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Seneca ESG
- July 5, 2021
South Korea plans to accelerate large-scale R&D projects for rechargeable batteries in the form of public-private partnerships (PPP), as reported by The Korea Herald on July 1. According to South Korea’s Finance Minister Hong Nam-ki in a meeting in Seoul earlier that day, the government will support businesses by securing the materials supply chain for battery production and fostering over 1,100 professionals annually. Further details about the government’s plans are forthcoming. The minister pointed out that the move was part of the country’s strategic goal to establish semiconductors, batteries, and vaccines as three key technology sectors, on which it would invest over KRW2tr (USD1.8bn) in subsequent years.
South Korea has been the world’s leading producer of rechargeable batteries for years. In 2020, the country dominated 44% of the global rechargeable battery market share, followed by China’s 33% and Japan’s 17.4%. By last November, the country’s three largest rechargeable battery manufacturers, LG Chem’s subsidiary LG Energy Solution, Samsung SDI , and SK Innovation , took up 34% of the global market share. In addition, last year marked the country’s fifth consecutive year of increase in rechargeable battery exports, which hit a new record high of KRW7tr (USD6.6bn). Its rechargeable battery production also grew 20% YoY, with another 32% expected this year.
The growth of South Korea’s rechargeable battery industry was mainly fueled by strong demand for electric vehicles (EVs) both domestically and abroad, leading to a corresponding demand for large-sized rechargeable batteries. However, South Korean EV battery makers have recently encountered heightened competition from neighboring countries. For example, in the first four months of this year, the supply of EV batteries by China’s Contemporary Amperex Technology (CATL) grew 285.9% YoY to 21.4 GWh. In comparison, LG Energy Solution’s supply rose 132.6% YoY to 14.2 GWh, while that of Samsung SDI increased 87.8% to 3.4 GWh, and for SK Innovation, up 138.9% to 3.4 GWh. During this period, the combined global market share of the three Korean battery giants was 32%, shy of CATL’s 32.5%. Japanese firms such as Panasonic and AESC, a joint venture between Nissan Motor and NEC Corp. , were also gaining a competitive edge, respectively sharing 14.7% and 2.0% of the global EV battery market.
Sources:
http://www.koreaherald.com/view.php?ud=20210701000858&np=1&mp=1
http://www.koreaherald.com/view.php?ud=20210701000169
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