In 2035, LIB Si-Anode Market Expected to Grow at a CAGR of 39%, Reaching 285k ton (USD 6.6 Bil)
- Si-anode market expected to reach 10k ton in 2023 -> 39k ton in 2025 -> 157k ton in 2030 -> 285k ton in 2035.
- Si-anode market in price expected to be US$ 0.6 Bil in 2023 -> US$ 1.9 Bil in 2025 -> US$ 4.3 Bil in 2030 -> US$ 6.6 Bil in 2035.
- Si-anode’s penetration rate expected to be 1% in 2023 -> 5% in 2025 -> 7% in 2030 -> 10% in 2035.
(Source: <2024> LIB Si-Anode Technology Trend and Outlook report, SNE Research)
According to the 2024 LIB Si-Anode Technology Status and Outlook report released by SNE Research, the share of Si-anode in the LIB anode material market is expected to increase up to 7% in 2030 and 10% in 2035. The usage of Si-anode is forecasted to reach 157k ton in 2030 and 285k ton in 2035.
The Si-anode market in 2023 was approximately 10k ton, taking up only 1% of the entire anode market which was 1,034k ton last year. Recently, as the competition for low-price electric vehicles and battery in the EV/ESS market, low-price graphite gained a strong momentum in the anode market, slightly slowing down the usage of Si-anode. However, as there has been growing needs from OEMs and battery makers to dramatically increase the driving range of electric vehicles and enhance fast-charging performance, the competition for the leading position in the Si-anode market is expected to unfold from this year.
According to the industry news, major players in the Korean battery industry, such as SK, LG, POSCO, and Lotte have been working on development of Si-anode and they are soon to start mass production. In addition, companies in China and start-ups in Europe and the US working on Si-anode have been increasing up to 70 and more. For instance, the big 3 graphite anode material companies – BTR, ShanShan, and Zichen (Putailai) – are also developing Si-anode and preparing for mass production.
(Source: <2024> LIB Si-Anode Technology Status and Outlook, SNE Research)
The global anode material price (Mid-end) are as follows: natural graphite 6.4 $/kg, artificial graphite 8.0 $/kg and Si-anode 70.0 $/kg in 2020; natural graphite 5.8 $/kg, artificial graphite 4.8 $/kg, and Si-anode SiOx 50~60 $/kg in 2023.
Si-anode is expected to see an increase in demand and enhancement in productivity, leading to a significant improvement in price. With continuous price reduction expected in future, the price of Si-anode is expected to drop to 27 $/kg in 2030.
Si-anode can increase the energy density of battery 4 to 10 times compared to the existing graphite anode and significantly reduce the charging time. If swelling of silicon material is well managed with its price reduced more, silicon is expected to be a possible game changer in the battery industry which may take the performance of secondary battery to a next level. Currently, due to the swelling, silicon at only 5~10% amount of graphite is added. However, such shortcoming is expected to be overcome and eventually the ratio of silicon may increase to over 10% in future. As even Tesla announced that it would develop pure silicon (silicone 100%) to be used for its battery, it is forecasted that the industry may continue to develop Si-anode and increase the content of silicone in battery.