Cathode Materials Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Battery Type (Lithium-Ion, Lead Acid, Others), By Material (Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), Lead Dioxide, Others), By End User (Automotive, Consumer Electronics, Power Tools, Others), By Region, and Competition
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationCathode Materials Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Battery Type (Lithium-Ion, Lead Acid, Others), By Material (Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), Lead Dioxide, Others), By End User (Automotive, Consumer Electronics, Power Tools, Others), By Region, and Competition
In 2021, the total volume of automobile industry sales in China was around 26.2 million units.
Global Cathode Materials Market is expected to expand during the projected period due to rising demand from various end-user including automotive, consumer electronics, power tools, and others. In the manufacturing sector, cathode materials and metal enamels are both employed in the production of transformers, motors, and generators. The electrical sector uses a variety of components, including insulating materials, wire windings, and laminated cores that need cathode materials. The growth in their production facilities increase the demand for cathode materials. In addition, the focus on advanced technology to produce cathode material by using recycled batteries drives the growth of the market in the future.
In April 2022, Ascend Elements launched the Hydro-to-Cathode process technology which helps to transform elements from recycled lithium-ion batteries to cathode materials.
Moreover, the demand for electric vehicles increases because of strict Greenhouse gas laws and policy to reduce CO2 emission and reduce dependency on fossil fuels resulting in the use of cathode materials in battery which further fuel the demand for Global Cathode Materials Market in the upcoming years.
Rising Demand from Automotive Industry
Due to the substantial use of cathode material in car batteries, the automotive industry is expected to overtake all other segments. Automakers have increased their investment in electric vehicles because of rising gasoline prices and falling Li-ion battery costs. The market for cathode materials is anticipated to grow due to the movement in the automobile sector toward the use of clean and sustainable fuel.
Increasing demand for Electric Vehicles (EVs), Plug-in hybrid electric vehicles (PHEVs), Hybrid Electric Vehicles (HEVs) increases the demand for cathode materials. Along with this, the preference shift from fossil fuel energy sources to battery energy sources owing to CO2 emission limits result in reducing greenhouse gas effects result in increasing the usage of the cathode material. Cathode materials are used in Li-ion batteries in electric vehicles to generate electricity through chemical reactions. In addition, government provide benefits to the users of electric vehicles. According to the U.S. Department of Energy, electric and plug-in hybrid vehicles qualify for USD 2,500 to USD 7,500 federal tax credit.
For instance, according to the Global EV Outlook 2022, consumers spent USD 250 billion on electric vehicle purchases in 2021, a 65% increase over 2021.
Furthermore, Global sales of electric cars have kept rising strongly in 2022, with 2 million sold in the first quarter, up 75% from the same period in 2021.
Therefore, all these factors dominate the demand for Cathode Materials in the forecast period.
Various renewable sources of energy like windmills, solar cells, and hydroelectric plants use energy storage devices. Li-ion battery’s cathode materials is important due to its properties such as, capacity and output. It means that they have tremendous capacity energy storage systems, and along with it, they are designed to provide high power output for various applications. Advanced energy storage system usage is anticipated to rise due to the growing need for energy efficiency and the continuous switch from conventional to alternative energy sources. Demand for these systems is anticipated to rise due to more smart grid installation and a move towards renewable energy. The cathode materials market will be driven by the adoption of renewable energy battery storage technologies by various countries to combat prices and carbon emissions from fuel energy.
For instance, in 2019, Acciona SA a Spanish company installed a Windmill plant in Barasoain with a capacity of 3 Megawatts and used batteries to store energy.
Moreover, in 2022, Vistra Energy signed an agreement with Pacific Gas and Electric Company (PG&E) for a 350-megawatt battery energy storage system for 15 years.
Lead Dioxide will be the Key Material Dominate the market growth
An increase in the production of passenger cars, commercial vehicles, and three & two-wheelers and the rising demand for energy storage systems by various industries led to the demand for lead dioxide. Additionally, in many lead acid batteries, the positive side electrode is made of lead plates or grids which have a covering layer of lead dioxide along with calcium lignosulfonate. Lead dioxide and lead are rarely discharged and have the lowest energy densities which make them highly efficient material.
