Korea’s large conglomerates eye rechargeable battery material market

South Korea’s large conglomerates such as SK, LG, POSCO, GS, and Hanwha are rushing to penetrate into the rechargeable battery material market as it has been perceived as a future growth engine. Accordingly, competition is inevitable among the newly-entering companies and those currently dominating the market such as Japan-based and other foreign companies as well as Korea’s mid-size rechargeable battery material manufacturers.

Rechargeable, or secondary batteries, are next-generation batteries which can be used in many sectors including mobile phones, laptop computers, small-size household electronics, electric vehicles, and power storage systems. The rechargeable battery market, which is currently worth 14 trillion won ($12.33 billion), is projected to rapidly grow into 65 trillion won by 2020.

The four major materials used to manufacture secondary batteries include anodes, cathodes, separators, and electrolytes. The four materials account for over 70 percent of the total manufacturing costs of rechargeable batteries.

For full article see Maeil Business.