Battery Grade Nickel Cobalt Lithium Manganese Oxide Market Share Driven by Electric Vehicle Adoption and Energy Storage Expansion | Valuates Reports

Battery Grade Nickel Cobalt Lithium Manganese Oxide Market Size
The global market for Battery Grade Nickel Cobalt Lithium Manganese Oxide was valued at US$ 3360 million in the year 2024 and is projected to reach a revised size of US$ 8305 million by 2031, growing at a CAGR of 14.0% during the forecast period.

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The Battery Grade Nickel Cobalt Lithium Manganese Oxide (NCM) Market is experiencing rapid market growth as the demand for high-performance, long-lasting battery materials surges across electric vehicles, energy storage systems, and consumer electronics. Market trends highlight the increasing reliance on NCM cathode materials due to their high energy density, thermal stability, and extended lifecycle, which are critical for supporting the global shift toward electrification and renewable energy integration. These advancements are expanding market size and strengthening overall market share worldwide.

By type, the NCM622 segment holds the largest market share due to its optimal balance of energy density, safety, and cost-effectiveness, making it widely adopted in electric vehicles and energy storage applications. The NCM811 segment is emerging as the fastest-growing category, driven by higher nickel content that delivers superior energy density and longer battery life, meeting the rising performance demands of next-generation electric mobility and advanced storage solutions. Other types continue to serve niche applications while supporting overall market diversification.

In terms of application, the New Energy Vehicles segment dominates the market share as electric vehicles increasingly rely on NCM-based batteries for enhanced driving range, safety, and efficiency. The Energy Storage segment is witnessing rapid growth, fueled by the global expansion of renewable energy installations, grid storage projects, and residential battery systems. The Consumer Electronics segment also contributes to market expansion, highlighting the versatility of NCM materials in portable electronics, power tools, and high-performance gadgets.

The market forecast indicates sustained growth driven by technological innovations in cathode materials, rising adoption of electric mobility, and expansion of renewable energy infrastructure. Advancements in high-nickel NCM chemistries, cost-effective production methods, and improved battery recycling processes are expected to further propel market growth. As industries prioritize energy efficiency, safety, and high-performance materials, the Battery Grade Nickel Cobalt Lithium Manganese Oxide Market is poised to expand its market share and remain a cornerstone of global energy storage and electric vehicle technologies.

by Type

• NCM622
• NCM811
• Others

by Application

• New Energy Vehicles
• Energy Storage
• Consumer Electronics

By Company

Nichia Chemical, Mitsubishi Chemical, L & F, Umicore, Beijing Easpring Material Technology, Guizhou Zhenhua E-chem, Ningbo Jinhe New Material Technology, Ningbo Shanshan, Chengdu B&M Science and Technology, Xiamen Tungsten, Ningbo Ronbay New Energy Technology

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