BOSTON, May 17, 2024 /PRNewswire/ --
What is the current market sentiment surrounding sodium-ion
batteries in 2024?
Sodium-ion batteries are beginning to become increasingly
relevant in 2024 after many mass production announcements were made
in 2023. OEMs may look to alternative chemistries to reduce
reliance on critical minerals with potentially volatile supply
chains. NMC(A) batteries are currently the leading battery
chemistry in Europe and the UK,
while LFP dominates in China.
However, LF(M)P and sodium-ion offer an opportunity to decouple
from risk in certain supply chains. Market analysis in Nov 2023 by IDTechEx suggests an anticipated
growth of approximately 40 GWh of SIBs alone by 2030 at a minimum.
However, up to an additional 100 GWh of manufacturing capacity is
projected if the market is successful by 2025. These projections
assume an impending boom in the SIB industry, which will depend
upon commercial commitment within the next few years.
Market leaders like CATL and BYD are the ones to watch out for
as they can quickly bring online some serious sodium-ion
supply capability. Their announcements have leapfrogged some
European players as well. Despite lingering uncertainties about
market prospects, companies in Western countries are now also
making moves to enter the business, seeing the future potential of
Na-ion batteries. The IDTechEx report, "Sodium-ion Batteries
2024-2034: Technology, Players, Markets, and Forecasts", covers
over 30 companies involved in this space and benchmarks their cells
and/or their anode/cathode material.
Where does sodium fit into the battery market mix?
An opportunity does exist from a potential shortage of lithium
supply in the medium term, given the lack of necessary investment
into raw material extraction. While there is sufficient lithium
resource to meet forecast demand from Li-ion before accounting for
recycling, the capacity to mine this lithium has not grown at the
necessary rate, offering an opportunity for alternative chemistries
(e.g., Na-ion) in the medium and long term.
Furthermore, Na-ion is unlikely to replace the top-end of the
Li-ion market. The two batteries will meet the application needs of
different market segments, but Na-ion is expected to replace
lead-acid (PbA) batteries in the future. Na-ion batteries are an
attractive prospect in meeting global demand for carbon-neutral
energy storage, where lifetime operational cost, not weight or
volume, is the overriding factor. Stationary energy storage thus
makes the perfect end-use and market for sodium, given its
performance and safety characteristics.
Why hasn't there been more of an uptake of sodium-ion
batteries in recent times?
It's worth noting that lithium carbonate prices have fallen
sharply over the past year (2023) and could be potentially holding
back the development of sodium-ion batteries. The cost advantage of
sodium-ion batteries is seen to have diminished with the prolonged
decline in the price of lithium carbonate, a key raw material for
lithium-ion batteries. China hoped
to bring sodium-ion batteries to mass market in 2023, but slumping
lithium prices have cooled off investments and delayed or paused
projects.
Furthermore, there is still no single-winning chemistry within
sodium-ion batteries. Many R&D efforts are being undertaken to
find the perfect anode/cathode active material that allows
scalability beyond the lab stage. UL standardization for sodium-ion
cells is, therefore, still a while away, and this makes OEMs
hesitant to commit to such a technology.
What are the opportunities for sodium down the road?
Sodium-ion batteries still look promising for two and
three-wheelers, microcars, and energy storage, even if the lithium
price drop has slowed progress. Sodium-ion batteries are typically
safer than lithium-ion and have higher resistance to low
temperatures and relatively quick charging times. Sodium-ion
batteries could replace lead-acid batteries in energy storage
systems and the micro EV market. The costs will be competitive
initially, but sodium-ion batteries will be lighter and safer than
lead-acid batteries. Electric microcars with sodium-ion batteries
are already being shipped from China. Specifically, 5,000 units of the E10X
microcar (with 23.2 kWh sodium-ion battery packs using cells
supplied by HiNa) from JAC Yiwei are being transported to Central
and South America.
The IDTechEx report, "Sodium-ion Batteries 2024-2034:
Technology, Players, Markets, and Forecasts", provides in-depth
coverage of this emerging industry and tackles many more burning
questions.
To find out more, including downloadable sample pages, please
visit www.IDTechEx.com/Sodium.
For the full portfolio of batteries and energy storage market
research from IDTechEx, please
see www.IDTechEx.com/Research/ES.
About IDTechEx:
IDTechEx provides trusted independent research on emerging
technologies and their markets. Since 1999, we have been helping
our clients to understand new technologies, their supply chains,
market requirements, opportunities and forecasts. For more
information, contact research@IDTechEx.com or
visit www.IDTechEx.com.
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