The growth in the automotive sector and rising governmental concerns toward greenhouse gas emissions, have led to the increased demand for rechargeable batteries in the country. LG Chem, Samsung SDI, and SK Innovation are among the leading South Korean battery manufacturers that have planned for a combined investment of XX trillion Won by 2020. They have also announced the break-up of this investment, wherein one fifth would go to the R&D, and the remaining would be utilized for the expansion of their existing facilities. Although South Korea is considered the powerhouse of lithium-ion batteries, the country is left far behind by China and Japan in terms of anode materials as the country fails to have in-house production of next-generation anode materials.
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The next-generation anode materials market in South Korea is expected to grow due to the evolving lithium-ion battery business in the country. Several business expansions and initiatives taken by the key companies in the country may not only boost the production of battery but also improve the global position of Korea in the battery market.
With the increase in lithium-battery manufacturing the consumption of next-generation anode materials is likely to witness upliftment too. Companies such as Energy Innovation Group Ltd. are producing lithium-ion batteries with LTO as an anode material for their application in hybrid electric vehicles and several other industrial applications.
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