New York, United States , Nov. 21, 2023 (GLOBE NEWSWIRE) -- The Global Cathode Materials Market Size to grow from USD 20.7 Billion in 2022 to USD 35.2 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.7% during the forecast period.
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Cathode materials serve a significant role in a variety of electrochemical systems, including batteries and fuel cells. They are essential components that store and release electrical energy through reversible redox reactions. The functionality of these devices is significantly influenced by the properties of the cathode materials used. In rechargeable batteries, the cathode is where the reduction reaction takes place during discharge and the oxidation reaction occurs while charging. The cathode material chosen has a significant impact on the battery's capacity, energy density, cycle life, and overall performance.
Many cathode materials, such as those based on nickel and cobalt, are reliant on limited and occasionally politically sensitive resources. Finding a dependable and affordable source for these materials might be challenging. Concerns regarding unethical mining practises and the environmental impact of resource extraction add to the complexity. The cost of cathode materials has a considerable impact on the entire cost of making batteries. The price volatility of materials like cobalt and lithium can have an impact on the economic viability of battery technology. The quest to reduce costs without compromising performance never ends. After multiple charge and discharge cycles, cathode materials may degrade, which reduces battery capacity and overall performance.
Browse key industry insights spread across 210 pages with 100 market data tables and figures & charts from the report on "Global Cathode Materials Market Size, Share, and COVID-19 Impact By Battery Type (Lead-Acid, Lithium-Ion), By Material (Lithium Iron Phosphate, Lithium Cobalt Oxide), By Application (Automotive, Consumer Electronics), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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Battery Type Insights
Lead Acid battery segment is dominating the market over the forecast period
On the basis of battery type, the global cathode materials market is segmented into Lead-Acid, Lithium-Ion, and Others. Among these, the lead acid battery segment is dominating the market over the forecast period. Lead-acid batteries have a wide range of applications, including backup power systems, uninterruptible power supply (UPS), automotive starting batteries, and some renewable energy storage systems. Since they have been in use for more than a century, these batteries have earned a reputation for durability, affordability, and toughness.
Materials Insights
Lead dioxide segment holds the highest market share over the forecast period
Based on the materials, the global cathode materials market is segmented into Lithium Iron Phosphate, Lithium Cobalt Oxide, Lithium-Nickel Manganese Cobalt, Lead Dioxide, and Others. Among these, the lead dioxide segment holds the highest market share over the forecast period. In lead-acid batteries, which are often used for stationary energy storage, backup power, stationary energy storage, and other uses, it serves as the positive electrode. The expansion of the lead dioxide category, however, is more closely associated to the lead-acid battery sector than it is to the wider cathode materials market, which is linked to cutting-edge battery technologies like lithium-ion. Lead-acid batteries are used in stationary energy storage systems for backup power systems, uninterruptible power supplies (UPS), and renewable energy storage. The growth of renewable energy installations and the need for stable backup power may have an impact on the demand for lead-acid batteries.
Application Insights
Automotive segment dominates the market over the forecast period
On the basis of application, the global cathode materials market is segmented into Automotive, Consumer Electronics, Power Tools, Energy System Storage, and Others. Among these, the automotive segment dominates the market over the forecast period. Electric cars have become more popular as a result of government incentives and environmental concerns, which has been a major development driver. Modern battery technology utilised in EVs includes lithium-ion batteries, whose performance and energy density are significantly impacted by the cathode materials employed. Research and development projects aimed at improving battery efficiency, energy density, and overall performance have led to advancements in cathode materials. Electric vehicles now have higher energy densities and greater ranges because to the development of novel materials like nickel-rich cathodes (NMC, NCA). The development of the charging infrastructure has increased consumer confidence in EVs, which has increased their adoption.
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Asia Pacific region is dominating the market over the forecast period
Asia Pacific region is dominating the market with the largest market share over the forecast period. In particular, countries like China, South Korea, and Japan are major producers of batteries in the Asia-Pacific region. The main reason for this is the growing demand for lithium-ion batteries in consumer electronics, energy storage devices, and electric vehicles. Electric car usage in the area has considerably expanded as a result of China being one of the world's major markets for such vehicles. Due to this, there is currently a significant demand for the cathode materials required to create the batteries for these cars. The region has a well-established supply chain for battery parts, including cathode materials.
North America is witnessing the fastest market growth over the forecast period. Electric car usage has been rising rapidly across North America, particularly in the United States. The need for cathode materials for EV batteries has surged as a result of major manufacturers introducing electric and hybrid vehicles. Some North American states and the federal government have put legislation and incentives into place to promote the usage of electric vehicles and reduce greenhouse gas emissions. These benefits can stimulate the growth of the cathode materials market. In North America, energy storage technologies are gaining popularity for purposes such as grid stability, incorporating renewable energy sources, and backup power.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Cathode Materials Market include Ascend elements Inc, BASF SE, Johnson Matthey plc, LG Chem Ltd., Mitsubishi Chemical Corporation, NEI Corporation, POSCO, Showa Denko Materials Co., Ltd., Sumitomo Metal Mining Co., Ltd, Umicore N.V., and Other Key Players.
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Recent Market Developments
- In March 2022, Ascend Elements will recycle the production waste from the lithium battery Giga plants owned by SK Innovation in Georgia.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Cathode Materials Market based on the below-mentioned segments:
Cathode Materials Market, Battery Type Analysis
- Lead-Acid
- Lithium-Ion
- Others
Cathode Materials Market, Materials Analysis
- Lithium Iron Phosphate
- Lithium Cobalt Oxide
- Lithium-Nickel Manganese Cobalt
- Lead Dioxide
- Others
Cathode Materials Market, Application Analysis
- Automotive
- Consumer Electronics
- Power Tools
- Energy System Storage
- Others
Cathode Materials Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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