WASHINGTON, April 11, 2023 (GLOBE NEWSWIRE) -- Global Cathode Materials Market was valued at USD 25.5 Billion in 2022 and is projected to reach a value of USD 69.9 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 15.5% over the forecast period 2023-2030.
Market Overview
One of the main elements fuelling the market revenue growth is the rising demand for electric vehicles because of their capacity to deliver enhanced performance while lowering vehicle emissions. Another significant aspect boosting market sales increase across various nations is the development of e-mobility trends in technology and technical breakthroughs in the automobile sector.
We forecast that the lithium-ion battery in Cathode Materials market sales will account for more than 58% of total sales by 2030. The adoption of electric vehicles and rising energy storage requirements for the electric power grid are the main drivers of the segment's revenue growth.
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Market Dynamics
Increase Demand in Automotive Sector to Support Market Expansion
Due to the substantial expenditure on Cathode Material in car batteries, the automotive industry is expected to overtake all other segments. Automakers have increased their investment in electric vehicles due to rising fuel prices and falling Li-ion battery costs. The usage of the Cathode Material is projected to increase soon due to initiatives under the Clean Energy Ministerial (CEM), such as the electric car initiative and a preference shift from fuel energy to battery energy due to CO2 emission limits.
Twice Energy Density Will Drive the Lithium-Ion Battery Cathode Material Market
The energy density of lithium-ion batteries is typical twice that of nickel-cadmium. There is potential for higher energy densities. They exhibit load characteristics that are generally favourable and discharge behaviour comparable to nickel cadmium. Battery pack designs using a single cell are possible thanks to the 3.6-volt high cell voltage. Today's mobile phones typically run on a single battery. This has resulted in more lithium-ion batteries being used in various applications. This results in a direct favourable effect on the lithium-ion battery Cathode Materials market.
Top Players in the Global Cathode Materials Market
- 3M (Saint Paul, U.S.)
- BASF SE (Germany)
- Hitachi Chemical Co. Ltd. (Japan)
- Johnson Matthey (London, U.K.)
- LG Chem (South Korea)
- Mitsubishi Chemical Corporation (Chiyoda City, Japan)
- Mitsui Mining & Smelting Co. Ltd. (Japan)
- POSCO (South Korea)
- Sumitomo Metal Mining Co. Ltd. (Japan)
- Umicore (Brussels, Germany)
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Top Trends in the Global Cathode Materials Market
- One trend that Vantage Market Research (VMR) expects to see in the Cathode Materials industry is the growing use of electric vehicles, and portable electronic devices are likely to boost the market growth. Cathode Materials are the primary components that determine the variations in composition while creating positive separators for electrochemical capacitors. The cathode components comprise cobalt, nickel, and manganese in the crystal structure. This crystal structure results in some co-oxide material with additional lithium. Cobalt was formerly the cathode's primary active material. Nickel is frequently used to replace cobalt (NCM, NCA) partially.
- Another trend that VMR predicts will continue in the Cathode Materials industry is its increasing trend of lead acid. The market is growing due to the government's growing investments in the automobile industry and the widespread use of lead-acid batteries in security, battery backup, fire alarms, railway recovery systems, and solar power. Lead-acid batteries' ability to produce recyclable and renewable energy while lowering carbon dioxide emissions is another factor boosting the market.
Top Report Findings
- Based on Material, the lead dioxide category controls most of the Cathode Materials market's revenue. The main industrial application of lead dioxide is as an oxidizer. It is most frequently employed in lead acid batteries to oxidize the lead, producing energy. The lead (IV) oxide acts as the cathode in lead acid batteries.
- Based on the Battery, the lithium-ion battery category controls most of the Cathode Materials market's revenue. Lithium-ion battery parts are being replaced with more affordable, safe, and ecologically friendly alternatives. Integrating renewable energy sources for power generation while reducing reliance on fossil fuels may be aided by longer-term storage technologies like flow batteries. Companies in the sector are concentrating on developing partnerships and spending money on top-notch battery technologies.
