Morocco's OCP targets the lithium iron phosphate battery market, planning to become a major supplier.

Africa's Critical Mineral Grab: Morocco Phosphate Giant OCP Targets Lithium Iron Phosphate Battery Market

The lithium iron phosphate battery market is expected to grow at an annual rate of 16.9%, reaching $90.3 billion by 2034.

Moroccan phosphate giant OCP plans to become a major supplier of lithium iron phosphate batteries by 2027 through its $13 billion green initiative.

1. Growth of the Lithium Iron Phosphate Battery Market

Lithium iron phosphate batteries are gaining an increasing share in the global electric vehicle battery market, with the market size expected to reach $90.3 billion by 2034.

2. OCP's Battery Market Strategy

OCP plans to increase its annual production capacity of lithium iron phosphate battery intermediates to 30,000 tons by 2027 and aims to achieve autonomous production of 1 gigawatt-hour of LFP batteries in Morocco by 2026.

3. Advantages of Lithium Iron Phosphate Batteries

Lithium iron phosphate batteries use cheaper and more accessible materials, costing 30-40% less than traditional lithium-ion batteries, while also offering high safety and charging efficiency.

Original article: https://www.toutiao.com/article/1833298956510279/

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