Golden Dragon Capital Limited

Ternary cathode materials, primarily composed of nickel, cobalt, manganese, and lithium. It is a critical component in the production of lithium-ion batteries used in for high-end EVs. Ternary cathode materials are known for their high energy density, which is essential for improving the range and efficiency of lithium-ion batteries. The specific capacity of these materials can reach up to 280 mAh/g, depending on the composition (e.g., NCM811 has a higher nickel content that significantly boosts capacity). Nickel increases the specific energy of the battery but can compromise stability and safety. Cobalt enhances structural stability and conductivity, helping to mitigate issues like cation mixing that can occur with high nickel content. Manganese contributes to thermal stability and safety but has lower specific capacity. By balancing these elements, manufacturers can tailor the properties of the cathode material final -product to meet specific performance requirements, such as higher energy density or improved cycle life. The ability to modify the ratios of nickel, cobalt, and manganese allows for a wide range of ternary cathode compositions (e.g., NCM333, NCM523, NCM622, NCM811) that cater to different applications, for example NCM811 is favored for high-performance EVs due to its superior energy density, while NCM523 offers a balance between cost and performance, making it suitable for mid-range applications. This versatility is key as the demand for lithium-ion batteries in various sectors continues to grow. However, the production costs associated with ternary cathode materials are influenced significantly by the prices of their upstream resources namely the nickel, cobalt, manganese, and lithium. As these metals are subject to market fluctuations, the cost structure of ternary cathodes can vary widely. Nickel is generally more abundant and less expensive than cobalt, therefore, increasing its proportion in ternary materials helps reduce overall costs while enhancing performance. Cobalt's price volatility poses a risk to manufacturers, thus, strategies to minimise cobalt content without sacrificing performance are increasingly important. The economic viability of ternary cathodes is further enhanced by their ability to deliver better performance metrics compared to other materials like LFP, making them a preferred choice despite potentially higher raw material costs. Upstream resource management is critical for ternary cathode material producers, namely establishing close relationships with their pCAM suppliers, and battery chemical salt producers, especially the formation and mass-production of a pCAM product suitable for customisable cathode and the final lithium-ion battery end-product. #lithium #nickel #cobalt #manganese

The bonded NdFeB permanent magnet industry is a concentrated market with fierce competition between a few leading companies (with mass-production scale). Profitability is determined based on factors including but not limited to: 1) Raw material input costs, (mainly NdFeB alloy and thermoplastics/thermoresins), labour, and energy. 2) Proximity to customers to design and produce specialised products, of which need to meet high-performance indicators and the stable supply of mass production quantities. 3) Automation of key production processes

For more than 10 years Golden Dragon Capital Limited has been providing market research to top tier mining companies, conglomerates, investment banks, Big 4, family offices, and universities. The research is aimed at providing an accurate representation of the market and not favouring any specific commodity or material system. Unlike other research houses which promote agendas and false narratives. Battery material technology is incredibly comprehensive and changes frequently which market participants should be following, as these changes influnce the entire supply chain, notably the upstream and midstream markets.

After many long weeks, I have finally updated the lithium-ion battery precision structural parts report. I feel this section is really overlooked in the battery materials sector. It makes up a considerable cost portion in the production process and is mostly neglected by legacy media and battery material research providers out there. If you are interested in more battery related research, browse my reports in the link below. #lithiumionbattery

After weeks of dedicated hours, the separator material report is finally complete. Most often overlooked, the separator is a vital component material used in the make up of lithium-ion batteries applied to electric vehicles, energy storage systems, and consumer electronics. It should warrant more attention in the global new energy sector. To see more of our comprehensive battery material market reports please click here: https://lnkd.in/ghZUFdy9 #lithiumbatteries #electricvehicles

