China has been the largest consumer of lithium batteries in the world for five years

by admin, Tuesday, 24 May 2022 (3 months ago)

According to a recent report, the CCID Research Institute of the Ministry of Industry and Information Technology recently released the White Paper 2021 China Battery Battery Industry Development Index. This White Paper shows that the growth of China’s lithium battery industry is growing rapidly. The index reached 307.6 in the fourth quarter of 2021. If we compare it with 2017, this represents three times higher price. The data clearly show that from the fourth quarter of 2017, the overall growth index of China’s lithium battery industry shows a steady upward trend. In the fourth quarter of 2021, the growth index of China’s lithium battery industry reached 307.6. In addition, the scale of China’s industry has grown significantly in 2021. The market for lithium batteries will reach 324 GWh, four times that of 2017.

Looking at a global perspective, China has become the largest consumer market for lithium batteries in the world for five consecutive years. In 2021, the global market for lithium ion batteries will reach 545 GWh. At the end of 2021, China saw a significant increase of almost 70 percent in battery production. The country ranks sixth in the top 10 manufacturers of lithium batteries in the world. It’s no surprise to see this, after all, many components come from China and there is a huge demand for lithium batteries. After all, they basically power everything in the field of smart technology.

China

The EV category has boosted demand for lithium batteries in China

Interestingly, strong demand for electric vehicles also contributes to China. It will reportedly boost the battery industry in the coming years. As of April this year, a total of 10.33 million new electric vehicles have been launched in the country. Increased supply and demand act as a powerful force to drive the electrical transformation of the global automotive industry. A recent report even states that growing demand has led to shortages.

The White Paper report also shows that investment in the country is gradually expanding to southwest China. Obviously, the southwestern region has the most abundant mineral resources. The list of minerals includes lithium and phosphorus. There are also large reserves of phosphate rocks in Yunnan, Guizhou and Sichuan. These represent more than 40 percent of the country’s total capacity.

The investment will probably continue in the coming years. After all, unless a new technology emerges, we will still see a trend for lithium batteries for years to come. There are many companies trying to find alternative resources such as Graphene, but so far none have gone far enough to become commercial.

In addition to the lithium industry, the country has also been a major force in cryptocurrency mining.

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