Lithium Iron Phosphate Material & Battery Market Value To Cross $25.47 Billion By 2025: Grand View Research, Inc.

Lithium Iron Phosphate Material & Battery Market Value To Cross $25.47 Billion By 2025: Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting”
According to report published by Grand View Research, Growing demand for these batteries from the electric & hybrid electric vehicles and consumer electronics segments is expected to be the biggest driver of the market over the next eight years.

According to a report,“Lithium Iron Phosphate (LiFePO4) Material and Battery Market Analysis By Raw Material (Graphite, Lithium Iron Phosphate, Lithium Fluoride), By Application, By Region, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc.; The global lithium iron phosphate material and battery market is expected to reach USD 25.47 billion by 2025.  The global market was valued at USD 4.76 billion in 2016 and is projected to grow at a CAGR of 20.7% from 2017 to 2025. Graphite is projected to grow at the highest CAGR of 25.9% from 2017 to 2025 courtesy growing demand for batteries from electric vehicles and consumer electronics.

New technologies have resulted in increasing popularity of lithium iron phosphate batteries. For instance, the innovation of lithium iron nanophosphate batteries has found extensive applications in electric & hybrid vehicles in the telecommunication sector, apart from electric vehicles and power generation. 

Key Takeaways from the report:

  • Lithium iron phosphate, which avoids problems of battery explosions due to over-heating, held a market share of 23.7% by value in 2016

  • The electric & hybrid electric vehicle segment accounted for the largest share of 57.6% of the market by revenue due to rise in fossil fuel prices and their side-effects on the environment 

  • Presence of numerous companies and abundant raw material availability made Asia Pacific the largest manufacturer of lithium iron phosphate batteries in 2016

  • The market in North America, characterized by growing demand from the U.S., accounted for the second-largest share of 21.2% by value in 2016

  • The renewable power generation segment that comprises photovoltaic power generation, wind energy generation, and biomass power generation, is projected to grow at the second-highest CAGR of 18.9% from 2017 to 2025 courtesy growing demand for fossil fuel alternatives 

  • BYD, based in China, with revenues over USD 11.25 billion and 180,000 employees in 2015, was one of the major players in the market. In February 2016, it introduced B-box battery energy systems in Australia, which helped it expand its product offerings in Asia Pacific

U.S. lithium iron phosphate material & battery market by raw material, 2014 – 2025 (USD Million)

U.S. lithium iron phosphate material & battery market by raw material, 2014 - 2025 (USD Million)

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Global lithium iron phosphate material & battery market by application, 2016 (%)

Global lithium iron phosphate material & battery market by application, 2016 (%)

Graphite accounted for the majority of the raw material market in 2016, in terms of revenue. This material, which is used as an anode in these batteries, is known for its high performance and stability at high temperatures. These factors have increased its importance in this industry, consequently driving its demand.

Grand View Research has segmented the global lithium iron phosphate material and battery market on the basis of raw material, application, and region:

Lithium Iron Phosphate Material and Battery Raw Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)

  • Ethylene carbonate

  • Phosphorous trichloride

  • Phosphorous pentachloride

  • Graphite

  • Lithium Fluoride

  • Lithium iron phosphate

  • Polyvinylidene Fluoride

  • Others

Lithium Iron Phosphate Material and Battery Application Outlook (Volume, Megawatt Hour; Revenue, USD Million, 2014 – 2025)

  • Consumer Electronics

  • Electric vehicles and hybrid electric vehicles

  • Renewable power generation

  • Others

Lithium Iron Phosphate Material and Battery Regional Outlook (Volume, Kilo Tons, Megawatt Hour; Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • China

    • Thailand

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com 

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