Korea Customs Service: Korea's battery cathode material exports will exceed $10 billion in 2022, higher than automotive lithium-ion battery exports

Recently, according to foreign media reports, as the demand for electric vehicles continues to increase, the demand for batteries is also continuing to increase, which has also increased the demand for various raw materials for battery production, including positive electrode materials.

When it comes to electric vehicle batteries, South Korea has three major manufacturers: LG Energy Solution, SK On and Samsung SDI. In terms of raw materials, they also have many powerful manufacturers. This is the case with battery positive electrode materials, and the export volume is already considerable.

Foreign media reported, citing data released by the Korea Customs Service on Thursday local time, that South Korea's exports of battery positive materials reached US$10.186 billion last year, more than double the US$4.42 billion in 2021.

According to foreign media reports, after a substantial increase, South Korea's exports of positive electrode materials for batteries last year also exceeded the exports of lithium-ion batteries needed for electric vehicles for the first time . The latter's exports last year were US$6.59 billion, a year-on-year increase of 14.4%, and a year-on-year increase of more than 10% for four consecutive years.

As a key raw material for batteries, cathode materials account for more than 50% of the battery cost, and the sharp increase in the export of cathode materials for South Korea's batteries is related to the heavy investment and construction of factories by South Korean electric vehicle battery manufacturers abroad. Foreign media reported that many factories of South Korean battery manufacturers overseas have been put into production, and the supply of cathode materials for batteries overseas is zero.

From TechWeb