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Lithium-Ion Batteries Charging the Future of Various Industries

Lithium-ion batteries are charging the future of many other industries like automotive, electronics, solar energy, etc. Similarly, the promising benefits of batteries are forecast to drive these end-use industries forward in the coming years. Lithium-ion batteries have significantly altered the way of operations. One can find these batteries everywhere, such as at the back of your laptop, mining equipment, mobile phones, and electric vehicles.

The main reason driving the growth of the industry is the higher energy density and stability of these batteries. In addition, the voltage discharge rate of these batteries is also very slow as compared to their predecessors. Thus, it allows manufacturers to develop batteries of any size.

Thus, lithium-ion batteries are gaining significant traction across various end-use verticals. According to a study by Astute Analytica, the global lithium-ion battery market is forecast to witness a significant jump in terms of revenue by growing at a compound annual growth rate (CAGR) of 20.5% during the forecast period from 2022 to 2027.

Role of Lithium-Ion Batteries in Electronic Industry

Lithium-ion batteries have emerged as the promising battery chemistry for the electronics industry. Furthermore, the demand for consumer electronics is at its peak. They are widely used in consumer electronics because of their thinner and small package features, which allows design engineers and components manufacturers to develop creative solutions.

Lithium-ion batteries possess far higher better energy density than other battery technologies like nickel-cadmium (NiCd) and nickel-metal-hydride (NiMH). They find their applications in the manufacturing of various technologies, such as electric wheelchairs, mobiles, laptops, stairlifts, etc. Thus, their compatibility will outline their growth potential in the future.

Lightweight lithium batteries conform to the demands of mobility equipment because of their size customization factor. In addition, the long-life span, low self-discharge rate, extended operation time, and fast charging capabilities make them an ideal choice for the manufacturers.

Lithium-ion 18650 cells are widely used in the development of present-day laptops. Moreover, the cost of rechargeable lithium-ion batteries is reducing dramatically, which is driving the growth of the entire industry.

Role of Lithium-Ion Batteries in Automobile Industry

The scope of electric vehicles and lightweight vehicles is undoubtedly bright. Governments of various countries have established some regulations for EV manufacturers to decrease the pollution caused by vehicles. Moreover, automotive manufacturers like General Motors, Toyota have also introduced their plans to expand the production of electric vehicles. In addition, manufacturers find lithium-ion batteries more reliable. Also, it consumes the least charging time, which makes them convenient for consumers also. Furthermore, lithium car batteries are light and offer a high amount of energy. Thus, all of these factors are forecast to potentially strengthen the scope of lithium-ion batteries in the automotive industry.

Companies are also enhancing their offerings to fuel their growth. For instance, Grinntech, a prominent manufacturer of lithium-ion batteries, started its Li-ion battery factory in India for electric cars, bikes, tractors recently. In addition, Tesla is considered one of the 10 lithium-ion battery manufacturers. In addition, Tesla recently inked a 5-Year Deal with an Australian Firm to supply Lithium. Furthermore, BMW is also one of the prominent car manufacturers that deploy batteries produced by Samsung.

In addition, the industry players and car manufacturers operating in the global Li-ion battery market are introducing numerous strategic moves, including joint agreements, development plans, product launches, and acquisitions to outperform in the market. For instance, Maruti Suzuki India Ltd. joined hands with Denso Toshiba in 2017 to boost the production of li-ion batteries in India.

Role of Lithium-Ion Batteries in Clean Energy Industry

The use of lithium-ion batteries is no longer limited to automotive and consumer electronics. The technology finds its wide applications in the clean energy industry. Lithium-ion batteries are considered the best choice for lead-acid in a variety of ways. In addition, these batteries do not emit any gas, which makes them highly efficient and environmentally friendly. The growing focus on promoting the use of solar energy will propel the lithium-ion industry forward.

The efficiency is another considerable benefit of using lithium-ion batteries. Lithium-ion batteries are up to 95-98% efficient, which is highly suitable for solar panels. For instance, if a solar panel delivers 500 watt-hours of power, a lithium-ion battery is expected to use nearly 475 watt-hours of that energy. Thus, such factors are contributing to expanding the deployment of these batteries.

Recently, Australian scientists developed a new battery technology that can promisingly improve the efficiency of lithium-sulfur batteries. The researchers from Monash University have developed a technology that can increase the lifespan of lithium-sulfur batteries. Lithium-ion batteries require large amounts of minerals like nickel, cobalt, and manganese, which are difficult to procure. Thus, sulfur is considered one of the cheap alternatives to develop lithium. However, its limitations such as slow charging and discharging rates have been significant obstacles in the rollout of the technology. Monash Uni researchers have considerably fixed this problem with the development of a battery interlayer. This inlayer maintains fast charging and also improves the life and performance of the batteries.

Other Industrial Applications:

Lithium technology can be another breakthrough in various other industries. In the mining industries, lithium technology is forecast to emerge as a better technology in time to cater to the changing demands with ongoing energy transition. Other industrial applications of lithium-ion batteries include the technology that requires battery power, particularly in stationary systems.

The scope of lithium-ion batteries is no more limited to a particular industry or application. Lithium-ion batteries are gaining significant traction across all industry verticals. The growing number of partnerships and investments in the industry are forecast to fuel the growth of the market. For instance, Attero funded around Rs 300 cr to boost the lithium-ion battery recycling capacity to 11,000 tons. The news came out on February 7, 2022. E-waste recycling firm Attero made this funding to increase the capacity of its existing lithium-ion battery recycling by 11 times to 11,000 tons. The company is planning to achieve this goal by the end of 2022.

Australia’s Liontown also inked a 5-year lithium supply deal with Tesla in February 2022. Australia’s Liontown Resources inked this pact with Tesla (TSLA.O) to supply lithium spodumene to the electric carmaker, sending the lithium miner’s shares up nearly 20%. Tesla will purchase around 100,000 dry metric tonnes (DMT) of the concentrate in the first year beginning from 2024, rising to 150,000 DMT per year.

In November 2021, Power Global inked a partnership agreement with Rap Eco Motors to provide eZee swappable lithium-ion batteries. In addition, Unifrax unveiled its new Li-ion anode technology SiFAB (Silicon Fiber Anode Battery Technology). The technology has shown extraordinary performance in multiple battery systems.

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