金属与材料行业专题研究：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 issues like interface problems and high material costs [2][10] - The demand for zirconium oxide is expected to significantly increase as oxide semi-solid state batteries replace 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 - Oxide semi-solid state batteries are seen as a suitable transitional solution due to their comprehensive advantages and relatively mature technology [2][10] - The main technical routes for solid electrolytes are sulfides and oxides, with the latter being favored in China and the West for semi-solid state batteries [13][16] 2. Demand for Zirconium 2.1. Single Consumption - The consumption of zirconium oxide for one GWh of oxide semi-solid state battery is approximately 2133 tons, significantly higher than the 102 tons for liquid ternary lithium batteries [3][21] 2.2. Total Demand - The total global consumption of zircon is expected to grow substantially, with projections indicating a rise in demand due to the increasing penetration of solid-state batteries in various applications [24][46] 3. Investment Recommendations - With the acceleration of industrial applications for oxide semi-solid state batteries, the demand for zircon products is expected to rise, suggesting a potential upward trend in prices for zirconium products [48]