The Global Cathode Materials Market was valued at USD 20.01 billion in 2022 and is predicted to reach USD 28.67 billion by 2028, with a CAGR of 6.45% over the foreseen period 2023-2028.
Market Overview:
The worldwide call for electrified vehicles (EV), including battery electric vehicles (BEV), plug-in hybrid vehicles (PHEV), and hybrid electric vehicles (HEV), has escalated in recent years due to strict CO2 regulations, emissions, as well as government support through policy changes and subsidies. In Europe, North America, and some Asian countries, governments have started offering subsidies related to the manufacture of electric vehicles. This will increase the call for cathodic materials in electric vehicle batteries.
Market Drivers
The adoption of renewable energy-based battery storage systems by various countries to overcome the cost and carbon emissions problems associated with fuel power will boost the worldwide market for cathode materials.
The worldwide market for cathode materials is predicted to experience healthy expansion during the foreseen period. The cathode materials are employed as voltage and energy-limiting electrodes in batteries. The escalating use of batteries in electric vehicles (EVs) and consumer electronics is intended to provide a boost to the market. The market is predicted to benefit from the escalated use of lightweight, rechargeable batteries in modern devices such as smartphones and laptops. Rapid development in commercial vehicles, passenger car, and motorcycle manufacturing is further fueling the call for cathode materials in batteries. Apart from this, the use of energy storage applications is likely to lead to an increase in the consumption of the product during the foreseen period. The use of cathode materials is escalating in personal mobility, industry and robotics, aerospace, and marine applications due to the latest lithium technologies such as gold nanowire batteries that can withstand a long recharge duration. The substantial productivity gain of the electric industrial forklift, electric forklift, and robotic systems is likely to increase the call for cathode materials. For the same battery volume, the built-in lithium-ion battery can triple the autonomy compared to conventional technologies.
Market Restraints
However, strict safety regulations for batteries during storage and transportation are predicted to slow the expansion of the cathode materials market during the foreseen period.
Market Opportunities:
The escalating use of electric vehicles and portable electronic devices is likely to drive the market for cathode materials during the foreseen period due to the use of cathode materials in lithium-ion batteries. The improved compatibility and durability of lithium-ion batteries have led to an increase in the call, which in turn is fueling the call for cathode materials. The automotive industry is likely to drive the call for cathodic materials as automakers have started to focus on electric vehicles and developed and developing countries have taken initiatives for a greener environment and lower CO2 emissions.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
6.45% |
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Segments Covered |
By Battery Type, Material, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Unicore, 3M, Mitsubishi Chemical Holdings, Posco, Johnson Matthey, BASF SE, Sumitomo Corporation, Mitsui Mining & Smelting Company, Showa Denko, Hitachi Chemical Co., Ltd, KUREHA CORPORATION, Sumitomo Corporation, Mitsui Mining & Smelting Co., LTD., SHOWA DENKO K.K., The Dow Chemical Company, NICHIA CORPORATION, TODAKOGYO CORP, NEI Corporation, Nexeon Limited, Toda Kogyo Corp, Nichia Corporation, Sustainable Enterprises Media, Inc., Ube Industries, Pulead Technology Industry, Asahi Kasei Corporation, and Others. |
Market Segmentation:
Depending on the type of battery, the lead-acid segment is predicted to account for the majority of the cathode materials market in 2021. Escalated investment by governments in the automotive industry will drive expansion in the market for cathode materials lead-acid during the foreseen period.
On the basis of material, the lead dioxide segment is predicted to account for the majority of the cathode materials market in 2021. The growing production of passenger cars, commercial vehicles, and two-wheelers, as well as the growing call for industrial energy storage, are predicted to drive the lead dioxide cathode materials market during the foreseen period.
The Cathode Materials Report includes the segmentation of Regions
Asia-Pacific is estimated to account for the majority of the worldwide market for cathode materials in 2021. The main drivers of expansion for the Asia-Pacific cathode materials market include a high call for battery power systems and escalated battery consumers (automobiles, portable devices, and industrial) in Asia-Pacific countries. Market expansion in Asia Pacific countries is also driven by the shift of preference from fuel to battery power due to regulations on CO2 emissions and government support through changes, policies, and subsidies. These have further escalated the call for electrified vehicles, including BEV, PHEV, and HEV. Asia-Pacific accounted for the largest share of the worldwide market for cathode materials in 2021 due to the escalating industrialization of emerging economies such as India, China, and Thailand.
China is predicted to fuel the call for cathodic materials with government support, a strong manufacturing base, and growing investment from auto giants in the production of electric vehicles. These factors have made the country a major consumer of cathode materials. North America is another prominent region for cathode materials due to technological advancements in the aerospace, automotive, and electronics industries for more compatible devices such as drones and aircraft. Furthermore, the escalating production of light, electric, and hybrid vehicles in the automotive industry is likely to drive market expansion during the period considered. The European market for cathode materials is predicted to grow due to the call from the automotive industry for light and fuel-efficient vehicles. The growing awareness of emission-free cars is predicted to be the main driver of market expansion in the region.
The battery industry has grown at a high pace in the past two decades, supported by the escalating power call of modern portable customer electronics, electric vehicles, and the escalating adoption of intermittent renewable power generation. With the rise of the COVID-19 endemic, there is a sharp pullback in economic activity owing to compulsory lockdowns and other containment measures. According to the IMF World Economic Outlook published in June 2020, the world economy is set to post a -4.9% GDP growth rate in 2020.
Market Key Players:
The major players covered in the cathode materials market report are
Frequently Asked Questions
The Global Cathode Materials Market is expected to grow with a CAGR of 6.45% between 2023-2028.
The Global Cathode Materials Market size is expected to reach a revised size of US$ 28.67 billion by 2028.
Unicore, 3M, and Mitsubishi Chemical Holdings are the three Cathode Materials Market key players.
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