Total Spending on Global Lithium Iron Phosphate Battery Market Will Be $8,644.4 M in 2020

Lithium is used in a wide variety of applications, such as energy storage, lubricants, grease and air-treatment. Lithium is often converted into its most useful compounds, lithium carbonate and lithium hydroxide. There are three different lithium-iron phosphate battery synthesis methods. The segment high temperature solid phase synthesis is a conventional method for preparing Lithium Iron Phosphate (LiFePO4). Solid state methods are of importance in terms of obtaining ordered crystal structure in a simple way at elevated temperatures. It is a technique used to produce chemical structures by reactions carried out at extreme conditions, such as high temperature and pressure. Sol-gel synthesis is a low temperature, wet chemical approach which is often used for the preparation of metal oxides or other specific compositions. Standard sol-gel synthesis involves the formation of a sol, i.e., a stable colloidal suspension of solid particles in a solvent and the gelation of the sol to form a gel consisting of interconnected rigid skeleton with pores made of colloidal particles. Co-precipitation is another solution-based method which is easy to control and can lead to well crystallised powders with high purity and small particle size. In this method, lithium and phosphate compounds in mixed precursor solutions are co-precipitated by controlling the pH values.

The use of lithium for batteries used in the energy sector at both industrial and household level is widespread. The lead analyst of the report commented that "As society and the scientific community calls for action against the climate change, renewable energy is upgrading its role in the global energy generation mix. The transition though to a clean energy future, requires a great level of efficiency, which can be provided by the energy storage solutions and specifically lithium batteries. Lithium-iron phosphate batteries are becoming more and more popular in energy storage projects and their share in the energy storage market is expected to increase the upcoming 10-year period. The deployment of lithium-iron phosphate batteries in electric vehicles and the untapped potential of this technology is another parameter that positively influences the lithium iron phosphate market."

The 328-page report provides details of how spending on the end user and application side of Lithium Iron Phosphate Battery market will evolve over the next 10 years, as well as providing extensive regional analysis and forecasting. A company’s chapter offers detailed analysis and outlooks for the leading Lithium Iron Phosphate Battery operators and leading Lithium Iron Phosphate Battery technology providers.

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Source: ASDReports - Market Research
Date: Jun 19, 2020