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🇰🇷 South Korea's Dominance in the Lithium-Ion Battery Industry
South Korea is a global powerhouse in the lithium-ion battery market, standing as one of the world's leading producers, second only to China in overall capacity. The country's expertise is driven by massive investment in R&D, advanced manufacturing know-how, and a focus on high-energy-density chemistries vital for the electric vehicle (EV) and Energy Storage System (ESS) markets.
Market Significance and Growth Drivers
Global Market Position: South Korea accounts for a substantial share of the global EV battery market (around 20% as of 2024).4 South Korean-owned gigafactories are forecast to drive a major portion of the battery supply growth in the United States, incentivized by the Inflation Reduction Act (IRA).
Focus on High-Density Chemistry: Korean manufacturers prioritize Lithium Nickel Manganese Cobalt ($\text{NMC}$) and Lithium Nickel Cobalt Aluminum Oxide ($\text{NCA}$) chemistries. These provide the high energy density necessary for long-range, premium EVs, differentiating them from the lower-cost Lithium Iron Phosphate ($\text{LiFePO}_4$ or LFP)…