Cathode Materials Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 6.00 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Cathode Materials Market Analysis
The Cathode Material Market is expected to grow at a CAGR of more than 6% globally during the forecast period.
The market was negatively impacted by COVID-19 as all the industries put their manufacturing processes on halt. The unfavorable conditions arising from the pandemic resulted in low demand for lithium-ion batteries, which resulted in the negative growth of the cathode materials market during the forecast period. However, the market is anticipated to retain its growth trajectory in 2022 due to the resumed production processes of all industries.
- The growing product application in the automotive and electronic sectors has been driving market growth.
- The stringent safety regulations for batteries through storage and transportation are restraints for the market's growth.
- The evolving research and technological advancement in cathode material and efficient electrolytes, which could enhance their overall performance in terms of stability, charge density, and durability, offer great opportunities for the anti-ice coating market over the next five years.
- Asia-Pacific region dominates the market, owing to the growing application of cathode material in the automotive industry, which augments the demand for cathode material.
Cathode Materials Market Trends
Automotive Industry to Dominate the Market
- The automotive sector dominates due to the extensive consumption of cathode material in vehicle batteries. Increasing fuel demand and reduced Li-ion battery prices have encouraged automobile manufacturers to invest more in electric vehicles.
- According to OICA, in 2021, global vehicle production reached 80.2 million units, an increase of 3% from the previous year's production of 77.6 million units. In 2022, automotive production increased by 6%, reaching 85.01 million units. The increasing production of vehicles owing to the growing need from consumers is the key factor for driving the market growth.
- In Canada, three new lithium projects in Quebec are expected to start production in 2023, with a combined production of over 50,000 tonnes of LCE. The reopening of the Whabouchi mine in Quebec is expected to add production of 52,500 tonnes a year from 2025
- Lithium is a lightweight metal used in the cathodes of lithium-ion batteries, which electric power vehicles. The global plug-in light-duty E.V. sales rose to 6.5 million units in 2022. They are expected to be 10.5 million units in 2025, up from an estimated 6 million units in 2021 and 3.1 million units in 2020.
- According to the U.S. Geological Survey (USGS), the estimated global mine production of lithium in 2022 was approximately 30,000 tonnes of contained lithium (excluding the USA), up 21.5% from 2021 (107,000 tonnes).
- Initiatives beneath Clean Energy Ministerial (CEM), like the electric vehicle initiative and shifting preference from fuel energy to battery energy due to CO2 emission regulations, will likely drive the consumption of cathode material shortly.
- Asia-Pacific has been registering strong growth in the utilization of cathode material in consumer electronics, renewable energy, and the automotive industry, which is expected to drive the market over the forecast period.
- All the factors above are expected to drive the cathode material market during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region stands to be the governing market for cathode material. Factors such as the growing need for energy, high demand for battery energy systems, and increasing battery consumers in countries like China, India, South Korea, Japan, and Vietnam are expected to propel the market growth.
- The increasing application of batteries in many industries, including automotive, consumer electronics, power tools, and energy system storage, is expected to propel the demand for cathode materials. The increasing adoption of electric vehicles in countries like China is also expected to contribute to the demand for cathode material.
- Li-ion batteries are deployed in a wide range of energy-storage applications, ranging from energy-type to multi-megawatt containerized batteries. By 2027, India aims to have 275 GW of total wind and solar capacity, 72 GW hydro, and 15 GW of nuclear. Renewable energy's installed capacity share is forecast to rise to 43% by 2027. With the growing renewable sector, the demand for energy storage systems is increasing, which helps the market for cathode material to grow.
- Beneficial attributes of lithium-ion batteries like high energy density, discharge capabilities, fast charge, and a growing market for smart devices and other consumer electronics in countries like China, India, and Vietnam.
- Furthermore, growing projects and aggressive investments by countries like China and India in renewable energy are expected to drive the cathode material market in the region.
- Hence, all such market trends are expected to drive the demand for the cathode material market in the region during the forecast period.
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Cathode Materials Industry Overview
The global cathode material market is fragmented in nature with a number of players operating in the market. Some of the major companies are Johnson Matthey, Sumitomo Metal Mining Co. Ltd, Targray Technology International, BASF SE and Umicore amongst others.
Cathode Materials Market Leaders
Sumitomo Metal Mining Co. Ltd
Targray Technology International
*Disclaimer: Major Players sorted in no particular order
Cathode Materials Market News
- September 2022: EXIDE INDUSTRIES LIMITED inaugurated construction of a multi-gigawatt hour lithium-ion cell manufacturing facility in Bengaluru under its subsidiary, Exide Energy Solutions Limited (EESL).
- November 2022: The Toshiba Corporation entered into a joint development agreement (JDA) with Sojitz Corporation, and CBMM to commercialize the next-generation lithium-ion batteries using niobium titanium oxide for anode material.
Cathode Materials Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing demand from Automotive and Electronic Sector
4.1.2 Other Drivers
4.2.1 Safety Issues with Transportation and Storage
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Battery Type
5.1.3 Other Battery Types
5.2.1 Lithium Iron Phosphate
5.2.2 Lithium Cobalt Oxide
5.2.3 Lithium-Nickel Manganese Cobalt
5.2.4 Lithium Manganese Oxide
5.2.5 Lithium Nickel Cobalt Aluminium Oxide
5.2.6 Lead Dioxide
5.2.7 Other Materials (Sodium Iron Phosphate, Oxyhydroxide, and Graphite)
5.3.2 Consumer Electronics
5.3.3 Power Tools
5.3.4 Energy Storage
5.3.5 Other Applications
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.4.4 Rest of the World
188.8.131.52 South America
184.108.40.206 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 BASF SE
6.4.3 Hitachi Chemical Co., Ltd
6.4.4 Johnson Matthey
6.4.5 LG Chem
6.4.6 Mitsubishi Chemical Corporation
6.4.7 Mitsui Mining & Smelting Co., Ltd
6.4.9 Sumitomo Metal Mining Co. Ltd
6.4.10 Targray Technology International
6.4.11 TODA KOGYO CORP.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Advancement in Cathode Material and Efficient Electrolyte
7.2 Other Opportunities
Cathode Materials Market Research FAQs
What is the current Cathode Material Market size?
The Cathode Material Market is projected to register a CAGR of greater than 6% during the forecast period (2023-2028).
Who are the key players in Cathode Material Market?
Johnson Matthey, Sumitomo Metal Mining Co. Ltd, Targray Technology International, BASF SE and Umicore are the major companies operating in the Cathode Material Market.
Which is the fastest growing region in Cathode Material Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Cathode Material Market?
In 2023, the Asia Pacific accounts for the largest market share in the Cathode Material Market.
Cathode Materials Industry Report
Statistics for the 2023 Cathode Materials market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cathode Materials analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.