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KOREAN RECHARGEABLE BATTERY
SECTOR
TO SHOW STRUCTURAL GROWTH
• The rechargeable battery industry’s overall sales are predicted to
continue expanding, although the demand for mobile IT devices is
feared to fall due to the global economic slump. In 2009~2013, the
sales amount of HEV rechargeable batteries are forecasted to balloon
by 56% annually on the back of hybrid vehicle market expansion,
while the overall sales amount of rechargeable batteries are expected
to increase 7% annually.
• In 2009, Samsung SDI’s total OP is expected to drop 47.2% yoy and
its rechargeable battery division’s OP is forecasted to fall 19.4% yoy
to W188.3bn. Also L&F Corp, an anode material supplier, is projected
to see its OP jump 984.9% yoy.
• Unlike other car components, a rechargeable battery is a core
component significantly affecting the performance of electric vehicles.
As such, automobile companies are seeking to closely cooperate with
their rechargeable battery suppliers through strategic alliances.
Accordingly, rechargeable battery makers’ future operating results
heavily rely on whether or not to successfully form strategic alliance
with their customer carmakers.
• Non-cobalt-based anode materials, which excel cobalt-based anode
material in terms of cost, energy density, and reliability, are forecasted
to contribute to HEV rechargeable battery market
I. Summary
Investment points for rechargeable
battery industry
1. Industry sales should continue
expanding
2. Industry stands to benefit from
expansion of eco-friendly
automobile market
The rechargeable battery industry’s sales are predicted to continue expanding, although its profitability is feared to
decline as the demand for mobile IT devices slows amid the global economic slowdown. The market size of
HEV rechargeable batteries in terms of sales amount is expected to balloon by 56% annually in 2009~2013
thanks to sales growth of hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and electric
vehicles (EVs). In addition, rechargeable battery material suppliers, which are cost-competitive, are expected to
see their profitability remain stable. And rechargeable battery companies stand to benefit as governments in major
European countries, the US, and Japan are encouraging the public to purchase eco-friendly automobiles.
2009E OP growth:
Samsung SDI: -47.2% yoy
L&F Corp: +984.9% yoy
The rechargeable battery market is expected to face an oversupply from 2009 to 2H10. Thus rechargeable battery
makers’ profitability is feared to decline during this period. For instance, Samsung SDI’s OP is projected to drop
47.2% yoy in 2009. But L&F Corp, an anode material supplier, is forecasted to see OP surge 984.9% yoy during
the same year.
Rechargeable battery market should
face an oversupply in 2009; cell
makers to suffer from profitability
drops; but material suppliers to
achieve high profitability
The market of rechargeable batteries used in mobile IT devices is expanding gradually, but rechargeable battery
markers are aggressively expanding their production capacity in anticipation of a sharp rise in demand for HEV
rechargeable batteries. As a result, the rechargeable battery market is expected to face an oversupply starting in
2009. Rechargeable battery cell makers are projected to suffer from profitability drops, whereas rechargeable
battery material suppliers are likely to maintain their high profitability.
Lithium-ion rechargeable battery
market to expand
The use of lithium-ion rechargeable batteries in HEVs is likely to increase rapidly. Toyota and Nissan, the two
leading HEV makers, said in 2H08 that they will start to use lithium-ion rechargeable batteries, instead of the
existing NiMH rechargeable batteries. As carmakers increasingly adopt lithium-ion rechargeable batteries, the
portion of lithium-ion rechargeable batteries in HEVs is forecasted to rise from a mere 3% this year to 83% in
2017 and lithium-ion rechargeable batteries are likely to become the main stream of HEV rechargeable batteries.
Automobile companies and
rechargeable battery makers
cooperate with each other thru
strategic alliances
Rechargeable battery suppliers are actively forming strategic alliances with automakers. Panasonic Electric Vehicle
Energy (PEVE) was established jointly by Toyota (60%) and Panasonic (40%), while Automotive Energy Supply
Co. (AESC) was set up jointly by Nissan (51%) and NEC and NEC-Tokin (49%). Meanwhile, Lithium Energy
Japan (LEJ) was launched jointly by Mitsubishi Motors (15%), Mitsubishi Corporation (34%), and GS Yuasa
(51%). This is because unlike other auto parts, rechargeable batteries are a core component determining the
performance of an electric vehicle.
Non-cobalt-based anode materials
are superior in terms of cost, energy
density, and reliability
More cost-competitive and stable anode materials (eg, NMC-, NM-, nickel-, manganese-, and olivine-based
anode materials) have been developed to replace the cobalt-based (or LCO-based) anode material that requires a
large amount of expensive cobalt. These new materials are expected to contribute to the HEV market expansion as
they are more cost-competitive and have greater practical energy density. For instance, the practical energy density
of LCO-based anode material is 140mAh/g, while that of NMC-based anode material is 170mAh/g.
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