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Market dynamics of the cathode materials field are often predominantly determined by a large number of factors at once which result in them shaping up the progress of the field. Fundamentally, the cathode materials market is deeply involved in the booming lithium-ion technology for batteries, as those are used to propel new rechargeable batteries powering up systems such as mobile phones, hybrid cars, etc. The market expansion is one of the major issues, in which the ever-increasing demand for electric cars worldwide is pressing. As countries from all over the world engage in cleaner transportation solutions to rein in carbon emissions, the demand increases for larger quantities of lithium batteries, which again provoke an expansion of cathode materials requirements.
But when it comes to cathode materials market, another significant influence comes in form of the new disruptive battery technologies. Intensive work in the field of material science with new cathode materials history also unraveled and improvement of efficiency which leads to the progress and the advance of these batteries. A recent advancement in cathode materials doesn't only increase a battery's capacity of storing energy, but also extends its lifespan and improves battery safety, which bring more benefits for the market.
Also, the geopolitical landscape and incoming materials surely affect the cathode materials market as well. With lithium-ion batteries as leading players in the energy storage arena, setting up a safe source of the necessary materials such as lithium, cobalt, and nickel for seamless supply is an essential step. The changes in geopolitical weather patterns, commodity price fluctuations, and short-term supply chain disruptions may influence the cost of producing cathode materials, resulting in subsequent price changes.
The regulatory sector constitutes in fact from another angle the major agents that exert influence over the market dynamics of the cathode materials. The world-based governments are putting in place a set of policies and regulations to encourage the adoption and utilization of clean energy sources such as electricity-driven cars. Incentives, subsidies, and mandates on the cathode materials aiming at the tilt reduction of carbon footprint and the implementation of eco-friendly practices also have a direct relation with the demand for the cathode materials. Because of the dynamism of regulations and the need to adapt to compliance standards, cathode material manufacturers must seriously assess their manufacturing procedures and approach sustainability issues with further initiatives.
Another market challenge is competition among cathode material suppliers, this on top of being inconvenient. The market is constructed primarily by the existing companies wanting to keep their status and the new ones itching to attain a market share. Such competition frequently spurs technological progress, operational efficiency gains and cuts in cost; these ultimately improve the lives of end-users and promote the market in general. Strategic alliances, partnerships and the winning of mergers and acquisitions are very typical tactics deployed by companies in order to rise the status of their positions in their .
Cathode Materials Market Highlights:
Global Cathode Materials Market Overview
Cathode materials Market size was valued at USD 17.63 Billion in 2023. The cathode material industry is projected to grow from USD 18.74 Billion in 2024 to USD 30.55 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.30% during the forecast period (2024 - 2032). The Cathode Materials are used along with the metal enamels in the manufacturing industry and they are used for manufacturing generators, motors, and transformers. The different components in the electrical industry include wire windings, laminated cores, and insulating materials that require Cathode Materials. The increasing number of manufacturing facilities and the growing demand for wire windings, iron cores, and other automotive components across the globe are presenting a lucrative opportunity for the overall growth of the Cathode Materials industry.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Cathode Materials Market Trends
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The growing use of electric vehicles and portable electronic devices is likely to boost the market growth
Cathode materials are key elements that determine the differences in composition while building positive electrodes for battery cells. In the crystal structure, the cathode materials consist of cobalt, nickel, and manganese. This crystal structure forms a lithium-added multi-metal oxide material. The main active element of the cathode was initially cobalt. Cobalt is frequently substituted partially with nickel (NCM, NCA). The most prominent cathode chemistries are Nickel Manganese Cobalt (NCM), Nickel Cobalt Aluminum (NCA), Lithium Cobalt Oxide (LCO), Lithium Manganese Oxide (LMO), and Lithium Iron Phosphate (LFP).
Additionally, Cathode materials are widely used in lithium-ion batteries for use in the automotive industry, energy storage systems, power tools, and consumer electronics. These batteries include products for various customers requiring high power density and/or high load ability. The shift observed in the automotive industry toward the use of clean and sustainable fuel is expected to uplift the market for cathode materials. The implementation by different nations of renewable energy battery storage technologies to overcome costs and carbon emissions from fuel energy will drive the cathode materials industry as a whole.
In February 2024, POSCO announced that it would build the world’s largest cluster of battery cathode factories in Gwangyang, which will produce nickel, cobalt and aluminum (NCA) batteries for cathode materials. The factory is expected to produce up to 52,500 tons of cathode material annually.
