Rising at 13.7% CAGR, Lithium Iron Phosphate Batteries Market Size to Reach $24.6 billion by 2027

According to a new market research report, the global lithium iron phosphate Batteries market is projected to reach USD 24.6 billion by 2027 from an estimated market size of USD 13.0 billion in 2022, at a CAGR of 13.7% during the forecast period. The rise in demand for lithium iron phosphates batteries from the automotive industry, especially the EV application, is the primary driver of market growth. On the contrary, the environmental concerns associated with the disposal of LFP batteries is expected to restrain the growth of the market.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=77659282

The Asia Pacific region is estimated to be the largest market for the lithium iron phosphate batteries market, followed by Europe. The Asia Pacific region is also projected to be the fastest-growing market during the forecast period. The growth of the Asia Pacific lithium iron phosphate batteries market can be attributed to the presence of a large number of manufacturers in China and the increasing adoption of EVs in various countries of the region.

Opportunities: Investments concerning LFP batteries by key global players

There has been a tremendous increase in the R&D initiatives undertaken by battery manufacturers for developing LFP batteries and enhancing their cell production capabilities. For instance, on the leading global LFP manufacturers Contemporary Amprx Technology Co. Limited (CATL), in 2021, is equipped with a cell production capacity of ~200 GWh and have planned to increase the capacity to over ~500 Gwh by 2025. Similarly, key global players of the LFP market are also witnessed to increase their R&D spendings and investment in enhancing the portfolio. Further, owing to the increase in the application of LFP batteries, market participants are also witnessed to expand and invest in the development of facilities to accommodate the potential growth in demand. For instance, American Battery Factory (ABF), a SME based out of the US, set up a network of LFP battery gigafactories across the U.S. Investments, capacity additions and various strategic expansion employed by these market players provide lucrative growth opportunity for the LFP battery market.

Challenges: Technological drawbacks of LFP batteries

Lithium iron phosphate batteries have low energy density as compared with the other lithium-ion batteries. In the current scenario, a key consideration is that batteries used in EVs should be small in size and light in weight. Therefore, batteries that have energy density much higher than 300 Wh/kg and 800 Wh/L are used. The particles in the electrode powder should be made smaller; this helps it to pack more densely. This would increase the electrolytes per volume by producing a large contact surface, thereby improving the charging rate of cell and its energy density. But it also results in more unwanted reactions as a result of larger contact surface and creation of more ions that degrade battery material and also shorten its lifetime. The solution to this is coating all particles with an ultrathin buffer layer. But again, the challenge lies in making these layers both highly conductive and chemically inert.

Ask Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=77659282

Key Market Players
The lithium iron phosphate batteries market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global lithium iron phosphate batteries market include BYD Company Ltd. (China), Contemporary Technology Co., Limited. (China), K2 Energy (US), A123 Systems (US) And Lithium Werks Inc. (China).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

This release was published on openPR.