BASF sees 7 bln eur in battery materials sales in 2030 (updated)

Posco Future M

27/09/2021 13:33

* Sees 1.5 bln eur in battery materials sales in 2023
    * Cathode materials market expected to grow 21% per year
    * BASF has agreed slew of cathode materials partnerships

 (Adds details on growth plans, competitors)
    By Ludwig Burger
    FRANKFURT, Sept 27 (Reuters) - BASF  BASFn.DE  said its
battery materials business would likely generate more than 1.5
billion euros ($1.76 billion) in sales by 2023 and more than 7
billion euros by 2030 as electric vehicle production surges.
    The market for cathode materials, the most complex chemical
component of an automotive battery, is estimated to grow by
about 21% per year until 2030, the German chemicals group said
in presentation slides posted on its website on Monday.
    Mapping out longer-term growth ambitions for its battery
materials business for the first time, BASF said it was
targeting a market share of more than 10%, fuelled by capital
investments of 3.5-4.5 billion euros from 2022 to 2030.
    BASF competes in battery cathode materials with Belgium's
Umicore  UMI.BR , China's Beijing Easpring Material Technology
 300073.SZ , South Korea's LG Chem Ltd  051910.KS  and Posco
Chemical 003670.KS , also of South Korea.
    The Ludwigshafen, Germany-based company is developing a
global production network for cathode materials and has struck
several collaboration deals to secure access to key inputs 
cobalt and nickel.   
    BASF's technology chief said last weak the chemicals giant's
 burgeoning auto battery recycling activities will see further
investments to secure a scarce stream of nickel, cobalt and
other metals for the battery chemicals business. urn:newsml:reuters.com:*:nL8N2QN5IE
    
    
    ($1 = 0.8537 euros)

 (Reporting by Ludwig Burger
Editing by Riham Alkousaa and Thomas Escritt)
 ((ludwig.burger@thomsonreuters.com; +49 30 220133634; Reuters
Messaging: ludwig.burger.thomsonreuters.com@reuters.net))