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A logo can be seen on the facade of the BASF factory and the former Ciba production site in Schweizerhalle near Basel on July 7, 2009. REUTERS / Christian Hartmann / File Photo / File Photo
FRANKFURT, Sept. 27 (Reuters) – BASF (BASFn.DE) has said its battery materials business will likely generate more than 1.5 billion euros ($ 1.76 billion) in sales by 2023 and above € 7 billion by 2030 as the production of electric vehicles increases.
The market for cathode materials, the most complex chemical component of an automotive battery, is expected to grow by around 21% per year through 2030, the German chemicals group said in presentation slides posted on its website on Monday.
Setting long-term growth ambitions for its battery materials business for the first time, BASF said it was aiming for a market share of more than 10%, fueled by capital investments of 3.5 to 4. , 5 billion euros from 2022 to 2030.
BASF competes with the Belgian Umicore (UMI.BR), the Chinese Beijing Easpring Material Technology (300073.SZ), the South Korean LG Chem Ltd (051910.KS) and Posco Chemical (003670.KS), also south- Korean.
The Ludwigshafen, Germany-based company is developing a global cathode materials production network and has entered into several collaboration agreements to secure access to key inputs cobalt and nickel.
BASF chief technology officer said the latest weakness in the chemicals giant’s booming automotive battery recycling business will see new investments to secure a scarce stream of nickel, cobalt and other metals for the industry. chemical batteries. Read more
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Report by Ludwig Burger Editing by Riham Alkousaa and Thomas Escritt
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