氧化物半固态电池需要多少锆？

Investment Rating - The industry rating is maintained at "Outperform" [1] Core Viewpoints - The oxide semi-solid state battery is currently a suitable transitional solution, with a higher certainty of industrial application compared to all-solid state batteries due to its comprehensive advantages and relatively mature technology [2][10] - The demand for zirconium oxide is expected to significantly increase as the oxide semi-solid state battery replaces liquid ternary lithium batteries, with a conservative estimate of a 20-fold increase in demand [3][21] - The global consumption of zircon sand is projected to rise from 1.55 million tons in 2023 to 2.2 million tons by 2027, driven by applications in consumer electronics and power batteries [4][46] Summary by Sections 1. Oxide Semi-Solid State Battery Industrialization - The oxide semi-solid state battery is identified as the appropriate transitional solution at this stage, with solid-state batteries theoretically offering higher energy density and safety [10] - The main technical routes for solid-state electrolytes include sulfides and oxides, with the latter being favored in China and Europe for its cost-effectiveness and stability [13] 2. Demand for Zirconium 2.1. Single Consumption - The consumption of zirconium oxide in oxide semi-solid state batteries is approximately 2133 tons per GWh, significantly higher than the 102 tons per GWh for liquid ternary lithium batteries [3][21] 2.2. Total Demand - The total global consumption of zircon is expected to grow substantially, with solid-state batteries penetrating various industries, including consumer electronics and power batteries [24][46] 3. Investment Recommendations - With the acceleration of industrial applications for oxide semi-solid state batteries, the demand for zircon products is anticipated to rise, suggesting investors focus on companies with cost advantages and rich zircon product offerings [48]