South Korea is a major EV battery producer
The history of South Korea’s economy has shaped it into a leading country with a robust technology-oriented manufacturing industry. The export of high-value products, such as semiconductors, is an important economic pillar of South Korea, and EV batteries are a welcome addition. The nation consistently records a trade surplus for Li-ion batteries, exporting to a variety of regions across the world. While China commands a strong position in the market, South Korea is striving to challenge the status quo and has successfully carved out its place in the industry.How will the EV battery industry develop further?
For contemporary batteries, lithium is a fundamental element. This is reflected in the battery mineral prices, as demand for the material has increased alongside the growth of the overall EV industry. Additionally, battery industry stakeholders are endeavoring to improve energy efficiency, evident in the pursuit of a fully functional solid-state battery or projected changes in the chemistry of cathodes. Considering these factors and the environmental impact of EVs, batteries can be regarded as essential products for the future. The worldwide EV battery industry is forecast to grow in the coming years and more than double in value by 2026.
