Behind the sleek electric vehicles on roads worldwide lies a powerhouse nation, as South Korea's battery industry, producing over 28% of the world's lithium-ion capacity and generating $45.2 billion in revenue last year, is charging the global energy transition.
Key Takeaways
- South Korea's lithium-ion battery production capacity reached 1,128 GWh by the end of 2023, representing 28% of global capacity
- LG Energy Solution's battery production capacity in Korea stood at 200 GWh in 2023, with plans to expand to 300 GWh by 2025
- Samsung SDI produced 85.3 GWh of batteries in Korea in 2023, up 25% from 2022
- South Korea's battery market revenue reached $45.2 billion in 2023, up 32% YoY
- LG Energy Solution generated $22.1 billion revenue from batteries in 2023, 45% market share in Korea
- Samsung SDI's battery division revenue was $12.4 billion in 2023, 27% Korean market share
- LG Energy Solution invested $4.5 billion in Korean facilities in 2023
- Samsung SDI announced $2.8 billion capex for Korea battery plants in 2024
- SK On's $3.2 billion investment in Seosan 2nd plant completion in 2025 Korea
- LG Energy Solution developed 46-series high-nickel cylindrical cells with 20% higher energy density in 2023
- Samsung SDI achieved 1,000 Wh/L pouch cell prototype energy density in Korea lab 2023
- SK On commercialized NCM9 cathode with 90% nickel content for 500Wh/kg cells 2023
- Korean battery exports to US reached $12.4 billion in 2023, 38% of total exports
- LGES exported 250 GWh batteries from Korea to North America in 2023
- Samsung SDI's Korea exports to Europe totaled $5.6 billion in 2023
Korea is a dominant global battery powerhouse with massive production and investment.
Exports and Global Presence
- Korean battery exports to US reached $12.4 billion in 2023, 38% of total exports
- LGES exported 250 GWh batteries from Korea to North America in 2023
- Samsung SDI's Korea exports to Europe totaled $5.6 billion in 2023
- SK On shipped 120 GWh to US partners from Korea plants 2023
- Korea's battery trade surplus hit $28.1 billion in 2023
- Exports to China from Korea batteries $3.2 billion in 2023, down 10%
- LGES global supply share from Korean production 32% in 2023
- Samsung SDI overseas plant dependency reduced to 40% with Korea exports up 30% 2023
- SK On's export contracts with Ford and Hyundai $50B over 10 years from Korea 2023
- Korea supplied 45% of Tesla's global battery needs from Korean firms in 2023
- Battery exports to EU grew 55% YoY to $7.8B in 2023 Korea
- POSCO Chemical cathode exports $1.2B mainly to US/EU from Korea 2023
- Korean battery overseas production ratio 25% vs 75% exports from Korea 2023
- LGES Korea exports to GM Ultium 100 GWh in 2023
- Samsung SDI supplied BMW i7 batteries 20 GWh exported from Korea 2023
- SK On Volkswagen partnership exports 30 GWh prismatic cells Korea 2023
- Korea's share in global battery exports 31% valued at $42.3B in 2023
- Exports of ESS batteries from Korea $2.9B to US/Australia 2023
- Korean firms hold 60% supply share to top 10 global automakers from Korea exports 2023
- Battery export destinations: US 40%, EU 25%, China 15%, others 20% in 2023 Korea
- LGES free trade agreement benefits boosted Korea exports by 18% 2023
- Samsung SDI's global customer base supplied 85% from Korean hubs 2023
- SK On expanded exports to India with 10 GWh deal from Korea 2023
- Korea battery export growth rate 42% YoY in Q4 2023
- Overseas sales ratio for Korean battery makers averaged 78% in 2023
- LGES supplied Panasonic-Tesla JV with 50 GWh from Korea 2023
- Korean battery giants' global market share via exports 34% in 2023 shipments
- Exports to Southeast Asia batteries $1.8B up 60% in 2023 Korea
Exports and Global Presence Interpretation
While Korea's battery giants are deftly playing a global chess game—securing the king in North America with massive contracts, fortifying the queen's side in Europe, and sacrificing a pawn in China—their home soil remains the undisclosed powerhouse, quietly exporting three-quarters of the world's most sought-after power to keep the electric age humming.
