Increasing use of cathode material in lithium-ion batteries is likely to augment market growth

Pune, India, October, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on  Cathode Materials  Market Research Report.

Market Segmentation

The global cathode materials market has been segmented by materials, end user, and region.

Cathode materials Market size was valued at USD 16.59 Billion in 2022 and is projected to grow from USD 16.94 Billion in 2023 to USD 22.19 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.5% during the forecast period (2023 - 2030).

On the basis of materials, the market has been segmented into lithium nickel manganese cobalt (Li-NMC), lithium nickel cobalt aluminum (Li-NCA), lithium cobalt oxide (LCO), lithium manganese oxide (LMO), and lithium iron phosphate (LFP). The lithium cobalt oxide segment accounted for the largest share of the cathode materials market in 2017, and is expected to grow at a considerable rate during the review period. In LCO, the cathode material contains 60% cobalt and accounts for 50% of the weight of the cathode. The use of LCO is increasing in portable devices, such as cell phones, tablets, laptops, and cameras, owing to its superior property, such as high energy density. Thus, the increasing spending on consumer electronics, in both developed and developing countries, is expected to drive the demand for cathode materials during the forecast period. The lithium nickel manganese cobalt oxide (NMC) segment accounted for the second largest market share globally,. NMC has a higher specific power and long-life, due to which it is used in power tools, e-bikes, and electric vehicles. NMC batteries have a high cycling rate, and with combined high capacity and high power, NMC is ideally suitable for use in new generation electric vehicles. Moreover, it has the lowest self-heating rate among the different types of lithium-ion batteries.

Based on enduser, the market has been segmented into power tools, automotive, medical equipment, and consumer electronics products. The consumer electronic product segment accounted for the largest market share in 2023, owing to the growing demand for home electronics,  gaming, , and  outdoor electronics. The demand for automotive is rising with the increasing production of electric vehicles due to stringent government regulations to reduce PM2.5 and CO2 emissions.

Regional Analysis

Based on region, the cathode materials market has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The market in Asia-Pacific accounted for the largest share in 2023, due to the presence of a large number of industries in developing nations, such as India and China. increasing pollution have raised the concern for a clean and efficient substitute, from fuel vehicle to electric vehicles, which is expected to drive the growth of the cathode materials market.

North America is a prominent market for cathode materials, owing to the surging demand for transportation sector, especially the public transport is expected to fuel the demand for cathode material . The European cathode materials market  is expected to grow due to the rising demand in major end-use industries, such as automotive, aerospace, and electronics. Growing demand for automobiles with high energy efficiency due to concern for changing climate conditions is expected to impact the market growth positively. The markets in the Middle East & Africa and Latin America are expected to exhibit considerable growth during the review period. Growing awareness about hybrid car benefits in the Middle East is boosting the market growth in the region. In June 2015, Nissan launched a Nissan Pathfinder Hybrid, providing the Middle East customers with an eco-friendly sport-utility vehicle. The growing demand for electric vehicles in Argentina, Brazil, and Mexico is expected to fuel the demand for cathode materials in latin America.

Competitive Analysis

Some of the key players in the global cathode materials are Umicore (Belgium), 3M (US), Mitsubishi Chemical Holdings (Japan), POSCO (South Korea), Johnson Matthey (UK), Hitachi Chemical Co., Ltd. (Japan), Kureha Corporation (Japan), Sumitomo Corporation (Japan), Todakogyo Corp (Japan), and Mitsui Mining & Smelting (Japan). NEI Corporation (US), Targray Technology International Inc. (Canada).

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