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to expect for the lithium ion battery market in 2023","what-to-expect-for-the-lithium-ion-battey-market-in-2023","article/what-to-expect-for-the-lithium-ion-battey-market-in-2023",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":733,"featured":51,"reporter":734,"_editable":738,"component":739,"seo_title":553,"categories":740,"visibility":747,"author_company":748,"featured_image":749,"seo_description":733,"author_full_name":753,"author_job_title":754,"formattedDate":755,"formattedArticleDate":756},"f4fc40fd-7d4a-4382-8911-99e93a3334f1","2023-01-13 00:00",[],[561],{"slug":562,"name":563,"content":564},"didi-bostock","Didi Bostock",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Editor - Energy Transition & Economics",{"filename":567},"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":571,"content":572},"doc",[573,590,595,608,617,624,629,634,639,644,657,662,675,682,687,700,713,718,723,728],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577,580,588],{"text":578,"type":579},"Last year, the US passed the landmark Inflation Reduction Act (IRA), which has already boosted ","text",{"text":581,"type":579,"marks":582},"battery investments",[583],{"type":584,"attrs":585},"link",{"href":586,"uuid":49,"anchor":49,"target":49,"linktype":587},"https://source.benchmarkminerals.com/article/ira-lifts-us-battery-pipeline-growth-in-second-half-of-the-year-outpacing-europe","url",{"text":589,"type":579}," in the North American market as manufacturers and developers looked to access the Investment Tax Credits (ITC) and Production Tax Credits (PTC) on offer. ",{"type":574,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":579},"In 2022, there were 12 new gigafactories announced in the US, adding 343 gigawatt hours of capacity to the US pipeline. LG Energy Solutions and Stellantis also shared plans for Canada’s first gigafactory with a nameplate capacity of 45 GWh. ",{"type":574,"attrs":596,"content":597},{"textAlign":49},[598,600,606],{"text":599,"type":579},"This year, we expect more announcements in the US due ",{"text":601,"type":579,"marks":602},"to the IRA",[603],{"type":584,"attrs":604},{"href":605,"uuid":49,"anchor":49,"target":49,"linktype":587},"https://source.benchmarkminerals.com/article/what-does-the-us-inflation-reduction-act-mean-for-the-ev-battery-supply-chain",{"text":607,"type":579},", and also in Canada, which offers availability of clean energy to drive lower-emission operations.",{"type":574,"attrs":609,"content":610},{"textAlign":49},[611],{"type":612,"attrs":613},"image",{"id":49,"alt":614,"src":615,"title":49,"source":49,"copyright":49,"meta_data":616},"","https://a.storyblok.com/f/287943243085208/a43e86bf9f/bm-image-20-129396379fd0.png",{},{"type":618,"attrs":619,"content":621},"heading",{"level":620,"textAlign":49},4,[622],{"text":623,"type":579},"China’s booming EV market",{"type":574,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":579},"In 2022, we’ve seen rapid growth in China’s EV market, with year-on-year growth reaching almost 80%. ",{"type":574,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":579},"While electric vehicle subsidies will end in 2023 we anticipate the overall impact to be fairly muted. ",{"type":574,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":579},"The market responded better than predicted in 2022, despite lockdowns and price increases due to rising raw materials costs, which is likely to continue this year. ",{"type":574,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":579},"Subsidies ending and potential increases in lithium prices are expected to slow the rate of growth but we still forecast a 50% growth in China’s EV market in 2023. The extension to tax exemption for EVs will also help stimulate growth in the region.",{"type":574,"attrs":645,"content":646},{"textAlign":49},[647,649,655],{"text":648,"type":579},"In 2023, we expect China’s OEMs to accelerate overseas plans, as the likes of BYD, Nio, Xpeng and Great Wall Motors partner with local dealers or open their own showrooms to facilitate exported EVs for sale in the European and Asian markets. We also predict ",{"text":650,"type":579,"marks":651},"further global expansion",[652],{"type":584,"attrs":653},{"href":654,"uuid":49,"anchor":49,"target":49,"linktype":587},"https://source.benchmarkminerals.com/article/chinese-battery-makers-bet-on-europes-ev-market",{"text":656,"type":579}," of