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The global cathode active materials market was valued at USD 22.01 billion in 2022, increasing at a CAGR of 6.30% from 2022 to 2032 and anticipated to reach USD 40.56 billion by 2032. North America is expected to grow the fastest during the forecast period. Moreover, the expanding urbanization, accelerating demand for batteries, along with the presence of a well-established automotive sector are expected to drive the market growth during the forecast period.
Cathode active materials are the main components dictating the distinctions in composition while building positive electrodes for battery cells. The cathode materials are comprised of nickel, manganese, and cobalt in the crystal structure forming a multi-metal oxide material to which Lithium is added. This family of batteries contains different products that cater to various user requirements for high energy density and load capacity. Also, an anode is a positively charged electrode via which the conventional current enters into a polarized electrical device. . Cathode materials are widely used in lithium-ion batteries in the automotive industry, energy storage systems, power tools, and customer electronics. Cathode materials are traditionally energy-limiting or voltage-limiting electrodes and include lithium nickel cobalt aluminum oxide, lithium manganese oxide, lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt oxide, oxyhydroxide, graphite cathode, lead dioxide, and sodium iron phosphate.
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The increasing need for battery storage systems: The growing demand for battery energy systems and shifting preference from fuel energy to battery energy is one of the driving factors of the market growth. Further, the rising usage of batteries in customer electronic products, increasing utilization of energy storage applications, along with the rising use of rechargeable & lightweight batteries in devices such as smartphones and laptops are expected to propel the market growth during the forecast period. Additionally, the increasing adoption rate of renewable energy generators like solar photovoltaic panels & wind turbines has increased the demand for energy storage.
The lack of raw material availability and safety issues: The stringent safety regulations for batteries via storage & transportation and unfavorable situations arising from the COVID-19 outbreak are restraining factors of the market growth. Moreover, the lack of raw materials, issues related to the safety of batteries, concerns regarding safety and reliability, and high costs are also hampering the market growth during the forecast period. Additionally, cobalt is a scarce mineral that is found in the negatively charged electrode or cathode in almost all lithium-ion batteries. Cobalt is heavy & associated with unethical mining practices, volatile prices, and a fragile global supply chain.
The increasing penetration of electric vehicles: The rising penetration of electric vehicles across the globe is anticipated to escalate the demand for electric vehicle batteries. Further, the rising fuel cost & government initiatives across various geographies to increase awareness about EVs are also helping to boost the market growth. Moreover, the growing investments aimed at weaning car consumers away from fossil fuels & meeting increasingly stringent decarbonization targets are expected to propel the market growth. However, the strategic partnerships between battery makers, e-mobility providers, and energy suppliers are also helping to stimulate market growth during the forecast period.
The regions analyzed for the market include Europe, South America, Asia Pacific, North America, the Middle East, and Africa. Asia Pacific emerged as the largest global cathode active materials market, with a 47.34% market revenue share in 2022. Asia Pacific dominates the cathode active materials market due to the rising demand for lithium-ion batteries across various worldwide industries. Moreover, the growing battery use and demand for battery energy systems in nations such as South Korea, China, India, and others are helping to propel the market growth in this region. Additionally, the presence of end-use industries such as automotive and consumer electronics are expected to drive the market growth. Further, the growing projects and aggressive investments by countries like India and China in renewable energy are stimulating market growth during the forecast period in this region. North America is expected to grow the fastest during the forecast period due to the increasing demand for customer electronics. Furthermore, the rising disposable income, and increasing use of lithium-ion batteries in energy storage systems, coupled with a growing population, are stimulating market growth over the forecast period in this region. Additionally, the ongoing transition from conventional to alternative energy sources and the rising demand for energy conservation propel the market growth in this region.
Asia Pacific Region Cathode Active Materials Market Share in 2022 - 47.34%
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The battery type segment is divided into lithium-ion, lead acid, and others. The lithium-ion segment dominated, with a market share of around 37.11% in 2022. This growth is attributed to the increasing renewable energy sector. Moreover, the growing demand for mobile phones, laptops, digital cameras, and other electronic devices is also helping to boost the segment’s market growth. Additionally, lithium-ion batteries are used in numerous industrial applications like agricultural machinery, power tools, cordless tools, industrial automation systems, aviation, marine equipment and machinery, military and defense, electronics, civil infrastructure, and oil and gas. Further, by 2032, the lead acid segment will likely dominate the market due to the increasing research and development activities.