Investment and Expansion
- LG Energy Solution invested $4.5 billion in Korean facilities in 2023
- Samsung SDI announced $2.8 billion capex for Korea battery plants in 2024
- SK On's $3.2 billion investment in Seosan 2nd plant completion in 2025 Korea
- Korean government allocated $1.2 billion subsidies for battery industry expansion in 2023
- POSCO Future M $1.5B investment in cathode gigafactory Gwangyang Korea 2023-2025
- LG Chem $900 million for materials R&D center in Daejeon Korea 2023
- Ecopro BM $700 million capex for high-nickel cathode line in Ochang 2023
- SK ie technology $500 million electrolyte plant expansion Ulsan Korea 2024
- Total Korean battery FDI inflows $15.6 billion in 2023
- Hyundai Motor Group $12 billion HMGICS battery investment Pyeongtaek Korea by 2025
- Soulbrain $400 million for semiconductor battery materials in Cheongju 2023
- L&F Co. $600 million cathode plant in Pohang Korea operational 2024
- Iljin Materials $350 million copper foil capacity double in Korea 2023-24
- SKC $800 million separator gigafactory Seosan Korea phase 2 2025
- Korean battery supply chain investment totaled $28.4 billion 2021-2023 cumulative
- LGES $1.1 billion for solid-state battery pilot in Korea 2024-2026
- Samsung SDI $650 million P6 pouch cell line Ulsan Korea 2024
- SK On $2.1 billion US-Korea joint R&D for batteries 2023
- Government R&D grants for batteries $850 million in Korea 2023 budget
- POSCO $2.0 billion green hydrogen for battery production Korea 2025
- Ecopro $450 million LFP cathode investment Gunpo Korea 2024
- Total capex by top 5 Korean battery makers $18.7B in 2023
- Korea's battery R&D spending reached $3.2 billion in 2023, 7% of revenue
Investment and Expansion Interpretation
South Korea isn't merely entering the global battery race; it has decided to build, fund, and own the entire stadium, supply chain, and adjacent chemistry lab.
Market Share and Revenue
- South Korea's battery market revenue reached $45.2 billion in 2023, up 32% YoY
- LG Energy Solution generated $22.1 billion revenue from batteries in 2023, 45% market share in Korea
- Samsung SDI's battery division revenue was $12.4 billion in 2023, 27% Korean market share
- SK On's revenue hit $8.7 billion in 2023, capturing 19% of Korean battery market
- Korean battery exports revenue totaled $32.5 billion in 2023, 72% of total industry revenue
- EV battery segment accounted for 68% of Korea's battery revenue at $30.7 billion in 2023
- ESS battery revenue in Korea grew to $4.2 billion in 2023, 9% market share
- LGES held 28% global EV battery market share from Korean production in 2023
- Samsung SDI's Korean market share in automotive batteries was 25% in 2023
- SK On supplied 15% of global EV batteries from Korea in 2023 revenue terms
- Korea's battery industry EBITDA margin averaged 18.5% in 2023
- POSCO Chemical cathode revenue $2.1 billion in 2023, 12% Korean materials market
- Ecopro BM revenue from cathodes $1.8 billion, 10% share in Korea 2023
- LG Chem battery materials revenue $5.3 billion in 2023 Korea ops
- Korean IT device battery market revenue $3.4 billion in 2023, declining 5%
- Battery recycling revenue in Korea reached $450 million in 2023
- Korea's NCM battery revenue share 75% of total at $33.9 billion 2023
- LFP battery revenue in Korea $2.8 billion, 6% market in 2023
- Top 3 Korean firms (LGES, Samsung SDI, SK On) held 92% domestic market share in 2023 revenue
- Korean battery industry's net profit totaled $6.2 billion in 2023
- LGES Q4 2023 revenue $6.8 billion, highest quarterly in Korea battery history
- Samsung SDI automotive battery sales up 40% to $10.2B in 2023 Korea
- SK On EV battery contracts value $120 billion backlog as of 2023
- Korea battery market projected to grow at 25% CAGR to $100B by 2030
- Korean firms' global revenue share from batteries 35% in 2023 at $42B
Market Share and Revenue Interpretation
South Korea has essentially become a global battery powerhouse, with LG, Samsung, and SK turning the country into a high-margin, export-driven energy juggernaut that dominates nearly every plug and socket it can find.
