The Cathode Materials Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cathode Materials Global Market Report 2024, The cathode materials market size has grown strongly in recent years. It will grow from $20.27 billion in 2023 to $21.86 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to consumer electronics boom, electric vehicles adoption, energy storage systems, government initiatives and subsidies, increased industrial applications.
The cathode materials market size is expected to see strong growth in the next few years. It will grow to $29.72 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to electric vehicle market expansion, energy storage growth, renewable energy transition, smart grid development, government regulations, circular economy initiatives. Major trends in the forecast period include cobalt reduction and substitution, solid-state batteries, sustainability and recycling, strategic investments in capacity expansion, integration of artificial intelligence.
The growing usage of batteries in electric vehicles is expected to propel the growth of the cathode materials market going forward. Electric vehicles refer to vehicles that are either partially or fully run on electricity. Cathode materials are used in Li-ion batteries in electric vehicles to generate electricity through chemical reactions. For instance, according to Power-Technology, a US-based journal which provides information on the global energy industry, there was an increase in the sale of electric vehicles by 160% in the first half of 2021, which stood at 2.6 million units. In addition, China remained the world’s top EV market, with 1.1 million vehicles sold in the first half of 2021, accounting for 12% of sales. Therefore, increasing usage of electric vehicles is driving the cathode materials market growth.
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The cathode materials market covered in this report is segmented –
1) By Material: Lithium Cobalt Oxide or Lithium Cobaltate, Lithium Manganese Oxide or Spinel or Lithium Manganate, Lithium Iron Phosphate or Lithium Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide, Sulfur Cathodes, Sodium Cobalt Oxide, Other Materials
2) By Battery Type: Lead-Acid, Lithium-Ion, Other Battery Types
3) By Application: Portable Gadgets, Medical Devices (Cardiac Pacemakers, Implantable Cardiac Defibrillators (ICDs), and Others), Power Tools, Wireless Peripherals or Cordless Devices, Power Storage Systems, Other Applications
Major companies operating in the cathode materials market are focused on introducing advanced solutions, such as cathode materials based on sodium manganese oxide (NMO), to gain a competitive edge in the market. Cathode material based on sodium manganese oxide (NMO) is a novel material used in sodium-ion batteries that provides an alternative to traditional lithium-based cathodes. For instance, in November 2023, IBU-tec Advance Materials, a Germany-based chemicals industry company, launched IBUvolt sodium manganese oxide (NMO). IBUvolt sodium manganese oxide (NMO) is a cathode material that is considered a safe and efficient option for use in modern batteries due to its non-hazardous and non-toxic ingredients. It is used in various applications, such as electromobility and stationary energy storage systems.
The cathode materials market report table of contents includes:
1. Executive Summary
2. Cathode Materials Market Characteristics
3. Cathode Materials Market Trends And Strategies
4. Cathode Materials Market – Macro Economic Scenario
…
32. Global Cathode Materials Market Competitive Benchmarking
33. Global Cathode Materials Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cathode Materials Market
35. Cathode Materials Market Future Outlook and Potential Analysis
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