The type segment is divided into nickel manganese cobalt (NMC), lithium cobalt oxide (LCO), lithium manganese oxide (LMO), lithium iron phosphate (LFP), and nickel cobalt aluminum oxide (NCA). In 2022, the lithium cobalt oxide (LCO) segment dominated the market with the largest market share of 29.14% and market revenue of 6.41 billion. This growth is attributed to the significant investment in the R&D of battery production. Also, lithium cobalt oxide, also called lithium cobaltite or lithium cobaltate, is a dark blue or bluish-gray crystalline solid. Lithium cobalt oxide is commonly used in the positive electrodes of lithium-ion batteries. Further, by 2032, the lithium iron phosphate (LFP) segment will likely dominate the market due to the increasing focus on energy storage technologies. Moreover, the rising use of lithium iron phosphate batteries in electric vehicles due to their unique properties, like enhanced energy efficiency, high power, long life cycle, and energy density, is also helping to boost the segment’s market growth. Further, lithium iron phosphate (LFP) is a popular, cost-effective cathode material for lithium-ion cells that are known to deliver excellent protection and a long life span, which makes it especially well-suited for specialty battery applications requiring high load currents & endurance. Lithium iron phosphate battery is widely utilized in stationary & portable energy storage.
The end-user segment is divided into power tools, electronics, automotive, electric vehicles, and energy storage systems. In 2022, the automotive segment dominated the market, accounting for around 27.16% of global revenue. This growth is attributed to the increasing sales of passenger cars and commercial vehicles. Further, by 2032, the electric vehicle segment will likely dominate the market due to the increased sales of electric vehicles. Also, electric vehicle batteries are made up of combustible elements such as Lithium, manganese, and polymers.
Some of the Key Market Players:
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 22.01 Billion |
| Market size value in 2032 | USD 40.56 Billion |
| CAGR (2023 to 2032) | 6.30% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Regional Segments | The key regions are North America, South America, Europe, Asia Pacific, and Middle East & Africa. |
| Segments | Key Segments are battery type, type, end-user, and regions |
Asia Pacific region emerged as the largest market for cathode active materials.
The market's growth will be influenced by the surging adoption of electric vehicles.
The lack of raw material availability could hamper the market growth.
The increasing technological advancements in lithium-ion battery cathode materials will provide enormous opportunities for the market.
Key players Umicore N.V., 3M Company, Johnson Matthey plc - Kureha Corporation, BASF SE, Mitsubishi Chemical Corporation, LG Chem Ltd., Mitsui Mining & Smelting Co., Ltd., Mitsubishi Chemical Corporation
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis By Battery Type
4.3.2. Market Attractiveness Analysis By Type
4.3.3. Market Attractiveness Analysis By End-User
4.3.4. Market Attractiveness Analysis By Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. The increasing investments in the renewable energy sector
5.2.2. The increasing demand for industrial energy storage systems
5.2.3. The increasing use of industrial robots
5.3. Restraints
5.3.1. The inadequate charging infrastructure
5.3.2. The lack of raw material availability
5.4. Opportunities
5.4.1. The increasing technological advancements in lithium-ion battery cathode materials
5.4.2. The increasing penetration of electric vehicles
6. Global Cathode Active Materials Market Analysis and Forecast, By Battery Type
6.1. Segment Overview
6.2. Lithium-Ion
6.3. Lead Acid
6.4. Others
7. Global Cathode Active Materials Market Analysis and Forecast, By Type
7.1. Segment Overview
7.2. Nickel Manganese Cobalt (NMC)
7.3. Lithium Cobalt Oxide (LCO)
7.4. Lithium Manganese Oxide (LMO)
7.5. Lithium Iron Phosphate (LFP)
7.6. Nickel Cobalt Aluminum Oxide (NCA)
8. Global Cathode Active Materials Market Analysis and Forecast, By End-User
8.1. Segment Overview
8.2. Power Tools
8.3. Electronics
8.4. Automotive
8.5. Electric Vehicle
8.6. Energy Storage Systems
9. Global Cathode Active Materials Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.5. South America
9.5.1. Brazil
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
10. Global Cathode Active Materials Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in Global Cathode Active Materials Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Product Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. Umicore N.V.
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company Product Portfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. 3M Company
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company Product Portfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. Johnson Matthey plc - Kureha Corporation
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company Product Portfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. BASF SE
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company Product Portfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. Mitsubishi Chemical Corporation
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company Product Portfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. LG Chem Ltd.
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company Product Portfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. Mitsui Mining & Smelting Co., Ltd.