Carbon-based anodes, particularly synthetic and natural graphite, remain the most widely used materials due to their favorable electrochemical properties. Synthetic graphite is favored for high-performance applications in power batteries due to its excellent cycle life and safety characteristics. Non-carbon anode materials, such as silicon-based anodes, show promise due to their higher theoretical capacities (up to 4200 mAh/g). However, challenges such as cost, volume expansion during cycling, and safety concerns hinder their widespread adoption at this stage. The key driver behind the industry is the graphitisation process, it determines the performance of synthetic graphite anodes. Innovations in processing methods, such as transitioning from traditional crucible furnaces to box or continuous furnaces, enhances production efficiency and reduces cash costs significantly. As graphitisation accounts for a substantial portion of the production costs of synthetic graphite anodes. Self-supply rates for graphitisation are increasing as manufacturers seek to reduce reliance on outsourced processing, which has been a significant cost driver. Furhtermore, in recent years, anode material prices have experienced volatility due to supply-demand imbalances. After reaching peaks in early 2022, prices have begun to stabilize as production capacity increases. For example, high-end synthetic graphite prices were reported at around 63,000 CNY per tonne in March 2023, reflecting a decline from previous highs. China dominates the market where a few key players collectively hold a significant market share, not only leading by way of production volumes but also in technological advancements. Moreover, major manufacturers are forming partnerships with raw material suppliers to secure stable inputs and reduce costs. This vertical integration is crucial for maintaining competitiveness in a rapidly evolving market. This underscores the dynamic nature of the global anode material industry as it adapts to technological advancements and changing market demands driven by the electrification of the transportation and renewable energy storage sectors. Read more: https://lnkd.in/ghZUFdy9 #Lithiumbatteries

After many weeks, GDC has finally updated its ternary cathode material market research report. Ternary cathode material is a key component material used to produce lithium-ion batteries. It is composed of nickel, cobalt, and manganese (NCM) or nickel, cobalt, and aluminum (NCA). Ternary cathode material has gained significant attention due to its high energy density, improved thermal stability, and overall performance in various applications, especially in electric vehicles and energy storage systems. Ternary cathode materials can be classified based on their composition: NCM Types: NCM333, NCM523, NCM622, NCM811 NCA Type: Lithium nickel cobalt aluminum oxide (NCA) Nickel Content Classification: Low-medium nickel (<60 mol.% Ni) Medium-high nickel (60-80 mol.% Ni) High-nickel (80-90 mol.% Ni) Ultra-high nickel (≥90 mol.% Ni) The classification influences the electrochemical properties and stability of the materials. Higher nickel content generally leads to increased capacity but may compromise cycle life and safety. Advantages include: 1) High Energy Density: The energy density increases with higher nickel content; for example, NCM811 can achieve energy densities between 244–300 Wh/kg. 2) Voltage Stability: Ternary materials can operate at higher voltages (up to 4.2V), enhancing their capacity compared to alternatives like lithium iron phosphate (LFP). 3) Low Temperature Performance: Ternary cathodes maintain better performance at low temperatures compared to other cathode materials. Disadvantages include: 1) Safety Concerns: High-nickel compositions face challenges such as thermal instability and risks of thermal runaway due to oxygen release during high-voltage operation. 2) Performance Degradation: Issues such as cation mixing, microcracking, and phase transitions can lead to capacity fade over time. The stability of high-nickel materials is particularly affected during cycling. Ongoing research aims to optimise the synthesis methods of ternary materials to enhance their performance while addressing safety concerns. Innovations such as element doping and surface coatings are being explored to improve stability and reduce degradation during cycling. By 2025, global demand for ternary batteries is projected to have a compound annual growth rate of around 40.76% from 2021 to 2025. This growth is driven by increasing applications in electric vehicles and energy storage systems. Overall, ternary cathode materials represent a critical component in the advancement of lithium-ion battery technology, balancing performance with safety and cost considerations as the industry evolves towards higher energy density solutions. Read more: https://lnkd.in/ghZUFdy9 #nickel #cobalt #manganese #lithium

