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Battery-grade PVDF will exceed $5 billion after 2030
ASSO International Consulting Co., Ltd. claims that the tight demand for battery-grade PVDF will not be relieved until 2024!The market size of battery-grade PVDF will exceed $5 billion after 2030 !
With the continuous growth of global electric vehicles, the global shipments of lithium batteries will continue to skyrocket in 2022, lithium iron phosphate batteries have occupied more and more market share, and the continuous growth of power batteries has brought about the entire lithium battery industry chain continued heat. The price of some major raw materials such as lithium carbonate has even increased by more than 10 times in the past two years. Similarly, due to the huge market demand, the production of battery-grade PVDF is difficult to meet the market demand, and the price of PVDF also shows a trend of skyrocketing.
Source: Kureha
Hapton, an analyst at ASSO International Consulting, pointed out that many observers do not understand that switching from general-purpose PVDF to battery-grade PVDF is not a simple process, which will take at least 2-3 years. Currently, the production capacity of battery-grade PVDF is mainly occupied by three companies, Kureha, Arkema and Solvay. Among them, Kureha's production capacity is at full capacity, and its new capacity expansion project will not be operational until 2024. Arkema and Solvay have also been expanding their production capacity. Arkema's new capacity will be put into production in 2022, while Solvay's capacity will not be put into production until 2023. Similarly, due to the huge demand in the local Chinese market, local Chinese PVDF manufacturers have turned to the production of battery-grade PVDF, and new projects of Sinochem Lantian, Zhejiang Fluorine Chemical, and Shangdong Huaxia Shenzhou New Materials will also be put into production in the next few years.
Analyst Hapton pointed out that the short-term supply and demand balance of battery-grade PVDF is difficult to eliminate. In 2022, the demand for battery-grade PVDF will exceed 50,000 tons, but the output of battery-grade PVDF is expected to be difficult to exceed 40,000 tons. Since 2020, the price of battery-grade PVDF has more than doubled, with the highest spot price even exceeding $50,000 a ton. Analyst Hapton believes that although many new production capacity will be released in 2023, the contradiction between supply and demand in the market will not be eased until 2024. We believe that with the release of new PVDF production capacity, the global PVDF price will decline in 2023 and 2024, but the price is expected to remain high. In addition, the new growth point of the market is expected to come from the European market due to the large-scale production of new lithium battery factories in the European market. In the future, ASSO International Consulting believes that the future market size will reach more than 5 billion US dollars.
Battery-grade PVDF Market Size Forecast to 2030 (US$ Million)
Source: ASSO International Consulting
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