The world's lithium battery market is forecast to rapidly expand over the next five years due mainly to a sharp increase in electric car use, a local think tank said Tuesday.
The size of the global lithium battery industry is likely to reach 41 trillion won (US$36 billion) in 2015, compared with 13 trillion won in 2009, according to the Korea Institute for Industrial Economics and Trade (KIET).
The growth will be powered by an increase in the use of lithium batteries for cars. Lithium batteries for cars are expected to claim 43 percent of the total market in the next five years, the KIET said.
In 2009, those batteries manufactured for cars took up 1.6 percent of the total production, it added.
In order to increase the country's stake in the burgeoning market, the government should develop different types of lithium batteries for various purposes, the KIET said. Fostering industry experts and linking different parts manufacturers are also necessary, it added.
The think tank also stressed that South Korea should step up efforts to produce lithium battery parts independently.
According to the KIET, the country currently imports most key parts from Japan, another strong market player. "South Korea should focus more on
developing relevant technology and securing necessary ingredients and sources," it said.
In the second quarter of this year, Samsung SDI Co. topped the global market with a 21.3 percent share. Japan's Sanyo Electric Co. and South Korea's LG Chem Ltd. followed with 20.2 percent and 18.2 percent, respectively.