德意志银行2011年锂电池行业研究报告

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德意志银行2011年锂电池行业研究报告


Contents
Introduction ....................................................................................... 4
Automotive LiB material to begin growth phase ....................................................................... 4
Performance of LiB-related shares ............................................................................................ 5
Battery types and LiB features ......................................................... 8
Brief overview of batteries ........................................................................................................ 8
The market for different batteries ............................................................................................. 9
Lithium ion rechargeable batteries .......................................................................................... 10
Features of rechargeable Lithium ion batteries ....................................................................... 11
Applications for rechargeable lithium ion batteries ................................................................. 13
Battery and auto sector trends....................................................... 15
Battery sector trends .............................................................................................................. 15
Electric car market forecast .................................................................................................... 17
Challenges facing LiB batteries for automotive use ................................................................ 17
Will cooperation between car and battery makers affect material makers? ........................... 18
Cathode materials ........................................................................... 21
Current market trends: Mounting competition may dent profits............................................. 21
Features by type: Consumer products buoy ternary batteries, EVs lift manganese batteries . 22
Cathode material production: The firing process is crucial ...................................................... 23
Raw material prices: Focus on cobalt (rare metal) prices........................................................ 24
Asian competition: Chinese lead, Koreans raise in-house ratio ............................................... 24
Cathode material trends .......................................................................................................... 25
Anode materials ............................................................................... 26
Current market trends: Japanese makers in strong command, led by Hitachi Chemical ........ 26
Features by type: Difference between natural and artificial graphite ...................................... 27
Raw material prices: Need more diverse sources of artificial graphite ................................... 27
New material trends: Hopes for high capacity alloys .............................................................. 28
Asian competition: Little threat at present from new Korean and Chinese rivals .................... 28
Separators ........................................................................................ 29
Current market trends: Leader Asahi Kasei followed by US and Korean makers .................... 29
Characteristics by type: Dry process leads in automobile batteries ........................................ 30
New material trends: Polyolefin (dry, wet) to remain main type for now ................................ 32
Asian competition: Focus on Korea’s SK Innovation ............................................................... 32
Electrolyte solutions and electrolytes ........................................... 33
Current market trends: Tight race between Japan and Korea in consumer product electrolyte
solutions................................................................................................................................. 33
Raw material prices: Fear of hike in Chinese electrolyte material export taxes ...................... 35
Asian competition: Chinese could enter low-grade electrolyte solution market ..................... 37
Binders .............................................................................................. 38
Current market trends: Kureha dominates electrode PVDF, two rubber firms strong in anodes
............................................................................................................................................... 38
LiB material sector trends ............................................................... 39
Automotive LiB material market trends .................................................................................. 39
Major LiB materials: Historic trends and outlook .................................................................... 40
Profit trends at LiB materials companies ...................................... 42
Toray Industries...................................................................................................................... 46
Asahi Kasei .............................................................................................................................. 47
Mitsubishi Chem. Holdings ..................................................................................................... 48
Hitachi Chemical ..................................................................................................................... 50
26 January 2011 Chemicals/Basic Chemicals LiB materials industry
Deutsche Securities Inc. Page 3
Major material makers .................................................................... 51
Cathode material makers ........................................................................................................ 51
Anode material makers ........................................................................................................... 52
Separator makers .................................................................................................................... 53
Electrolyte solution makers ..................................................................................................... 54
Electrolyte makers .................................................................................................................. 55
Binder makers ......................................................................................................................... 56

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