With the increasing demand for electric vehicles, the demand for batteries continues to increase, which has boosted the demand for various raw materials for battery production, including cathode materials, according to foreign media reports.
In terms of electric car batteries, South Korea has LG New Energy, SK On and Samsung SDI, as the three major manufacturers, in terms of raw materials, they also have a number of strong manufacturers, the battery cathode material are such, the export value has been quite substantial.
Foreign media, citing data released by the Korea Customs Office on Thursday local time, reported that South Korea’s battery cathode material exports reached $10.186 billion last year, more than twice the $4.42 billion in 2021.
According to the foreign media report, after the significant increase, South Korea’s exports of battery cathode materials last year also exceeded the exports of lithium-ion batteries for electric vehicles for the first time. The latter exported $6.59 billion last year, up 14.4 percent year-on-year and up more than 10 percent for the fourth consecutive year.
As a key raw material for batteries, cathode materials account for more than 50% of the cost of batteries, and the significant increase in exports of cathode materials for Korean batteries is related to the strong investment of Korean electric vehicle battery manufacturers in building factories abroad. Foreign media mentioned in the report that a number of overseas factories of Korean battery makers have been put into operation, and the supply of battery cathode materials overseas is zero.