Lithium Iron Phosphate (LiFePO4) or LFP, which is also known as Lithium Ferro-Phosphate, is an inorganic chemical compound comprising lithium, iron, a phosphorous, and four oxygen atoms. The compound is either reddish-grey, black, or brown in color that is highly insoluble in water.
Removal of the lithium (Li) atom from the compound converts it into a ferric molecule, i.e., FePO4, which is primarily used to manufacture pesticides.
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Lithium Iron Phosphate is a cathode material that is used in the production of batteries for vehicles in the automobile industry. It is an environmentally friendly alternative to the existing materials that are commercially used to manufacture ion batteries.
The key importing countries that import LFP are the United States, India, and Japan. On the other hand, the primary exporting countries for the same are China, Canada, and Hong Kong.
Key Details About the Lithium Iron Phosphate Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Lithium Iron Phosphate price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.
The Lithium Iron Phosphate Price chart, including India Lithium Iron Phosphate price, USA Lithium Iron Phosphate price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting Lithium Iron Phosphate Price Trend:
LFP is a commercial chemical used in manufacturing batteries that are installed in vehicles in the automobile industry. It is gaining a lot of attention, as it is an economical and bio-friendly alternative to most of the other chemicals available in the global market that are used to manufacture ion batteries. It is not only used in automobiles but also is a source that is utilized in solar energy installations and other large-scale energy storage techniques.
The lithium-ion batteries are installed in various vehicles such as logistics, buses, cars, EVs, etc. It is also used in power tools, industrial machinery, solar or wind power generation plants, mobile base power supply stations, etc.
Key Players:
- BYD Company
- A123 System
- K2 energy
- Lithium Werks
- Britishvolt
- Power Sonic Corporation
- Contemporary Amperex Technology Co.Ltd.
News & Recent Development
- Date: June 23, 2023- Lithium Iron Phosphate (LFP) is gaining a pull in the global market as the EV battery material of choice, along with nickel and cobalt, due to its environmental benefits.
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