After many weeks, GDC has finally updated its Precursor Cathode Active Material (pCAM) comprehensive industry research report. What is pCAM? It is one of the most important technologies associated with high-performance ternary lithium-ion batteries. It is a powder-like substance created by combining nickel, cobalt, and manganese compounds. It serves as the precursor to cathode active materials (CAM), which are essential for lithium-ion batteries. The dominant method for synthesising pCAM is the hydroxide co-precipitation method. This technique allows for precise control over the elemental composition and morphology, crucial for achieving desired electrochemical properties in batteries. The product performance of pCAM directly affects the final battery product. Many influences impact on product performance such as: Ammonia concentration: Affects particle morphology and tap density. pH Value: Critical for controlling nucleation and growth rates during synthesis. Reaction Temperature and Time: Higher temperatures can enhance reaction rates but must be controlled to avoid oxidation. Material Properties: Increasing nickel content in high-nickel ternary materials can lead to mixed arrangements with lithium ions, impacting capacity and stability. Modifications through doping or surface coatings are often employed to mitigate these effects. Innovations in synthesis methods, such as core-shell structures and single-crystal designs, are being explored to enhance performance metrics like energy density and cycle life. In terms of the market, it is highly concentrated, with the top five producers accounting for 75% of the market share. The pCAM industry follows a cost-plus model, influenced significantly by raw material costs (nickel, cobalt, manganese). Recent trends show a narrowing price gap between ternary batteries and LFP batteries due to declining nickel and cobalt prices. Increasing demand for high-performance lithium-ion batteries in electric vehicles and consumer electronics is expected to drive growth in the pCAM sector. As manufacturers focus on improving battery efficiency and safety, the demand for high-nickel and single-crystal pCAM will likely rise. These insights underline the strategic importance of pCAM in the evolving landscape of battery technology and its critical role in supporting the transition towards electrification and sustainable energy solutions. Read more: https://lnkd.in/ghZUFdy9 #nickel #cobalt #manganese #lithium

Coating polyolefin separators significantly enhances their performance in lithium-ion batteries by improving thermal stability, mechanical strength, and puncture resistance. This modification is crucial for preventing contact between the cathode and anode due to separator shrinkage, which can cause short circuits from lithium dendrites during long-term cycling. Lithium-ion battery separators are vital for safety; however, the low thermal deformation temperatures of polyethylene (80–85°C) and polypropylene (100°C) lead to substantial shrinkage under high temperatures and vibrations, increasing the risk of short circuits and hazards like spontaneous combustion. Coating technology addresses these issues by enhancing separators' thermal stability, mechanical strength, puncture resistance, liquid retention, and wettability. Coated separators demonstrate superior thermal stability compared to conventional ones. As the demand for advanced lithium-ion battery separators rises with the growth of electric vehicles and energy storage systems, coating processes have become essential. Contemporary polymer-based coatings mitigate polarization risks within batteries, improving high-power charge and discharge performance. High melting point coatings further enhance product safety. Overall, these advancements contribute to increased cycle life, prolonged service duration, and improved charge and discharge capabilities. #lithiumbatteries #aluminium

Ni-rich layered oxides have two major disadvantages (1) performance degradation, and (2) safety hazard, which accompany whole life of the battery, especially in operating and storing near the fully charged (delithiated) state or at high temperature. Both disadvantages arise from problems and challenges associated with residual lithium compounds, Ni/Li cationic mixing (disordering), oxygen evolution and resultant reactions with electrolyte components, layered-spinel-rock salt phase transition, transition metal ion dissolution, microcracking of secondary particle structure and thermal runaway resulting in the rapid degradation of cycle life performance. Studies related to the performance degradation of high-nickel cathode materials have shown that crystal structure phase changes, microcracking, and particle fragmentation are the main causes of performance degradation. The thermal decomposition temperature of the fully charged lithium iron phosphate material is about 700oC while thermal decomposition temperature of ternary material is 200-300oC and the complete charge-discharge cycle times of a lithium iron phosphate battery can reach 4,000, while a ternary lithium battery will begin to experience battery capacity decay when the complete charge-discharge cycle is greater than 1500 times. #nickel #cobalt #manganese #lithium