For instance, Penox group produces lead dioxide which is used by many automotive and industrial battery companies.
In addition, Lithium Manganate (LiMn2O4), a Lithium Manganese Oxide (LMO) based material has a spinel structure that helps to discharge at a high-rate application making it suitable for Lithium Manganese Oxide-based batteries. Lithium Manganese Oxide powder is thermally stable and affordable cathode material, and its three-dimensional structure is useful in the development of lithium-ion batteries for hybrid electric vehicles. Moreover, desirable capacity, cheap cost, and high energy density are some of the advantages of Lithium Manganese Oxide which have great demand for high-energy density and next-generation lithium-ion batteries.
For instance, in 2022, NEI Corporation expands the selection of materials for both lithium-ion and sodium-ion batteries.
Therefore, increasing demand for these materials from various industries results in the growth of Global Cathode Materials Market in the projected period.
Moreover, long-term possibilities for producers of cathode materials are anticipated to be abundant due to ongoing research and development aimed at enhancing the effectiveness of cathode materials for energy storage systems, such as lithium, sodium, and nickel. In addition, the production of lithium-air and lithium-sulfur cathode materials, as well as the use of nanotechnology in lithium-ion batteries and the advancement of technological knowledge in the field of lithium-ion battery cathode materials creates opportunities for growth of the Global Cathode Materials Market.
For instance, according to the Ministry of Science & Technology, India in 2021, the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), India, has developed indigenous technology to produce Lithium Iron Phosphate (LFP) cathode material for Li-ion Batteries (LiBs).
However, safety issues regarding the transportation and storage of batteries along with less use of technology regarding the recycling of batteries can slowdown the market growth.
Recent Developments
- In November 2022, POSCO Chemical constructed the
world’s largest cathode production plant in Gwangyang, South Korea.
- BASF and TODA extended their agreement to enhance their
capacity for high nickel cathode active materials in July 2022.
- In November 2021, Johnson Matthey announces the
commercialization of its high nickel cathode material ranging for the automotive
industry.
- For the extraction of lithium, nickel, cobalt, and
manganese BASF start a battery recycling plant in Schwarzheide, Germany in
July 2021.
Market Segmentation
Global Cathode Materials Market is segmented based on battery type, material, end-user, and region. Based on battery type, the market is categorized into lithium-ion, lead acid, and others. Based on material, the market is segmented into lithium cobalt oxide (LCO), lithium iron phosphate (LFP), lithium manganese oxide (LMO), lead dioxide, and others. Based on end user, the market is fragmented into automotive, consumer electronics, power tools, and others. Based on region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Market Players
BASF SE, Targray Technology International Inc., L&F Co., Ltd., Johnson Matthey Plc, Sumitomo Metal Mining Co., Ltd., Umicore SA, LG Chem, Ltd., EcoPro BM, Nichia Corporation, Toda Kogyo Corp. are some of the key players of Global Cathode Materials Market.
|
Attribute |
Details |
|
Base Year |
2022 |
|
Historic Data |
2018 –
2021 |
|
Estimated Year |
2023 |
|
Forecast Period |
2024 – 2028 |
|
Quantitative Units |
Revenue in
USD Million, Volume in Units, and CAGR for 2018-2022 and 2023-2028 |
|
Report coverage |
Revenue
forecast, volume forecast, company share, competitive landscape, growth
factors, and trends |
|
Segments covered |
Battery
Type Material End User |
|
Regional scope |
North
America, Europe, Asia Pacific, South America, Middle East & Africa |
|
Country scope |
United States,
Mexico, Canada, France, Germany, United Kingdom, Spain, Italy, China, India, South
Korea, Japan, Australia, Brazil, Argentina, South Africa, Saudi Arabia, UAE |
|
Key companies profiled |
BASF SE,
Targray Technology International Inc., L&F Co., Ltd., Johnson Matthey
Plc, Sumitomo Metal Mining Co., Ltd., Umicore SA, LG Chem, Ltd., EcoPro BM,
Nichia Corporation, Toda Kogyo Corp. |
|
Customization scope |
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope. |
|
Pricing and purchase
options |
Avail customized
purchase options to meet your exact research needs. Explore purchase options |
|
Delivery Format |
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request) |
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