LG Chem Ltd.-Company profile, Business Overview, Financial Performance, Operating Segments, Strategic Moves, and Competitive Intelligence Report

Lithium-ion (Li-ion) batteries are rechargeable batteries with high energy density and are mainly used in portable equipment. The market for these batteries is expected to witness a significant growth owing to their increasing use in smartphones, tablets/PCs, digital cameras, and power tools. Moreover, the demand for Li-ion batteries in the automobile industry is expected to increase with the increasing demand for electric vehicles. These batteries have gained popularity among the automobile manufacturers as they offer an alternative to nickelmetal batteries used in electric vehicles, due to their small size and light weight. Thus, the increasing demand for electrical vehicle (EV), hybrid electric vehicle (HEV) and plug-in hybrid vehicle (PHV) would foster the adoption of Li-ion batteries. Furthermore, the growing demand for smartphones, tablet and other sleeker portable electronic devices would fuel the demand of these batteries. However, longer charging times of these batteries used in EV/PHV vehicles and their high price are the key factors, likely to restrict the market growth.