Global Cathode Materials Market Report and Forecast 2023-2028

Global Cathode Materials Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global cathode materials market reached a value of USD 24.10 billion in 2022. Aided by the escalating demand for electric vehicles and the growing applications of cathode materials in various sectors, the market is projected to further grow at a CAGR of 8.33% between 2023 and 2028 to reach a value of USD 48.60 billion by 2028.

Cathode materials are a critical component in the manufacture of batteries and supercapacitors. They are responsible for the generation of electric currents in a battery by providing the positive electrode. These materials are indispensable in industries such as automotive, electronics, energy storage and power generation due to their unique electrical properties.

The escalating demand for electric vehicles (EVs) is a significant driver for the global cathode materials market growth. The rising environmental consciousness and favourable government policies are stimulating the swift shift towards electric mobility. This trend is leading to an increased demand for lithium-ion batteries, where cathode materials such as lithium cobalt oxide, lithium iron phosphate, and others play a crucial role.

In addition to the EV market, the rising consumption of portable electronics is also boosting the cathode materials market demand. With the growing dependence on smartphones, laptops, and other personal electronic devices, the need for high-performance batteries with longer lifetimes has surged, bolstering the market demand.

The energy storage sector's expansion, particularly in renewable energy applications, also significantly contributes to the cathode materials market growth. Cathode materials are crucial in the production of batteries used in energy storage systems. As nations worldwide strive to increase their renewable energy production, the demand for efficient and long-lasting energy storage solutions has soared, thereby enhancing the demand for cathode materials.

Moreover, advancements in battery technology have led to the development of high-energy-density cathode materials. These materials are crucial in meeting the rising demand for improved energy storage and power supply in various applications. This ongoing innovation in battery technology propels the cathode materials market expansion.

Market Segmentation

The market can be divided based on material, battery type, end-use, and region.

Market Breakup by Material

• Li-ion Cathode Materials

Lithium Iron Phosphate

Lithium Cobalt Oxide

Lithium Nickel Manganese Cobalt

Lithium Nickel Cobalt Aluminium

Lithium Manganese Oxide

• Lead Dioxide Cathode Materials
• Others

Market Breakup by Battery Type

• Lithium-ion
• Lead Acid
• Others

Market Breakup by End-Use

• Automotive
• Consumer Electronics
• Industrial
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cathode materials companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Umicore NV
• Sumitomo Metal Mining Co., Ltd
• Posco Holdings Inc
• Zhejiang Huayou Cobalt
• Shenzhen Dynanonic Co., Ltd
• LG Chem, Ltd
• Toda Kogyo Group
• L&F Co, Ltd
• Ningbo Shanshan Co., Ltd
• Nichia Corporation
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.