Press release
Lithium Nickel Manganese Cobalt Oxide Battery Market Research Report 2025
Lithium Nickel Manganese Cobalt Oxide Battery Market OverviewThe global market for Lithium Nickel Manganese Cobalt Oxide (NMC) Batteries was valued at US$ million in 2024 and is projected to reach a revised size of US$ million by 2031, growing at a CAGR of % during the forecast period.
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NMC batteries are among the most widely used rechargeable lithium-ion batteries, offering a balanced combination of high energy density, safety, and long cycle life, making them ideal for multiple applications such as consumer electronics, electric vehicles, and aerospace.
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By Type
• Cylindrical Batteries
• Square Hard-shell Batteries
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By Application
• Consumer Electronics
• Automotive
• Aerospace
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Key Companies
• LG Chem
• Samsung SDI Co., Ltd
• Panasonic Holdings Corporation
• CATL
• BYD Company Ltd
Major Trends Driving Market Growth
1. Rising EV Adoption - The rapid shift toward electric mobility is driving huge demand for NMC batteries due to their high energy density and efficiency.
2. Technological Advancements - Innovations in cathode material design (higher nickel content, reduced cobalt) are improving battery capacity and reducing costs.
3. Sustainability & Recycling - Increasing investments in battery recycling technologies are expected to address raw material shortages and reduce environmental impact.
4. Government Incentives - Subsidies, emission regulations, and green energy policies worldwide are fueling growth in EVs and renewable energy storage.
5. Expansion in Aerospace & Energy Storage - Beyond EVs, NMC batteries are gaining traction in drones, satellites, and grid-scale renewable energy storage solutions.
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