Production Capacity
- South Korea's lithium-ion battery production capacity reached 1,128 GWh by the end of 2023, representing 28% of global capacity
- LG Energy Solution's battery production capacity in Korea stood at 200 GWh in 2023, with plans to expand to 300 GWh by 2025
- Samsung SDI produced 85.3 GWh of batteries in Korea in 2023, up 25% from 2022
- SK On's Seosan plant in Korea has a capacity of 40 GWh annually for EV batteries as of 2024
- Korea's total battery cell production in 2023 was 912 GWh, driven by EV demand
- POSCO Future M's cathode material production capacity in Gwangyang, Korea, reached 35,000 tons per year in 2023
- Ecopro BM's high-nickel cathode production in Korea hit 20,000 tons in 2023
- LG Chem's battery separator production in Korea was 1.2 billion m² in 2023
- Samsung SDI's automotive battery output from Korean plants was 72 GWh in 2023
- SK ie technology's electrolyte production capacity in Korea reached 80,000 tons annually by 2024
- Korea's battery pack assembly capacity exceeded 500 GWh in 2023
- LFP battery production capacity in Korea grew to 50 GWh by end-2023
- Hyundai's battery plant in Pyeongtaek, Korea, has 20 GWh capacity for HMGICS
- Total Korean anode material production was 120,000 tons in 2023
- Soulbrain's electrolyte solvent output in Korea was 25,000 tons in 2023
- Korea's solid-state battery pilot production capacity reached 1 GWh in 2024 labs
- CATL-Korea joint venture capacity at 30 GWh planned for 2025 in Korea
- LGES Ochang plant capacity utilization was 95% in Q4 2023, producing 50 GWh quarterly
- Samsung SDI Ulsan plant output 30 GWh for ESS in 2023
- SK On's Dalseong plant ramped to 10 GWh in 2023
- Korea's total battery manufacturing facilities numbered 45 in 2023
- Posco's anode capacity expansion to 50,000 tons by 2024 in Pohang
- L&F's cathode production in Korea 15,000 tons NCM in 2023
- Iljin Materials' copper foil output 40,000 tons from Korean plants 2023
- SKC's separator capacity 2 billion m² in Seosan, Korea 2023
- Korea's EV battery production share of global total was 29.5% in 2023 at 850 GWh
- LGES Korea plants produced 180 GWh automotive batteries in 2023
- Samsung SDI's total Korean capacity 120 GWh end-2023
- SK On Korea capacity 60 GWh operational in 2023
- Korean battery industry's annual capacity utilization averaged 88% in 2023
Production Capacity Interpretation
South Korea is not just in the battery race; it's methodically building the entire track, powering nearly a third of the world's electric dreams from cathode to pack with relentless, high-utilization precision.
Technological Advancements
- LG Energy Solution developed 46-series high-nickel cylindrical cells with 20% higher energy density in 2023
- Samsung SDI achieved 1,000 Wh/L pouch cell prototype energy density in Korea lab 2023
- SK On commercialized NCM9 cathode with 90% nickel content for 500Wh/kg cells 2023
- LGES dry electrode process scaled to 10 GWh pilot in Korea 2024, reducing costs 20%
- POSCO Future M single crystal cathode material yield improved to 95% in 2023
- Ecopro BM 4th gen cathode with 20% higher lifespan launched 2023 Korea
- Samsung SDI solid-state battery with 900Wh/L density demoed 2023
- SK ie technology fluoride-free electrolyte with 30% faster charging 2023
- LG Chem silicon anode with 30% capacity boost commercialized 2023
- Korea's first 4680 cylindrical cell mass production by LGES in 2024
- Soulbrain CNT conductive additive improving efficiency 15% in 2023 batteries
- L&F blended cathode for 1,000 cycles at 80% retention Korea 2023
- Iljin Materials 6um ultra-thin copper foil for high-density cells 2023
- SKC ceramic-coated separator with 99.9% safety rating 2023
- Korean researchers achieved 700Wh/kg all-solid-state battery prototype 2023
- LGES bipolar cell stack for ESS reducing weight 25% in 2023
- Samsung SDI wireless charging battery integration tech patented 2023 Korea
- SK On dry coating process pilot yielding 15% cost savings 2024 Korea
- POSCO anode-free lithium metal battery R&D success 500Wh/kg 2023
- Number of battery patents filed by Korean firms 4,500 in 2023
- Ecopro LFP high-voltage cathode stable at 4.6V 2023 development
- Korean AI-optimized battery design software reducing dev time 40% 2023
- LGES 800km range EV battery cell certified in Korea 2023
- Samsung SDI Prismatic REAL tech for 20min fast charge 2023
- SK On's E3 cell with 40% energy increase per volume 2023 Korea
- Korea battery recycling tech recovers 98% lithium from NCM cells 2023
Technological Advancements Interpretation
In 2023, Korea's battery industry collectively decided to solve everything from range anxiety to recycling by launching an arsenal of breakthroughs that makes the competition look like they're still using disposable AA cells.
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