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company Product Portfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. Mitsubishi Chemical Corporation
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company Product Portfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Nichia Corporation
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company Product Portfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
11.10. NEI Corporation
11.10.1. Business Overview
11.10.2. Company Snapshot
11.10.3. Company Market Share Analysis
11.10.4. Company Product Portfolio
11.10.5. Recent Developments
11.10.6. SWOT Analysis
11.11. Sumitomo Metal Mining Co., Ltd.
11.11.1. Business Overview
11.11.2. Company Snapshot
11.11.3. Company Market Share Analysis
11.11.4. Company Product Portfolio
11.11.5. Recent Developments
11.11.6. SWOT Analysis
11.12. POSCO
11.12.1. Business Overview
11.12.2. Company Snapshot
11.12.3. Company Market Share Analysis
11.12.4. Company Product Portfolio
11.12.5. Recent Developments
11.12.6. SWOT Analysis
11.13. Targray Technology International, Inc.
11.13.1. Business Overview
11.13.2. Company Snapshot
11.13.3. Company Market Share Analysis
11.13.4. Company Product Portfolio
11.13.5. Recent Developments
11.13.6. SWOT Analysis
11.14. SHOWA DENKO K.K.
11.14.1. Business Overview
11.14.2. Company Snapshot
11.14.3. Company Market Share Analysis
11.14.4. Company Product Portfolio
11.14.5. Recent Developments
11.14.6. SWOT Analysis
11.15. TODA KOGYO CORP.
11.15.1. Business Overview
11.15.2. Company Snapshot
11.15.3. Company Market Share Analysis
11.15.4. Company Product Portfolio
11.15.5. Recent Developments
11.15.6. SWOT Analysis
List of Table
1. Global Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
2. Global Lithium-Ion, Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
3. Global Lead Acid, Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
4. Global Others, Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
5. Global Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
6. Global Nickel Manganese Cobalt (NMC), Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
7. Global Lithium Cobalt Oxide (LCO), Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
8. Global Nickel Manganese Cobalt (NMC), Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
9. Global Lithium Manganese Oxide (LMO), Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
10. Global Lithium Iron Phosphate (LFP), Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
11. Global Nickel Cobalt Aluminum Oxide (NCA), Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
12. Global Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
13. Global Power Tools, Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
14. Global Electronics, Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
15. Global Automotive, Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
16. Global Electric Vehicle, Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
17. Global Energy Storage Systems, Cathode Active Materials Market, By Region, 2019-2032 (USD Billion)
18. North America Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
19. North America Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
20. North America Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
21. U.S. Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
22. U.S. Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
23. U.S. Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
24. Canada Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
25. Canada Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
26. Canada Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
27. Mexico Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
28. Mexico Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
29. Mexico Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
30. Europe Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
31. Europe Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
32. Europe Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
33. Germany Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
34. Germany Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
35. Germany Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
36. France Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
37. France Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
38. France Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
39. U.K. Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
40. U.K. Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
41. U.K. Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
42. Italy Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
43. Italy Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
44. Italy Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
45. Spain Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
46. Spain Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
47. Spain Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
48. Asia Pacific Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
49. Asia Pacific Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
50. Asia Pacific Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
51. Japan Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
52. Japan Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
53. Japan Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
54. China Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
55. China Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
56. China Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
57. India Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
58. India Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
59. India Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
60. South America Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
61. South America Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
62. South America Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
63. Brazil Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
64. Brazil Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
65. Brazil Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
66. Middle East and Africa Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
67. Middle East and Africa Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
68. Middle East and Africa Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
69. UAE Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
70. UAE Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
71. UAE Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
72. South Africa Cathode Active Materials Market, By Battery Type, 2019-2032 (USD Billion)
73. South Africa Cathode Active Materials Market, By Type, 2019-2032 (USD Billion)
74. South Africa Cathode Active Materials Market, By End-User, 2019-2032 (USD Billion)
List of Figures
1. Global Cathode Active Materials Market Segmentation
2. Global Cathode Active Materials Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top- Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Cathode Active Materials Market Attractiveness Analysis By Battery Type
9. Global Cathode Active Materials Market Attractiveness Analysis By Type
10. Global Cathode Active Materials Market Attractiveness Analysis By End-User
11. Global Cathode Active Materials Market Attractiveness Analysis By Region
12. Global Cathode Active Materials Market: Dynamics
13. Global Cathode Active Materials Market Share By Battery Type (2023 & 2032)
14. Global Cathode Active Materials Market Share By Type (2023 & 2032)
15. Global Cathode Active Materials Market Share By End-User (2023 & 2032)
16. Global Cathode Active Materials Market Share By Regions (2023 & 2032)
17. Global Cathode Active Materials Market Share By Company (2022)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global cathode active materials based on below mentioned segments:
Global Cathode Active Materials Market by Battery Type:
Global Cathode Active Materials Market by Type:
Global Cathode Active Materials Market by End-User:
Global Cathode Active Materials by Region:
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