For instance, on January 27th, 2024, the government approved POSCO Chemical’s high nickel-containing cathode production plan. According to POSCO Chemicals, the Ministry of Trade Industry and Energy has granted approval for design technology development related to about 80% of cathode material items. This means that they can be used as more capacious storage components for lithium-ion batteries (LIBs).
Cathode Materials Market Segment Insights
Cathode Materials Battery Type Insights
The global Cathode Materials Market segmentation, based on Battery Type, includes Lead Acid, Lithium-Ion, and Others. the lead-acid segment is estimated to hold the largest in the cathode materials market due to an increase in investments by governments in the automotive industry. The increase in demand for electric vehicles (EVs), including battery electric vehicles (BEVs), plug-in hybrid vehicles (PHEVs), and hybrid electric vehicles (HEVs) is rising over the past few years due to strict regulations on CO2 emissions as well as government support through policy changes and subsidies, which has uplifted the demand for cathode materials market. Additionally, the high demand for lithium-ion cathode technology in renewable energy industries has played a vital role in the upliftment of the market.
The global CATHODE MATERIALS market segmentation, based on Material, includes Lithium Iron Phosphate, Lead Dioxide, and Others. the lead dioxide segment is expected to hold the largest share of the cathode materials market due to the rapid increase in production of passenger cars, commercial vehicles, and two-wheelers, along with growing demand for industrial energy storage systems.
Figure 2: Global CATHODE MATERIALS Market, by Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Cathode Materials Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the largest market share for global cathode materials in 2017, because of rising industrialization in emerging economies, such as India, China, and Thailand. China is expected to fuel the demand for cathode materials owing to government support, a strong manufacturing base, and growing investment by automotive giants in electric vehicle production. These factors have made the country one of the leading cathode material consumers.
Figure 3: GLOBAL CATHODE MATERIALS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
North America is another prominent region for cathode materials owing to the technological advances in aerospace, automotive, and electronics industries for more compatible devices, such as UAVs, and electric-powered aircraft. Additionally, the increasing production of lightweight, electric, and hybrid vehicles in the automotive industry is likely to drive market growth during the review period.
The European cathode materials market is expected to grow on account of owing to demand from the automotive industry for highly energy-efficient and lightweight vehicles. The growing awareness about emission-free automobiles is expected to be a key driver for market growth in the region.
Cathode Materials Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Cathode Materials Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Cathode Materials Industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Cathode Materials. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Cathode Materials Industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Cathode Materials Industry to benefit customers and expand the market sector. The Cathode Materials Market has recently given medicine some of the most important advantages. Major Cathode Materials Market Players, including 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), and others, are attempting to increase market demand by funding R&D initiatives.
Umicore is a materials technology and recycling company. It operates Catalysis, Recycling, and Energy and Surface Technologies business units. The Catalysis business unit offers automotive catalysts and precious metals chemistry products. The Recycling business unit is engaged in precious metals refining and management and provides jewelry and industrial metals. The Energy and Surface Technologies business unit offers.
Also, 3M (formerly Minnesota Mining and Manufacturing) is a technology company that provides product development, manufacturing, and marketing. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment specializes in personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, and electrical markets.
In May 2023, China-based company Gotion High-tech brought to market the year L600 Astroinno battery cell pack, claiming that it is the world’s first non-NCM type with a driving range of up to one thousand kilometers
Key Companies in the Cathode Materials Market Include
- 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)
- Mitsui Mining & Smelting (Japan)
- NEI Corporation (US)
- Targray Technology International Inc. (Canada)
Cathode Materials Industry Developments
SK Battery America (SKBA) has chosen Ascend Elements, a vertically integrated lithium-ion battery recycling company based in Massachusetts, to recycle both cell and module lithium-ion battery manufacturing scrap from the company's Commerce, Ga. manufacturing facility. The scrap will be recycled at Ascend Elements' new 154,000-square-foot battery recycling facility in Covington, Georgia, which can recover 98 percent of battery materials and return critical battery elements to the battery supply chain.
Johnson Matthey, a multinational sustainable technologies company headquartered in London held a groundbreaking event to commemorate the construction at its plant in Gliwice, Poland. Johnson Matthey will be able to provide small batches and spare parts of its important catalyst products, which aid the automotive industry in reducing harmful emissions from all types of vehicles, with this investment. The new line will allow Johnson Matthey's Clean Air global manufacturing footprint to be optimized while creating a cleaner world for future generations.
Cathode Materials Market Segmentation
Cathode Materials Battery Type Outlook
- Lead Acid
- Lithium-Ion
- Others
Cathode Materials Material Outlook
- Lithium Iron Phosphate
- Lead Dioxide
- Others
Cathode Materials Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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