New York, May 10, 2023 (GLOBE NEWSWIRE) -- In 2022, the Global Cathode Material Market was valued at USD 21.0 Billion and is expected to reach USD 50.4 Billion in 2032. This market is estimated to register the highest CAGR of 9.4% between 2023 and 2032.
Cathode materials are important elements in the composition of positive electrodes in battery cell manufacturing. The cathode materials include many elements like manganese, nickel, and cobalt. These cathode materials are used in manufacturing motors, transformers, and generators across various end-use industries. Various components in the electrical industry, like insulating materials, laminated cores, and wire windings, requires cathode material.
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Key Takeaway:
- By Battery type, lead acid batteries lead the market with a major revenue share in the account.
- By Material, lead dioxide dominates the segment.
- By End-use, the automotive sector mostly uses cathode material in batteries.
- Asia Pacific held a major revenue share of 33.4% in 2022.
- North America is anticipated to grow at a significant CAGR during the forecast period.
The increasing demand for batteries in the industries is also increasing the demand for cathode material in the market. Moreover, the rising awareness among individuals for 0 emission vehicles like electric vehicles has significantly raised the demand for cathode material. With the increasing demand for electric vehicles from individuals across the world, the cathode market is expected to experience significant growth in the upcoming period.
Factors Affecting the Growth of the Cathode Material Market
Several factors can affect the growth of the cathode material market. Some of these factors include:
- Rising Environmental Awareness: the increasing environmental awareness among individuals to adopt eco-friendly solutions is boosting the growth of the cathode material market. Individuals are highly adopting electric vehicles to avoid environmental damage and reduce pollution. This is boosting the growth of the cathode material market.
- Increasing Demand from Automotive Industry: with the rising demand for electric vehicles, the demand for cathode material has risen significantly in the automotive industry for its application in batteries. The high usage of cathode material in EV batteries has boosted the demand for cathode material in the automotive industry.
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Top Trends in Global Cathode Material Market
The rising awareness of the environment is positively affecting the cathode material market. The ongoing trend of eco-friendly products among individuals is boosting the growth of the cathode material market. Individuals across the world are highly inclined towards the adoption of eco-friendly products like electric vehicles. Industries are also opting for renewable energy storage. With the increased use of EVs and renewable energy storage, the demand for cathode material has risen significantly in the market. This is expected to boost the growth of the cathode material market over the forecast period.
Market Growth
The demand for cathode material has risen significantly in the automotive industry for its application in batteries. The high usage of cathode material in EV batteries has boosted the demand for cathode material in the automotive industry. Also, the increasing environmental awareness among individuals to adopt eco-friendly solutions is boosting the growth of the cathode material market. The governments of many countries across the world have introduced various schemes and subsidies to promote the use of renewable resources among individuals. This is boosting the growth of the cathode material market.
Regional Analysis
Asia Pacific region leads the cathode material market by accounting for a major revenue share of 33.4%. The growth of the Asia Pacific region is attributed to the presence of countries like Japan, China, India, Taiwan, and South Korea. The increasing demand for electric vehicles and energy storage systems in these countries is boosting the growth of the Asia Pacific region in the global cathode material market. After Asia Pacific, North America covers the second biggest share in the global cathode material market. The presence of advanced infrastructure and increasing investments in the automotive sector are driving the growth of North America in the cathode material market.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. The cathode material market is fragmented into many companies offering the cathode material. The key companies in the market are adopting various strategies like mergers, acquisitions, partnerships, and collaborations to expand their market share and strengthen their position in the market. Some of the major players include Umicore, Johnson Matthey, LG Chem, BASF SE, Sumitomo Metal Mining Co. Ltd, Targray Technology International, NEI Corporation, Nichia Corporation, POSCO Chemical, Hitachi Chemical Co. Ltd, and other key players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 21.0 billion |
| Market Size (2032) | USD 50.4 billion |
| CAGR (from 2023 to 2032) | 9.4% from 2023 to 2032 |
| Asia Pacific Revenue Share | 33.4% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The adoption of renewable energy battery storage across various industries has positively affected the cathode material market. The advantages of renewable energy battery storage, like low carbon emission and low cost, attract enterprises to adopt renewable energy battery storage in their industries. These factors are driving the growth of the cathode material market. Moreover, the increased demand for various electric vehicles like HEVs, and PHEVs across the world are boosting the growth of the cathode material market. The depleting fossil fuel reserves have forced individuals to look for better options for the fuel in their vehicles. Therefore, the benefits of electric vehicles, like 0 emissions and better efficiency, are attracting customers to adopt electric vehicles. This has significantly boosted the demand for the cathode material in the market. With the increasing demand for renewable energy battery storage, the cathode materials market is anticipated to grow significantly in the upcoming period.
