Lithium ion battery is an ideal portable power source, and it can be used to power a wide range of devices like laptops, smartphones, electric cars, and even spacecraft. Since these batteries tend to be smaller in size with higher energy densities, they have effectively replaced rechargeable batteries with nickel-metal hydride (NiMH) and nickel-cadmium (NiCd) chemistries.
Expensive Metals
Lithium batteries are expensive because of the high cost of lithium. The price of lithium is much higher than that of other commonly used metals, such as nickel or lead.
Metals are used in lithium batteries to make the battery electrodes: the negative anode and the positive cathode. Each electrode uses a different metal depending on its properties. The anode is made from graphite and the cathode from a combination of cobalt, manganese, nickel, and copper. These metals (especially cobalt) are costly because they have to be mined and processed before they can be used in a battery.
Cost of Processing
The process of making a Lithium Ion Battery is complicated, and there are several steps involved. Each step also involves a high cost, and this can be seen as the reason for their higher price.
The main process starts with the mining of raw materials, which includes lithium, cobalt, nickel, manganese, and graphite. The mining process alone results in higher prices, but the real kicker is when the raw materials are then converted into a usable form.
The raw materials are then processed through a series of steps that include grinding, baking, and leaching. These processes and steps result in an increase in price because of the amount of energy that is used to perform these tasks, and it is these processes that make up a major part of lithium-ion battery costs.
Lithium is an element found in abundance on the earth’s crust, and it is not a rare material. The problem is that most of the lithium discovered is not in a form that can be used to make batteries. Lithium occurs only as a salt compound, and for it to be useful for batteries, it must be extracted from the salt. This extraction process is laborious and expensive, thus contributing to its high cost.
Short Supply of Raw Materials
The first reason for the high price of lithium-ion batteries comes from raw material shortages. The main components of a lithium-ion battery are cathode materials and anode materials. All cathode materials require nickel, lithium carbonate, and cobalt. All anode materials require graphite and lithium carbonate.
There’s been an unprecedented rise in the price of nickel, lithium carbonate, cobalt, and other raw materials used to make batteries recently. This is because electric vehicle manufacturers and consumer electronics manufacturers need more.
Growing Demand for Environmentally Friendly Transportation
Lithium-ion batteries are an essential part of cars. They are the source of power that makes the vehicle move and operate. These powerful batteries are used to power up electric cars, hybrid cars, and plug-in hybrid cars. However, as much as these batteries are very important for vehicles, they can be costly.
There Are Not Many Lithium Ion Battery Manufacturers
There are not many Lithium Ion battery manufacturers, which is the reason why Lithium Ion batteries are expensive. There are many types of batteries in the market; however, Lithium-Ion batteries are one of the most popular types of rechargeable batteries. Lithium-Ion batteries have a high energy density, and they’re better than most other types of rechargeable batteries in many aspects.
Lithium-Ion Batteries Last Longer Than Other Forms of Batteries
Lithium-ion batteries have a high energy density, making them ideal for use in portable electronics. This is because they are smaller and lighter than other batteries of the same voltage. The electricity produced by a lithium-ion battery stays constant until it is almost completely discharged. Other batteries begin to lose their ability to hold a charge before they are totally drained.
Lithium-ion batteries last longer than other types of rechargeable batteries of the same size, such as nickel-cadmium (NiCd) or nickel-metal hydride (NiMH). This means that electronic devices can be used for much longer between charges.
Because lithium-ion batteries don’t discharge as quickly when not in use, they are more efficient than other types of rechargeable batteries. In addition, they do not suffer from “memory effect” or loss of capacity over time when only partially discharged before recharging; this advantage makes this battery more expensive.
Though the technology is expensive, it is already available on the market. Lithium-ion technology is more stable and less polluting. This is why many large carmakers are adopting it for their car design. If mass production continues, there will be a huge fall in the prices of these batteries.
