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Battery Metals
- China -

Chinese lithium battery shipments up 32.6% in 2024

Shipments of Chinese lithium batteries increased 32.6% to 1,175 gigawatt-hours in 2024, Kallanish learns from the Gaogong Industrial Institute (GGII).

The volume breaks down into over 780 GWh of power batteries and 335 GWh of energy storage batteries, representing annual increases of 23% and 64%, respectively.

Chinese cathode material global sales reached 3.35 million tonnes last year, a volume 35% higher than in 2023. Of that, lithium iron phosphate (LFP) materials shipments reached 2.46m t, up 49% year-on-year – nearly 74% of the total cathode material shipments. Meanwhile, ternary lithium cathode material shipments slightly declined to 650,000 t.

The adoption of LFP chemistry continues to increase, taking a 72% market share last year and exceeding 560 GWh of shipments.

The institute points out that ternary lithium batteries, those that use nickel, cobalt and manganese, have maintained a leading market share in China in 2018-2020 due to advantages such as high energy density and long battery life.

However, the advantages of LFP batteries, such as safety and low cost, are becoming increasingly prominent. The market share of LFP batteries surpassed that of ternary lithium batteries for the first time in 2021 and has maintained its leading position ever since.

“Differentiated LFP materials enhance the industry’s bargaining power, among which the application of high-density and high-rate LFP in the industry is accelerating,” the institute states. “By the end of 2024, the monthly shipments of high-density (greater than 2.6 grams per cubic centimetre) LFP exceeded 35,000 t, and the monthly shipments of high-rate (discharge rate greater than 30C) LFP exceeded 2,000 t.”

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