Newark, July 04, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the cathode active materials market will grow the USD 22.01 billion in 2022 and reach USD 40.56 billion by 2032. In just eight years, the rising usage of batteries in consumer electronic products, as well as the increasing use of industrial robots, are also helping to drive market growth. Further, the rising awareness of cathode materials, expanding urbanization, and increasing demand for electric vehicles in emerging countries are also anticipated to drive market growth during the forecast period.
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Key Insight of the cathode active materials Market
Asia Pacific to account for the largest market size during the forecast period
Asia Pacific is expected to have the largest market share in the cathode active materials market. Key factors favouring the growth of the cathode active materials market in Asia Pacific include the rising industrialization in emerging economies like Thailand, China, and India, as well as the increase in GDP. Further, the strict government regulations aimed at reducing CO2 emissions are anticipated to enhance vehicle manufacturers' preference for battery energy over gasoline-based energy, which is expected to drive market growth in this region. However, the increasing middle-class population, cheap internet, and electronic devices are expected to drive market growth in this region.
The lithium-ion segment is expected to augment the cathode active materials market during the forecast period.
The lithium-ion segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing concentration of government organizations toward greenhouse gas emissions in the environment. Further, by 2032, the lead acid segment will likely dominate the market due to the general use of lead-acid batteries in emergency lighting, backup power, renewable energy systems, railway backup systems, and security systems.
The lithium cobalt oxide (LCO) segment market size 6.41 billion in 2022
The lithium cobalt oxide (LCO) segment is anticipated to dominate the market over the forecast period owing to the increased demand for lithium-ion batteries in various applications such as mobiles and computers. Also, the investments by governments to increase battery production is helping to stimulate the segment's market growth. Further, by 2032, the lithium iron phosphate (LFP) segment will likely dominate the market due to the growing environmental apprehensions coupled with the high requirement for lithium iron phosphate (LiFePO4) batteries in battery energy storage systems.
The automotive segment is anticipated to dominate the market by 35.08% in 2032
The automotive segment is anticipated to dominate the market in the forthcoming years, owing to its extensive usage of the cobalt-free cathode in the automotive industry.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 22.01 Billion |
| Market Size in 2032 | USD 40.56 Billion |
| CAGR | 6.30% |
| No. of Pages in Report | 236 |
| Segments covered | Key Segments are battery type, type, end-user, and regions |
| Drivers | The increasing need for battery storage systems |
| Opportunities | The increasing penetration of electric vehicles |
| Restraints | The lack of raw material availability and safety issues |
Market Dynamics
Driver: The rise in the adoption of renewable energy
The increasing demand for electric vehicles due to their capability to provide improved performance while decreasing vehicle emissions is the driving factor of the market growth. Further, the increased smart grid installation and a shift toward renewable energy propel market growth. Moreover, the rising environmental concerns, incentives, tax benefits, and supportive government policies for solar panel installations are also pushing market growth. Additionally, the increasing technological developments are resulting in the decline in the costs of renewable energy, and the growing competitiveness for battery storage systems is also helping boost the market growth. However, the increasing adoption of green energy among consumers and the raised customer awareness in developed and developing economies are anticipated to propel market growth.
Restraint: The inadequate charging infrastructure
The increasing preference towards safety needs for cathode material during activities is inhibiting market growth. Moreover, the depletion of lithium resources, the inadequate charging infrastructure, along with safety issues related to the storage & transportation of batteries is also restraining the market growth.
Opportunity: The increasing technological advancements in lithium-ion battery cathode materials
The evolving research & technological progress in cathode material & efficient electrolytes, which could enhance their overall performance in terms of stability, charge density, and durability, are expected to offer an opportunity for market growth. Moreover, the ongoing research & development to improve the efficiency of cathode materials for ESS, such as nickel, lithium, and sodium, are expected to drive market growth during the forecast period. Additionally, government policies and the increasing focus of cathode materials manufacturers and other market participants on enhancing the innovation & technology advances in lithium-ion battery cathode material are helping to propel the market growth during the forthcoming year.
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Some of the major players operating in the cathode active materials market are:
• Umicore N.V.
• 3M Company
• Johnson Matthey plc - Kureha Corporation
• BASF SE
• Mitsubishi Chemical Corporation
• LG Chem Ltd.
• Mitsui Mining & Smelting Co., Ltd.
• Mitsubishi Chemical Corporation
• Nichia Corporation
• NEI Corporation
• Sumitomo Metal Mining Co., Ltd.
• POSCO
• Targray Technology International, Inc.
• SHOWA DENKO K.K.
• TODA KOGYO CORP
Key Segments cover in the market:
By Battery Type:
• Lithium-Ion
• Lead Acid
• Others
By Type:
• Nickel Manganese Cobalt (NMC)
• Lithium Cobalt Oxide (LCO)
• Lithium Manganese Oxide (LMO)
• Lithium Iron Phosphate (LFP)
• Nickel Cobalt Aluminum Oxide (NCA)
By End-User:
• Power Tools
• Electronics
• Automotive
• Electric Vehicle
• Energy Storage Systems
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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