PUBLISHER: The Business Research Company | PRODUCT CODE: 1435731
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435731
Cathode materials in batteries cater to diverse user needs for high energy density and load capacity, comprised of cobalt, nickel, multi-metal oxides, and lithium additives, defining a battery's capacity and power.
The cathode materials market involves the sale of materials utilized in batteries to determine battery capacity and power. Cathode materials encompass a range of products tailored to diverse user requirements, aiming for high energy density and robust load capacity. These materials typically comprise cobalt, nickel, and multi-metal oxide compositions with the inclusion of lithium.
The cathode materials market research report is one of a series of new reports from The Business Research Company that provides cathode materials market statistics, including cathode materials industry global market size, regional shares, competitors with a cathode materials market share, detailed cathode materials market segments, market trends and opportunities, and any further data you may need to thrive in the cathode materials industry. This cathode materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cathode materials market size has grown strongly in recent years. It will grow from $20.27 billion in 2023 to $21.86 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. Historical growth was fueled by the boom in consumer electronics, the increasing adoption of electric vehicles, the development of energy storage systems, government initiatives offering subsidies, and the expanding use of these technologies in various industrial applications.
The cathode materials market size is expected to see strong growth in the next few years. It will grow to $29.72 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. Anticipated growth in the upcoming period is linked to the expansion of the electric vehicle market, the growth of energy storage solutions, the transition towards renewable energy sources, the development of smart grid technologies, government regulations promoting sustainability, and initiatives focused on implementing circular economy practices. Major trends expected in this forecast period encompass efforts to reduce and substitute cobalt in batteries, advancements in solid-state battery technology, a focus on sustainability and recycling initiatives, strategic investments in expanding production capacities, and the integration of artificial intelligence into these technologies.
The expanding adoption of batteries within electric vehicles is poised to significantly drive the growth of the cathode materials market in the foreseeable future. Electric vehicles encompass vehicles powered either partially or entirely by electricity. Cathode materials play a critical role in lithium-ion batteries utilized within electric vehicles, facilitating the generation of electricity through chemical reactions. For instance, Power-Technology, a US-based journal focusing on the global energy industry, reported a notable surge in electric vehicle sales, marking a staggering 160% increase in the first half of 2021, reaching a total of 2.6 million units. Notably, China maintained its position as the leading market for electric vehicles globally, with sales totaling 1.1 million vehicles in the same period, constituting 12% of the global sales. Hence, the escalating adoption of electric vehicles stands as a driving force propelling the growth of the cathode materials market.
The surging demand for smartphones is anticipated to be a major driver behind the growth of the cathode materials market in the coming period. Smartphones, advanced mobile devices merging traditional cellular phone capabilities with various computer-such as features, heavily rely on cathode materials within rechargeable lithium-ion batteries. These materials are instrumental in providing enhanced energy density, longer battery life, and improved safety measures, powering the functionalities of these devices. For instance, data from Uswitch Limited, a UK-based financial conduct authority, revealed that starting from 2022, there were 71.8 million mobile connections in the UK, marking a 3.8% increase (approximately 2.6 million connections) compared to 2021. Projections indicate that by 2025, the UK population will grow to 68.3 million, with an estimated 95% ownership of smartphones, accounting for around 65 million individuals. Consequently, the escalating demand for smartphones is identified as a significant factor propelling the growth trajectory of the cathode materials market.
The prevailing trend in the cathode materials market centers around the emergence of technological advancements. Key players in the sector are heavily invested in introducing novel innovations to maintain their competitive edge. For instance, in April 2022, Ascend Elements, a US-based producer of cathode active materials, unveiled its Hydro-to-Cathode process technology. This cutting-edge solution facilitates the conversion of essential elements sourced from recycled lithium-ion batteries into fresh cathode materials. It represents an advanced methodology for manufacturing cathode materials by leveraging recycled battery components.
Leading companies in the cathode materials sector are strategically driving innovation, notably through solutions such as sodium manganese oxide (NMO) cathode materials, aiming to secure a competitive advantage. NMO, a pioneering material employed in sodium-ion batteries, offers an alternative to conventional lithium-based cathodes. For example, in November 2023, IBU-tec Advance Materials, a German chemicals firm, unveiled IBUvolt sodium manganese oxide (NMO), a cathode material heralded for its safety and efficiency in modern batteries. Featuring non-hazardous and non-toxic components, IBUvolt NMO is deployed across diverse applications including electromobility and stationary energy storage systems.
In October 2022, Switzerland's Clariant AG, a prominent chemicals firm, completed the acquisition of BASF's Attapulgite business assets for $60 million. This strategic move aligns with Clariant AG's core strategy of bolstering its market presence and diversifying its product portfolio through targeted acquisitions of synergistic businesses and assets. BASF, a leading German chemicals company renowned for its provision of cathode materials, was the previous owner of the Attapulgite business assets acquired by Clariant AG.
Major companies operating in the cathode materials market report are BASF SE, Hitachi Chemical Energy Technology Ltd., POSCO, Panasonic Corporation, SK Innovation Co. Ltd., Sumitomo Corporation, LG Chem Ltd., Mitsubishi Chemical Corporation, BKT Carbon, Toda Kogyo Corp, 3M Company, Showa Denko Materials Co. Ltd., Johnson Matthey PLC, Asahi Kasei Corporation, Ube Industries Ltd., Mitsui Mining & Smelting Co. Ltd., Umicore SA, Thai Carbon Black Public Company Limited, Jiangxi HEIMAO Carbon Black Co. Ltd., Kureha Corporation, International CSRC Investment Holdings Co. Ltd., Advanced Lithium Electrochemistry Co. Ltd., Asahi Carbon Co. Ltd., Gravita India Limited, Tanaka Chemical Corporation, Nippon Chemical Industrial Co. Ltd., Epsilon Carbon Private Limited, AME Energy Co. Ltd., NEI Corporation, Nano One Materials Corp., SKC Solmics Co. Ltd.
North America was the largest region in the cathode materials market in 2023. Asia-Pacific is expected to be the fastest-growing regions in the forecast period. The regions covered in the cathode materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cathode materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cathode materials market consists of sales of Ni-rich layered oxide, Lithium-excess cathode oxides, anionic redox chemistry of cathode materials, high-voltage cathode materials, cobalt-free cathode materials, polyanionic cathode materials, spinel-type cathode materials, organic cathode materials, and spinel-type cathode materials. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cathode Materials Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cathode materials market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cathode materials ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cathode materials market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.