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Global Cathode Materials Market 2024: Major Key Players And Industry Analysis Till 2033
Cathode Materials Market
The Business Research Company presents an extensive market research report on the Cathode Materials Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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%. The growth in the historic period can be attributed to consumer electronics boom, electric vehicles adoption, energy storage systems, government initiatives and subsidies, increased 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%. The growth in the forecast period can be attributed to electric vehicle market expansion, energy storage growth, renewable energy transition, smart grid development, government regulations, circular economy initiatives. Major trends in the forecast period include cobalt reduction and substitution, solid-state batteries, sustainability and recycling, strategic investments in capacity expansion, integration of artificial intelligence.
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Key Market Players:
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, 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.
Market Drivers:
The growing usage of batteries in electric vehicles is expected to propel the growth of the cathode materials market going forward. Electric vehicles refer to vehicles that are either partially or fully run on electricity. Cathode materials are used in Li-ion batteries in electric vehicles to generate electricity through chemical reactions. For instance, according to Power-Technology, a US-based journal which provides information on the global energy industry, there was an increase in the sale of electric vehicles by 160% in the first half of 2021, which stood at 2.6 million units. In addition, China remained the world's top EV market, with 1.1 million vehicles sold in the first half of 2021, accounting for 12% of sales. Therefore, increasing usage of electric vehicles is driving the cathode materials market growth.
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The cathode materials market covered in this report is segmented -
1) By Material: Lithium Cobalt Oxide or Lithium Cobaltate, Lithium Manganese Oxide or Spinel or Lithium Manganate, Lithium Iron Phosphate or Lithium Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide, Sulfur Cathodes, Sodium Cobalt Oxide, Other Materials
2) By Battery Type: Lead-Acid, Lithium-Ion, Other Battery Types
3) By Application: Portable Gadgets, Medical Devices (Cardiac Pacemakers, Implantable Cardiac Defibrillators (ICDs), and Others), Power Tools, Wireless Peripherals or Cordless Devices, Power Storage Systems, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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