According to research data from the GGII research institute, the global shipment of ternary cathode materials in 2019 was 343,000 tons, a year-on-year increase of 44.7%, driving the global shipment of ternary precursor materials to 334,000 tons. GGII expects global shipments of ternary cathode materials and precursors to exceed 1.5 million tons in 2025.
The main reasons for the larger increase in global ternary cathode material shipments include:
1) The global new energy vehicle market has entered a period of rapid development. Driven by the terminal market, the global power battery market will grow at a compound annual growth rate of more than 30%, which will drive the growth of global ternary cathode material market shipments;
2) The head power battery companies represented by CATL, Panasonic, LGC, SDI and other companies will accelerate the construction of power battery production capacity in the future, which will drive the ternary cathode material market shipments to increase;
3) With the development of the global power tools and small power markets towards high-end, it has driven the rapid development of the global ternary cathode material market to a certain extent.
WeChat picture_20200423092457.png
Source: Gaogong Industry Research Lithium Battery Research Institute (GGII), March 2020
From the perspective of the global distribution of cathode materials, at this stage, the global ternary cathode materials are mainly concentrated in China, Japan, and South Korea. Among them, China, as the world's largest cathode material production base, has a global market share of 73.2%. In 2019, China's ternary cathode material shipments were 192,000 tons, accounting for 56% of global ternary cathode material shipments, accounting for More than half.
From the perspective of the global ternary cathode material market competition pattern, in 2019 Sumitomo Metal, LGC, and Umicore are in the top three in global shipments, and Chinese companies Rongbai Technology, Long-Term Lithium, and Zhenhua New Materials are in the 4-6 market. The main reasons for the above characteristics are:
1) Sumitomo Metal, Umicore and LGC supply Panasonic, SDI, SKI and LGC respectively in the field of ternary cathode materials. In 2019, driven by the foreign new energy vehicle market, the shipment of ternary cathode material manufacturers supporting the head battery companies Be promoted
2) The growth rate of the domestic power battery market has slowed down in 2019, resulting in a slowdown in the overall shipment growth of corresponding ternary cathode materials.
WeChat picture_20200423092500.jpg
Source: Gaogong Industry Research Lithium Battery Research Institute (GGII), March 2020
The global ternary precursor market shipments in 2019 were 334,000 tons, a year-on-year increase of 45.2%. The rapid growth of the ternary precursor market is mainly driven by the global ternary cathode material market. From the perspective of market competition, in the global ternary precursor market in 2019, the CR3 market share accounted for 42.2%, and the CR5 market accounted for nearly 57.5%. From the perspective of enterprise-end shipment market share, the global ternary precursors in 2019 The top three companies in the market shipment are GEM, Zhongwei New Materials and Guangdong Bangpu. Among them, the ternary precursor products of GEM and Zhongwei New Materials have a larger export volume in addition to their own use by domestic enterprises. Ecopro, LGC, L & F, etc.
WeChat screenshot_20200423094508.jpg
Source: Gaogong Industry Research Lithium Battery Research Institute (GGII), March 2020
From the perspective of the global market, the future ternary cathode material market is still facing fierce competition, specifically reflected in the following aspects:
1) Oligopoly power battery companies will further intensify the competition in the ternary cathode material market: power battery companies represented by CATL, Panasonic, LGC, etc. will further enhance their competitiveness in the global power battery market in the future, and the supporting ternary cathode material companies will Usher in a new round of development opportunities;
2) The market concentration of the ternary cathode material market will gradually be concentrated to the head companies, and the market segment will usher in new opportunities: the power battery market will still be an important application field of the ternary cathode materials, supporting the ternary of the head power battery companies With the increase in the concentration of the power battery market, the cathode material companies will further concentrate their shipments to the head material companies; power tools, lithium light vehicles, handheld tools and other markets have good billing period control and product turnover rates, some The ternary material enterprise will increase its layout in market segments;
3) Regional competition is intensifying, and production capacity will be further concentrated in China: in 2019, China ’s ternary cathode material production capacity will be 615,000 tons / year, accounting for more than 50% of the global production capacity. With the acceleration of the plant, the production capacity of the ternary cathode material industry will be further concentrated in China in the future;
4) Driven by the market demand for ternary cathode materials, the self-built capacity of precursor companies will be further improved: the performance of precursor materials directly determines the performance of ternary cathode materials. With the gradual increase of production capacity of Panasonic, LGC and CATL, their supporting supply Of precursor manufacturers will further increase their production capacity and increase their binding with corresponding head battery companies, while domestic precursor companies will also increase the export of precursor materials (such as Zhongwei, GEM, Cologne, etc.).