- Based on Application, most of the Cathode Materials market's revenue is controlled by the automotive category because of the growing use of Cathode Material in commercial vehicle batteries. As the cost of rechargeable batteries has declined and the Demand for fuel has risen, automakers have upped their investments in electric vehicles. Government programs to lower carbon footprints have also increased the amount of Cathode Material used in the automotive sector.
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Recent Developments in the Global Cathode Materials Market
- In August 2022, General Motors, a global leader in the automotive industry with headquarters in Michigan and operations across the globe, announced a strategic partnership for CAM with Posca Chemical.
- On December 2022, the European Investment Bank (EIB) stated, that it will lend USD 39.04 million to Kieswetter & Abell, an entirely German division of Pure Battery Technologies in Australia.
Automotive Category, from the End User Segment to Generate more than Half the Segment Revenue for Cathode Materials Market
For better understanding, based on the End User, the Cathode Materials market is divided into Automotive, Consumer Electronics, Industrial and Other End Users.
The automotive market was the largest by application, and it is anticipated to hold the top spot during the projected period. The main trend observed in the automotive market is the use of NMC devices in electric automobiles for better performance. This is mainly because NMC battery prices have dropped dramatically over the past several years. Also, there is an increasing need for devices with a greater energy capacity, which can power a wider variety of vehicles. Automotive Cathode Material manufacturing and Demand are expanding due to the growing popularity of electric vehicles.
On the other hand, the consumer electronics category is anticipated to grow significantly. These unique qualities have made aluminium rechargeable battery packs the preferred power source for the consumer electronics sector, with an annual output of billions of units. Governments worldwide are also promoting digitization and the usage of numerous mobile devices. Lithium-ion batteries have become the standard battery technology for consumer electronic gadgets due to their beneficial properties and anticipated advancements. Contradictory developments—increased competition and a general drop in industrial product prices—lead to moderate growth compared to historical trends. The industry is still anticipated to develop faster than the previous five-year average due to anticipated global consumer expenditure and per capita income accelerations.
Asia Pacific Region in Cathode Materials Market to Generate Nearly Half the Global Revenue
The Asia-Pacific region is anticipated to do so in the coming years. The need for Cathode Materials is anticipated to rise as batteries are increasingly used in various sectors, including automotive, consumer technology, power tools, and energy supply storage. Rising Demand for electric vehicles in nations like China is also anticipated to increase Cathode Material consumption. The market is anticipated to increase due to expanding energy demand, high Demand for battery power generation, and rising battery consumption in nations like China, India, South Korea, Japan, and Vietnam.
The North American region is expected to grow the fastest in the Cathode Materials market. The main drivers of the market expansion are the growing middle-class population shifting lifestyle choices, soaring demand for electric vehicles and quickening technological development. a rising propensity toward smart electronic devices. In addition, the falling cost of EVs results from more initiatives and subsidies.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Cathode Materials Market Forecast Report (2023-2030).
Global Cathode Materials Market Segmentation
By Material
- Li-ion Cathode Materials
- Lead Dioxide Cathode Materials
- Other Cathode Materials
By Battery
- Lithium-Ion
- Lead-Acid
- Other Batteries
By End-Use
- Automotive
- Consumer electronics
- Industrial
- Other End Uses
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 25.5 Million |
| Revenue Forecast by 2030 | USD 69.9 Million |
| CAGR | 15.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | 3M, BASF SE, Hitachi Chemical Co. Ltd., Johnson Matthey, LG Chem, Mitsubishi Chemical Corporation, Mitsui Mining & Smelting Co. Ltd., POSCO, Sumitomo Metal Mining Co. Ltd., Umicore |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/cathode-materials-market-2063/request-sample |
Key Questions Answered in the Cathode Materials Market Report are:
- What is the current size and growth rate of the cathode materials market?
- What are the major trends and drivers influencing the market growth?
- What are the different types of cathode materials available in the market?
- What are the key applications of cathode materials across various industries?
- What are the major challenges faced by the market players operating in this industry?
- Who are the key players in the cathode materials market, and what is their market share?
- What is the competitive landscape of the market, and what strategies are being adopted by the players to stay competitive?
- What are the key regions/countries contributing to the growth of the market?
- What are the future growth prospects of the market, and what strategies should the companies adopt to capitalize on the emerging opportunities?
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