Original BCC Global
December 27, 2024, 09:30
Introduction
Currently, nearly 100 companies globally are accelerating their layout in the solid-state battery (SSB) space, spanning countries and regions such as Canada, the United States, the EU, and China. The solid-state battery industry chain is taking shape. Additionally, significant capital inflows into the sector have caused stock prices of related companies in the lithium battery segment to rise.
Solid-State Battery Industry Development
Many new products on the market have an urgent need for batteries with higher energy density. Most commercial lithium-ion batteries have an energy density range of 200–250 Wh/kg. However, with continuous R&D, liquid lithium-ion batteries with organic electrolytes face risks of fire and explosion during application.
In contrast, solid-state lithium batteries can effectively avoid these risks due to their unique properties. Notably, solid-state batteries also demonstrate the potential to achieve energy densities above 300 Wh/kg.
According to projections, the shipment of solid-state lithium batteries is expected to exceed 7 GWh by the end of 2024 and could reach 300 GWh by 2030. Fully solid-state batteries are expected to be applied on a small scale by 2026–2027 and may grow to 5 GWh or higher by 2035.
Approximately 70% of solid-state batteries’ use cases are focused on the power sector, with emerging markets like low-altitude aviation, electric motorcycles, and robotics providing critical growth opportunities due to their stringent battery performance requirements and relatively low sensitivity to cost.
Key Players in the Solid-State Battery Market
Solid-state batteries are built using three critical components: cathode materials, anode materials, and electrolytes. There are two major technological pathways in the electrolyte field: semi-solid (oxide-based) and fully solid (sulfide-based) routes.
- Oxide-based route: Companies like Qingtao and Weilan follow this path. However, this route faces significant pain points:
- Low conductivity: This hinders the charge/discharge efficiency and overall performance.
- Interface issues: Ion transmission is obstructed at the contact interface, affecting the battery’s functionality.
Oxide-based processes are further divided into:
- Wet coating: Provides certain advantages but struggles with interface challenges.
- Dry fiberization: Although theoretically capable of mitigating some issues, this process lacks compatible specialized equipment, limiting its large-scale application.
- Sulfide-based route: Companies like CATL (Contemporary Amperex Technology Co., Limited) and BYD are actively exploring this pathway. Key sulfide-based materials include lithium carbonate, germanium sulfide, phosphorus sulfide, and lithium sulfide.
- High cost: For example, lithium sulfide costs up to CNY 4 million/ton (USD ~547,000), driving up material costs significantly.
- Challenges: Issues related to electrochemical and air stability hinder practical applications, making batteries more susceptible to environmental interference.
Key Domestic Players in Solid-State Batteries
China is globally recognized for its strong R&D capabilities and robust investment in the solid-state battery industry, securing a leading position.
- Qingtao:
- Founded with support from Tsinghua University’s academician Nan Cewen’s team.
- Specializes in lanthanum-zirconium-oxide-based solid-state batteries.
- Known for significant international recognition due to its technological achievements and academic backing.
- Weilan:
- Backed by the Institute of Physics, Chinese Academy of Sciences, led by academician Chen Liquan.
- Focuses on lithium-aluminum-titanium-phosphate-based oxide solid-state batteries.
- Currently mass-produces semi-solid-state batteries, while its fully solid-state batteries remain under development.
- CATL (Contemporary Amperex Technology Co., Limited):
- A global leader in battery manufacturing, favoring the sulfide-based route.
- Leveraging its deep R&D resources to achieve significant progress in industrializing solid-state batteries.
- Collaborates with leading automakers like SAIC, Chery, and FAW to develop fully solid electrolytes.
- Sources 60% of its solid electrolytes from Mitsui & Co., Japan, and 30% from Zhongke Gonen.
Future Trends in Solid-State Battery Development
While semi-solid-state batteries have made progress, fully solid-state batteries remain the primary focus. Industry and academic players continue to address key challenges, such as:
- Improving ionic conductivity of solid electrolytes
- Enhancing compatibility between electrodes and electrolytes
- Developing cost-effective and high-performance electrolyte and electrode materials
Lowering the cost proportion of key materials will be a crucial objective for future industry advancements.
Disclaimer:
This content represents an analysis of related events and does not constitute investment advice. Information is sourced from public data, expert opinions, and BCC research. The authors assume no responsibility for any losses incurred by using the insights presented. Investments carry inherent risks—proceed with caution.