Ternary Cathode NCM Material Market Share Driven by Electric Vehicle Expansion and Energy Storage Adoption | Valuates Reports

Ternary Cathode NCM Material Market Size
The global market for Ternary Cathode NCM Material was valued at US$ 9156 million in the year 2024 and is projected to reach a revised size of US$ 28650 million by 2031, growing at a CAGR of 20.2% during the forecast period.

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The Ternary Cathode NCM Material Market is experiencing sustained market growth as lithium-ion batteries become central to electric mobility, energy storage systems, and portable electronics. Key market trends influencing market size include rapid electrification of transportation, increasing emphasis on battery energy density and stability, and continuous optimization of cathode chemistries by manufacturers. As battery producers seek a balance between performance, safety, and cost, NCM materials remain a core solution, reinforcing steady market growth across multiple downstream industries.

By type, NCM523 currently holds a significant market share due to its balanced composition that supports stable performance and broad applicability in commercial battery production. NCM811 is expanding at the fastest pace as manufacturers prioritize higher nickel content to improve energy density and extend battery range, particularly in advanced power batteries. NCM333 and NCM622 continue to serve important roles in applications where safety, lifecycle stability, and cost control are key considerations, supporting a diversified market structure.

From an application perspective, new energy power batteries dominate the market, reflecting strong demand from electric vehicles and electrified transportation systems. This segment also demonstrates the strongest market growth as vehicle manufacturers accelerate battery upgrades. Energy storage batteries are gaining momentum as grid-scale and industrial storage projects expand, while 3C digital product batteries maintain consistent demand, contributing steadily to overall market size.

The competitive landscape features established material suppliers such as Sumitomo Metal Mining, NICHIA CORPORATION, RONBAY TECHNOLOGY, Beijing Easpring Material Technology, Ningbo Shanshan, Guizhou Zhenhua E-Chem, GEM, Tianjin B&M Science and Technology, MINMETALS New Energy Materials, and XTC New Energy Materials. These companies strengthen their market share through advanced material engineering, long-term partnerships with battery manufacturers, scalable production capabilities, and continuous improvements in consistency and quality of NCM cathode materials.

Regionally, Asia-Pacific dominates the Ternary Cathode NCM Material Market, driven by strong battery manufacturing ecosystems in China, Japan, South Korea, and Taiwan. China remains a key production and consumption hub, while Japan contributes through advanced material technology and process expertise. Europe and North America continue to expand their market share, supported by electric vehicle adoption and localized battery supply chain development. The market forecast remains positive, driven by ongoing cathode innovation, capacity expansion, and sustained market growth linked to global electrification and energy storage deployment.

by Type

• NCM333
• NCM523
• NCM622
• NCM811

by Application

• New Energy Power Battery
• 3C Digital Product Battery
• Energy Storage Battery

By Company

Sumitomo Metal Mining Co, NICHIA CORPORATION, MINMETALS NEW ENERGY MATERIALS(HUNAN)CO.,LTD, RONBAY TECHNOLOGY, Beijing Easpring Material Technology Co., Ltd, Guizhou Zhenhua E-Chem Inc, Ningbo Shanshan Co., Ltd, XTC NEW ENERGY MATERIALS(XIAMEN) CO.,LTD, Tianjin B&M Science and Technologs Co..Ltd, GEM Co., Ltd

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