Chinese battery manufacturers in these regions.",{"type":574,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":579},"Due to the growth of the Chinese EV market and OEMs entering overseas markets, we estimate the lithium iron phosphate (LFP) share of battery demand to increase globally from 34% in 2022 to 40% in 2023. ",{"type":574,"attrs":663,"content":664},{"textAlign":49},[665,667,673],{"text":666,"type":579},"The growth of the Energy Stationary Storage (ESS) market will also contribute to this increase, ",{"text":668,"type":579,"marks":669},"with LFP being the chosen chemistry",[670],{"type":584,"attrs":671},{"href":672,"uuid":49,"anchor":49,"target":49,"linktype":587},"https://source.benchmarkminerals.com/article/chinas-lfp-dominance-could-constrain-us-energy-storage-deployment",{"text":674,"type":579}," for this market.",{"type":574,"attrs":676,"content":677},{"textAlign":49},[678],{"type":612,"attrs":679},{"id":49,"alt":614,"src":680,"title":49,"source":49,"copyright":49,"meta_data":681},"https://a.storyblok.com/f/287943243085208/ba1ed56124/bm-image-19-12939644737b.png",{},{"type":618,"attrs":683,"content":684},{"level":620,"textAlign":49},[685],{"text":686,"type":579},"Energy storage market to acclerate",{"type":574,"attrs":688,"content":689},{"textAlign":49},[690,692,698],{"text":691,"type":579},"Within the ",{"text":693,"type":579,"marks":694},"ESS space",[695],{"type":584,"attrs":696},{"href":697,"uuid":49,"anchor":49,"target":49,"linktype":587},"https://source.benchmarkminerals.com/video/watch/the-demand-side-sizing-up-the-ev-and-bess-market",{"text":699,"type":579},", we foresee growth in grid level applications this year. ",{"type":574,"attrs":701,"content":702},{"textAlign":49},[703,705,711],{"text":704,"type":579},"China is likely to maintain its position as the largest ESS market, with local policies requiring ESS paired with renewable projects, while the IRA will push ",{"text":706,"type":579,"marks":707},"investment in North America",[708],{"type":584,"attrs":709},{"href":710,"uuid":49,"anchor":49,"target":49,"linktype":587},"https://source.benchmarkminerals.com/article/chinas-gotion-targets-us-energy-storage-market-as-battery-shortages-hinder-deployments",{"text":712,"type":579},". ",{"type":574,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":579},"The extension of ITCs for standalone storage, having previously been eligible for paired storage only, will open opportunities for developers to maximise profits and consider locations that best support the grid. ",{"type":574,"attrs":719,"content":720},{"textAlign":49},[721],{"text":722,"type":579},"Europe lags behind these regions but there will be opportunities for greater ESS deployment at grid level as the European Union looks to move away from its reliance on gas from Russia. ",{"type":574,"attrs":724,"content":725},{"textAlign":49},[726],{"text":727,"type":579},"The RePower EU directive increases its 2030 target for renewables from 40% to 45% and has voted on amendments to expand accelerated permitting for renewable projects to include standalone energy storage. ",{"type":574,"attrs":729,"content":730},{"textAlign":49},[731],{"text":732,"type":579},"This is expected to boost the growth of European ESS demand, as ESS will become increasingly important to integrate and regulate a more diversified and variable energy mix.","Last year, the US passed the landmark Inflation Reduction Act (IRA), which has already boosted battery investments in the North American market as manufacturers and developers looked to access the Investment Tax Credits (ITC) and Production Tax Credits (PTC) on offer. In 2022, there were 12 new gigafactories announced in the US, adding 343 gigawatt […]",[735],{"slug":562,"name":563,"content":736},{"job_title":565,"image":737,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f4fc40fd-7d4a-4382-8911-99e93a3334f1\", \"id\": \"\"}-->","article",[741,744],{"slug":742,"name":743},"batteries","Batteries",{"slug":745,"name":746},"gigafactories","Battery & Gigafactory","private","Benchmark Mineral Intelligence",{"id":49,"alt":614,"name":614,"focus":614,"title":614,"source":614,"filename":750,"copyright":614,"fieldtype":751,"meta_data":752,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/46270288e5/bm-china-ev-shanghai.jpg","asset",{"alt":614,"title":614,"source":614,"copyright":614},"Aran Waid","Senior Analyst","Jan 13, 2023","13th January 2023",[],[],1792773920772]