NON-FERROUS METAL REPORT: Supply and demand for high end products expected to improve
Release time:2020-10-15Click:1119
Copper Foil for lithium battery is the first choice for current collector. The thin copper foil can effectively increase the energy density of the battery, and the permeability of the lithium copper foil for the future 6 m lithium battery is expected to increase gradually, in 2020-2025, the annual compound growth rate of the market space is expected to exceed 60% , the technical barrier of 6M lithium copper foil is high, the scale of production expansion is relatively small, and the pattern of supply and demand is expected to improve gradually. Maintaining a stronger industry rating than the big cities.
Key points underpinning the ratings
Copper Foil for lithium battery is the first choice for current collector of lithium battery. Copper foil is an important basic material in the field of lithium battery and electronics, which can be divided into calendered copper foil and electrolytic copper foil. Electrolytic copper foil is the mainstream products in the market, divided into lithium copper foil and standard copper foil. The current collector is an electronic conductor between the electrode material of the lithium battery and the External Circuit, lithium copper foil as a current collector has the following advantages: 1) high conductivity, 2) soft texture, 3) high oxidation resistance and corrosion resistance, 4) low cost, 5) high adhesion. At present, 8 m lithium copper foil is the mainstream product, and it is expected to develop into the thin lithium copper foil ≤6 m in the future.
Long-term lithium copper foil market space is large, thin is the future mainstream trend. From the domestic and foreign policy support for new energy vehicles, mainstream automotive electrification process, the global new energy vehicles are expected to maintain high-speed development, driving lithium copper foil market space continued to grow. The long-term market space of lithium copper foil is large, in which the 6M thin lithium copper foil can further enhance the energy density of batteries, and the permeability is expected to increase continuously. We forecast that the global demand for lithium copper foil will reach 768,200 tons in 2025, with an average compound growth rate of 29.3% from 2020 to 2025, of which 366,400 tons will be required for 6 m copper foil in 2025 and 68.5% in 2020-2025. We estimate that the global lithium copper foil market in 2025 is expected to reach 58 billion yuan, of which 6M copper foil is expected to reach 30.4 billion yuan.
There are four barriers to lithium copper foil, and the technical barriers of 6M copper foil are higher. 1) technical barrier: The formula is one of the core technology of electrolytic copper foil, in which the additive determines the performance and use of copper foil. 2) equipment barrier: the Cathode Roller is the main part of the foil machine. At present, there is a gap between the domestic cathode roller and the imported equipment. 3) qualification barrier: sulfuric acid and copper sulfate solution are used in the production of lithium copper foil, which will produce sulfuric acid fog in the process of dissolving copper and producing copper foil. 4) capital barrier: Copper Foil Fixed Assets Investment 4800-560000000 Yuan/gwh, investment intensity is higher than negative electrode material, electrolyte. 6m copper foil has higher barrier, and the application difficulties include pleating, strip breaking, oxidation at high temperature, powder dropping easily in slicing, and more stringent requirements for the preparation technology of copper foil and Cathode Roller.
The overall supply and demand of lithium copper foil is loose, and the 6M supply and demand pattern is expected to be improved gradually. At the end of 2019, the global production capacity of lithium copper foil was 290,000 tons, of which 200,000 tons were in China. According to the EV Tank's forecast data, the global production capacity of lithium copper foil in 2020-2022 was 350,000 tons, 443,000 tons and 488,000 tons respectively, thus easing overall supply and demand. 6m Thin copper foil technical barriers higher, production capacity concentrated in China, 2020-2022 domestic effective production capacity of 6M copper foil are estimated to be 52,000 tons, 69,000 tons, 90,000 tons, respectively, the gap between supply and demand IS-25,000 tons,-0.62,000 tons and 16,300 tons, respectively.
Investment Advice.
In the future, the permeability of 6M thin lithium copper foil is expected to continue to improve, and the supply and demand pattern is gradually improved, maintaining the industry stronger than the big city rating.
Risk alert
The market competition intensifies the risk; the new Crown Epidemic Situation Influence exceeds the anticipation; the New Energy Automobile Industry policy does not reach the anticipation; the New Energy Automobile downstream demand does not reach the anticipation.
Source: Gronway
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