Cathode Materials Market 2024 - By Share, Top Companies, Revenue Outlook And Growth Forecast By 2033

The Business Research Company recently released a comprehensive report on the Global Cathode Materials Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

Technological innovations have emerged as the key trend gaining popularity in the cathode materials market. Major companies operating in the cathode materials sector are focused on introducing new technological innovations to sustain their position in the market. For instance, in April 2022, Ascend Elements, a US-based company that produces cathode active materials, launched Hydro-to-Cathode process technology. This technology helps to transform critical elements from recycled lithium-ion batteries into new cathode materials. This is an advanced technology for producing cathode materials by using recycled batteries.

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Major Key Players of the Market:

BASF SE, Hitachi Chemical Energy Technology Ltd., POSCO, Panasonic Corporation, SK Innovation Co. Ltd., Sumitomo Corporation, LG Chem Ltd., Mitsubishi Chemical Corporation, BKT Carbon, To*da 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.

Cathode Materials Market 2024 Key Insights:

• 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 Surge In Electric Vehicle Sales Fueling The Cathode Materials Market
• Cathode Materials Market Transformed By Cutting-Edge Technologies
• North America was the largest region in the cathode materials market in 2023

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This release was published on openPR.