Market Restraints
The batteries like lithium-ion batteries and lead acid batteries are made up of different types of chemicals and compounds that are toxic to humans. These chemicals and compounds include various acids and heavy metals, which are harmful to human exposure. Therefore, the batteries require proper storage and transportation according to the provided guidelines; otherwise, they can be very dangerous for individuals. With the rising demand for cathode materials for their application in electric vehicles and renewable energy storage, the safety concerns of batteries are also rising among individuals. These factors are hindering the growth of the global cathode material market.
Market Opportunities
Many countries' governments have introduced various schemes and subsidies to promote and support the growth of renewable resources. This is anticipated to create many opportunities in the cathode material market during the forecast period. Also, cathode materials are highly used in batteries across various industries. The depleting fossil fuel reserves and increasing awareness of renewable energy storage have significantly affected the cathode material market. All these factors are anticipated to create lucrative opportunities over the forecast period.
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Report Segmentation of the Cathode Material Market
Battery Type Insight
Lead acid batteries lead the battery type segment by accounting for a major revenue share in the market. The increasing use of lead acid-based batteries like lead oxide across various applications in the energy storage systems and automotive industry is driving the growth of lead acid batteries in the battery type segment of the cathode materials market. On the other hand, lithium-ion batteries are anticipated to grow significantly during the forecast period. The lithium-ion batteries like lithium cobalt oxide, lithium iron phosphate, and lithium manganese oxide are used in electric vehicles. This rising adoption of EVs in the last few years has boosted the growth of lithium-ion batteries in the market. It is also expected to continue the growth during the forecast period.
Material Insight
Lead dioxide dominates the material segment of the cathode material market. The growth of lead dioxide in the material segment is attributed to the high use of lead dioxide batteries in telecommunication, energy storage, and the automotive industry. In addition, the moderate discharge rate of lead dioxide, as compared to the other materials in the competition, is driving the growth of lead dioxide in the material segment of the cathode material market.
End-Use Insight
The automotive sector dominates the end-use segment by covering the major revenue share in the market. The growth of the automotive sector is due to the increased adoption of electric vehicles across the world in the last few years, which has boosted the automotive sector's growth in the end-use segment of the cathode material market. The cathode material is used in the manufacturing of many batteries, like lithium-ion and lead-acid batteries. These batteries are highly used in electric vehicles for their better efficiency. Therefore, with the increasing use of these batteries in the automotive sector, the cathode material market is growing significantly.
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Market Segmentation
Based on Battery Capacity
- Lithium-Ion
- Lead Acid
- Other Battery Types
Based on Material
- Lithium Cobalt Oxide (LCO)
- Lithium Iron Phosphate (LFP)
- Lead Dioxide
- Oxyhydroxide
- Graphite Cathode
- Other Materials
Based on End-Use
- Consumer Electronics
- Automotive
- Other End-Uses
Based on Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- BASF SE
- Umicore
- LG Chem
- Johnson Matthey
- Targray Technology International
- Sumitomo Metal Mining Co. Ltd
- Nichia Corporation
- NEI Corporation
- POSCO Chemical
- Hitachi Chemical Co. Ltd
- Other Key Players
Recent Development of the Cathode Material Market
- In May 2022, Umicore launched its new R and D center for cathode materials in Cheonan, Korea. The aim of the R&D center is to focus on the development of advanced battery materials.
- In April 2022, POSCO Chemical announced that they had started the construction of their new manufacturing plant, which has a capacity of producing 30,000 tons of high-purity nickel cathodes. This is expected to expand the customer base of the cathode material in the market.
Browse More Related Reports:
- LFP Cathode Material Market was valued at USD 17.05 Bn in 2022 and is projected to increase significantly at a CAGR of 5.6% from 2022 to 2032.
- Solid-State Car Battery Market is projected to reach a valuation of USD 36199.9 Mn by 2031 at a CAGR of 51.7%, from USD 560.9 Mn in 2021.
- Lithium Ion Battery Market was valued at USD 59.8 billion in 2022 and it is expected to reach USD 307.8 billion in 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 18.3%.
- Lithium Market was valued at US$ 5.2 billion in 2022 and is expected to grow around USD 12.0 billion between 2023 and 2032, this market is estimated to register the highest CAGR of 8.9%.
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