South Korea plans to have the largest market share in power batteries in the world by 2030

According to Yonhap News Agency on November 1, Minister of Trade, Industry and Energy Lee Chang-yang said at the third industrial strategy roundtable meeting on November 1 that in the field of power batteries, private investment will reach 50 trillion won by 2030 and the world market share will reach 40%. In the first half of this year, South Korea's share of the global power battery market was 25.8%, ranking second after China (56.4%). The goal of this meeting is to make South Korea's power battery market share the world's first in eight years.

The South Korean government believes that building a public-private battery alliance to secure core minerals for batteries is a top priority, pointing out that the Korean battery industry has deficiencies in the field of fine processing of mineral resources, which requires a systematic response from the public and private sectors. South Korea's policy financial institutions, the Korea Trade Insurance Corporation and the Export-Import Bank of China, plan to provide 3 trillion won in loans and guarantee support for mineral security and refining projects over the next five years.

The meeting was attended by senior executives from the battery industry (Samsung SDI, SK On, LG Energy Solution), the automotive industry (Hyundai Motor), the materials industry (POSCO Chemical, Nchem), the mining industry (Korea Zinc, Sunil High-Tech), and related organizations (Gwanghae Mining Corporation, Korea Trade Insurance Corporation, Korea Battery Industry Association).