-side tax credits grant $35 per kilowatt hour (kWh) for US-produced battery cells, an additional $10/kWh for battery modules, and a 10% production cost credit for mining critical minerals and producing battery materials such as cathodes and anodes. ",{"type":576,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":581},"On the demand-side, clean vehicle tax credits offer up to $7,500 in tax credits for EVs that meet rules of origin criteria around the critical minerals in its battery.",{"type":612,"attrs":678,"content":679},{"level":614,"textAlign":49},[680],{"text":681,"type":581},"Join us at Giga USA 2024",{"type":576,"attrs":683,"content":684},{"textAlign":49},[685],{"text":686,"type":581},"Join us at Giga APAC 2024",{"type":576,"attrs":688,"content":689},{"textAlign":49},[690,695,702],{"text":691,"type":581,"marks":692},"Discussions on Asia Pacific’s battery market will continue at Benchmark’s ",[693],{"type":694},"italic",{"text":696,"type":581,"marks":697},"Giga APAC 2024",[698,701],{"type":605,"attrs":699},{"href":700,"uuid":49,"anchor":49,"target":49,"linktype":608},"https://benchmarkevents.benchmarkminerals.com/gigaapac24",{"type":694},{"text":703,"type":581,"marks":704}," conference being held September 11-12 at the Ritz Carlton in Perth, Australia.",[705],{"type":694},{"type":576,"attrs":707,"content":708},{"textAlign":49},[709],{"text":710,"type":581,"marks":711},"To learn more about the event please provide your details here and we’ll contact you shortly.",[712],{"type":694},"Japanese and South Korean battery cell producers are prioritising the North American market, with 49% of output expansions by 2030 occurring in the region. Though still expanding in Asia, cell manufacturers based in the two countries are favouring expansion in North America, pursuing Inflation Reduction Act (IRA) incentives and less competition from Chinese cell producers. 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