Solid-State Batteries: A Deep Dive into a Trillion-Dollar Market and its Industrialization Process

Solid-State Batteries: A Deep Dive into a Trillion-Dollar Market and its Industrialization ProcessEmerging and future industries are crucial components of a modernized industrial system, possessing leading advantages and significant development potential. Cultivating and developing strategic emerging and future industries is a primary pathway to accelerating the formation of new qualitative productive forces

Solid-State Batteries: A Deep Dive into a Trillion-Dollar Market and its Industrialization Process

Emerging and future industries are crucial components of a modernized industrial system, possessing leading advantages and significant development potential. Cultivating and developing strategic emerging and future industries is a primary pathway to accelerating the formation of new qualitative productive forces. Future industries encompass many cutting-edge fields, including brain-computer interfaces, quantum information, humanoid robots, and generative artificial intelligence. Among these rising stars, solid-state batteries are attracting global attention due to their immense application potential and market value. This article will delve into the industrialization process of solid-state batteries, breakthroughs in technological bottlenecks, market outlook, and the layout of relevant companies, aiming to present a comprehensive and in-depth industry landscape for readers.

I. Technological Breakthroughs and Accelerated Industrialization: From Laboratory to Mass Production

Solid-state batteries are widely regarded as the frontrunners in next-generation battery technology, boasting advantages such as high energy density, extended range, superior low-temperature performance, and significantly improved safety. Compared to traditional lithium-ion batteries, solid-state batteries offer a significant advantage in energy density, meaning longer range and shorter charging timesa revolutionary improvement for fields like new energy vehicles and low-altitude aviation, which demand exceptional range and charging speed. Furthermore, the safety of solid-state batteries is substantially enhanced, effectively reducing safety hazards such as battery fires and explosions, increasing consumer confidence.

Professor Ouyang Minggao, an academician of the Chinese Academy of Sciences and professor at Tsinghua University, has clearly outlined a technology roadmap for solid-state batteries: from 2025 to 2030, the industry will focus on solid-state electrolytes; from 2030 to 2035, the emphasis will be on breakthroughs in high-capacity composite negative electrode technology; and from 2035 to 2040, the focus will shift to high-capacity composite positive electrode materials. This roadmap provides clear direction for the healthy development of the solid-state battery industry.

Currently, solid-state batteries are gradually moving beyond the laboratory research phase and entering the factory pilot stage. The increasing number of vehicle models equipped with solid-state batteries indicates that the industrialization process is accelerating. Wanlian Securities' research report indicates that based on production plans announced by various manufacturers, the solid-state battery market is expected to officially enter mass production from 2026, with a significant acceleration in industrialization.

II. Global Corporate Layout: Intensifying Competition, Coexisting Opportunities and Challenges

Numerous domestic and international companies are vying for a foothold in the solid-state battery field, demonstrating strong confidence in this future industry. Among domestic companies, Xinwangda, GAC, Weilan New Energy, and Qingtao Energy plan to achieve mass production of solid-state or semi-solid-state batteries between 2026 and 2027; BYD and CATL plan to achieve small-scale production of solid-state batteries in 2027. Overseas companies such as Samsung SDI, SK On, Nissan, Panasonic, and LGES have also formulated their commercialization timelines, planning to achieve commercial applications of solid-state batteries between 2027 and 2030.

This positive industry layout not only reflects optimistic expectations for the solid-state battery market but also indicates that future market competition will become increasingly fierce. Companies need to compete comprehensively in technological innovation, cost control, and supply chain management to secure a favorable position in the increasingly competitive market.

III. Market Outlook: High Growth Potential and Coexisting Challenges

In its "China Solid-State Battery Industry Development White Paper (2024)," research institution EVTank predicts that by 2030, global solid-state (including semi-solid-state) battery shipments will reach 614.1 GWh, with a penetration rate of approximately 10% in lithium batteries, and that mass production of all-solid-state batteries may be brought forward to 2027. A report released by CSC Industrial Research Institute also shows that the global penetration rate of solid-state batteries was approximately 0.1% in 2023 and is expected to reach 10% by 2030, entering the commercialization phase. These predictions fully demonstrate the enormous growth potential of the solid-state battery market.

However, solid-state batteries are still in their early stages of development, with low market penetration and technological bottlenecks yet to be overcome, and cost control remains a challenge. These factors will affect the rapid development of the solid-state battery industry.

IV. In-Depth Analysis of the Industrial Chain: From Upstream Materials to Downstream Applications

The solid-state battery industry chain encompasses upstream metal materials and mineral resource supply, midstream battery materials (key materials such as positive electrodes, negative electrodes, and solid-state electrolytes), and downstream solid-state battery manufacturing and application scenarios (power, consumer electronics, energy storage, etc.).

The stability of supply and price fluctuations of upstream materials will directly affect the production cost and market competitiveness of solid-state batteries. The technological level and production efficiency of midstream battery materials determine the performance and quality of solid-state batteries. The expansion of downstream application scenarios and the growth of demand will further drive the development of the solid-state battery industry.

V. Relevant Stocks in the A-Share Market: Coexisting Investment Opportunities and Risks

According to statistics from Securities TimesData Bao, there are over 50 stocks in the A-share market related to the solid-state battery industry chain. Some stocks are making faster progress in industrialization. For example: Xinzhoubang's subsidiary, Xinyuanbang, has achieved mass production of oxide electrolytes; Yinghe Technology's wet solid-state electrode coating equipment has been successfully shipped; Lead Intelligence has established a complete production line for all-solid-state batteries; the solid-state battery pilot line equipment of Del Group has been installed and debugged; Guoxuan High-tech has successfully developed the "Jin Shi Battery," a vehicle-grade sulfide all-solid-state battery; and Lanhai Huateng's investment in Gaoneng Times' sulfide all-solid-state lithium battery R&D is progressing smoothly, and small-scale production has been achieved.

From the perspective of future growth potential, the net profit growth rate of some stocks in 2025 and 2026 is expected to exceed 20%. From a valuation perspective, the Price-to-Book (PB) ratio of some stocks is below 2, and the Price-to-Earnings (PE) ratio is below 30.

VI. Conclusion: A Future Energy Landscape of Transformation and Opportunity

As a highly promising next-generation battery technology, solid-state batteries are expected to profoundly change the energy landscape. With continuous technological maturity, cost reduction, and expanding market demand, solid-state batteries will have even broader development prospects. However, companies also need to actively address technological challenges, market competition, and policy risks to succeed in this booming field.

Disclaimer: All information provided by Data Bao does not constitute investment advice. The stock market is risky, and investment requires caution.

Editor: Lin Lifeng

Proofreader: Yang Shuxin

Data Bao (shujubao2015): Securities Times' intelligent original new media.

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