Increasing demand for automobiles, portable devices, and energy storage systems (ESS) are the key drivers boosting the demand for cathode material in the global market. The Global Cathode Material market was valued at USD 17.41 billion in 2019, and is projected to reach USD 25.03 billion by 2027, at a CAGR of 10.21% over the forecast period (2020 to 2027) according to QuantAlign Research.
By Battery, the lead-acid segment dominated the Cathode Material Market in 2019, owing to its low per watt cost
By Material, the lead dioxide segment accounted for the largest share of the Cathode Material Market, in terms of value, in 2019. The NMC segment’s is expected to witness highest CAGR over the forecast period
By Application, consumer electronics have emerged as the largest segment of the Global Cathode Material Market in 2019.
Regionally, Asia-Pacific is accounted to hold the largest market share of the Global Cathode Material market in 2019 and is the fastest-growing market for cathode materials globally.
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On the basis of battery, the Cathode Material Market is segmented into lithium-ion, lead-acid and others. Demand for Lithium-ion batteries is expected to rise at the highest CAGR during the forecast period (2020 to 2027). Having high energy density, power rate and longer life cycle, lithium ion batteries is being widely adopted across the automotive industry owing to growing focus on EVs, hybrid vehicles globally. The legislation across the globe working towards reducing carbon footprint further creates ample opportunities for lithium ion battery adoption in the global market.
On the basis of Material, the Cathode Material Market is segmented into Lead Dioxide, Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), Lithium Nickel Manganese Cobalt Oxide (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA) and Others. “NMC” segment is projected to witness the highest CAGR between 2020 and 2027 due to its increasing usage in smartphones, notebooks, EVs and PHEVs owing to enhanced properties.
On the basis of region, the Cathode Material Market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, Central & South America. Asia-Pacific represents the largest region for Cathode Material Market in 2019. Countries such as Japan, South Korea and China represent key electronics market, and is at the forefront in the development of new hybrid and electric vehicles, driving the growth of Cathode Material Market in the region. North America is the second-largest market for cathode materials. Presence of major automotive players focusing on building sustainable and greener automotive industry drives the demand for cathode material in the region.
Key players operating in the market include: Mitsubishi Chemical Holdings, Umicore, POSCO, 3M, Hitachi Chemical, Kureha, Toda Kogyo, BASF SE, Advanced Lithium Electrochemistry Co., Ltd., Pulead Technology Industry Co., Sumitomo Corporation are among others.
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