Batteries have risen to the forefront of policy discussions as governments around the world commit to reducing greenhouse gas emissions. With the global market for electric vehicle batteries expected to hit almost $1 trillion by 2030, the U.S., China and Europe are jockeying for position in the race to produce cheaper, more efficient and safer batteries at scale.
As China dominates lithium ion battery production and builds factories at breakneck speed, Europe is on its tail, aiming to become the second-biggest battery cell-producing region by 2025. Although the U.S. has more technological innovation at its disposal, it needs to make significant strides to catch up.
The manufacturing of lithium ion batteries depends on key materials such as graphite, lithium and cobalt. These materials are used in today's active cathode materials and chemistries found in high-performing batteries: lithium ion, solid-state and silicon.