The Rise of the LFP Battery
Primarily a key component in fertilizers, phosphate is also essential to lithium iron phosphate (LFP) battery technology.
LFP is an emerging favorite in the expanding EV market, particularly in standard-range EVs. Factors driving this popularity include superior safety, longevity, cost-effectiveness, and environmental sustainability.
In this graphic, our sponsor First Phosphate looks at the growing LFP market, highlighting forecasted growth and current market share.
Market Growth
In 2022, the global LFP battery market stood at $12.5 billion. By 2030, this figure is expected to catapult to nearly $52.7 billion, signifying a CAGR of 19.7%.
| Year | USD (Billion) |
|---|---|
| 2021 | $10.5B |
| 2022 | $12.5B |
| 2023F | $15.0B |
| 2024F | $17.9B |
| 2025F | $21.5B |
| 2026F | $25.7B |
| 2027F | $30.7B |
| 2028F | $36.8B |
| 2029F | $44.0B |
| 2030F | $52.7B |
In 2022, LFP batteries cornered a sizable 30% of the EV market share from just 6% in 2020, demonstrating the growing appeal of this type of lithium-ion battery in the electric vehicle sector.
Market Share
The Asia Pacific region dominated the LFP battery market in 2021, accounting for over 34% of the global share.
| Regions | Revenue Share (%) |
|---|---|
| Asia Pacific | 34% |
| North America | 29% |
| Europe | 23% |
| Latin America | 10% |
| MEA | 4% |
Meanwhile, North America, with the second largest share, is projected to witness ongoing growth through 2030.
First Phosphate holds access to 1% of the world’s purest igneous rock phosphate reserves in Québec, making it an ideal supplier for the growing LFP market.
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