New Analysis from Global Industry Analysts Reveals Steady Growth for Cathode Materials, with the Market to Reach $25.5 Billion Worldwide by 2026

SAN FRANCISCO  , July 4, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Cathode Materials - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 9; Released: June 2022
Executive Pool: 3261
Companies: 81 - Players covered include 3M Company; BASF SE; Johnson Matthey plc; Kureha Corporation; LG Chem Ltd.; Mitsubishi Chemical Corporation; Mitsui Mining & Smelting Co., Ltd.; NEI Corporation; POSCO; Showa Denko Materials Co., Ltd.; Sumitomo Metal Mining Co., Ltd.; Targray Technology International, Inc.; TODA KOGYO CORP.; Umicore N.V. and Others.
Coverage: All major geographies and key segments
Segments: Battery Type (Lead-Acid, Lithium-Ion, Other Battery Types)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Cathode Materials estimated at US$17.6 Billion in the year 2022, is projected to reach a revised size of US$25.5 Billion by 2026, growing at a CAGR of 9.2% over the analysis period. Lead-Acid, one of the segments analyzed in the report, is projected to grow at a 5.9% CAGR, while growth in the Lithium-ion segment is readjusted to a revised 13.2% CAGR. Cathode materials comprises of various metals such as lithium cobalt oxide, lithium iron phosphate, and aluminium. Owing to their abilities to streamline electricity generation and storage process, the global market for cathode materials is witnessing a robust growth. The novel materials are widely used nowadays for manufacturing lithium-ion (LIB) and sodium-ion batteries (SIB). Due to their self -discharge, high energy density, and easy to charge features, demand for LIB is witnessing a robust surge. At present, LIB forms an integral component of various electronic accessories such as laptops, smart phones, tablets, and digital cameras. Propelled by increasing environmental concerns, use of LIB in automobiles, locomotives, and ships is exhibiting a robust surge. One of the major advantages associated with using LIB is that they offer eco-friendly and uninterrupted power supply for end users. As a result, the advanced batteries are currently being used as power back in homes, power grids, and telecom towers. Fuelled by promising outlook, manufacturers are now using nickel cobalt manganese, lithium iron phosphate, and cobalt as raw materials for developing LIB. The novel strategy is playing an important role in providing reliable, safe, and easy use solutions for customers.

Consumer electronic devices and equipment, automotive industry, renewable energy sector are all driving demand for batteries, enhancing demand for cathode materials. Significant growth in the demand for Li-ion batteries in several industries such as electronics and automotive is boosting demand for cathode materials. Growing number of eco-friendly policies across the globe have been increasing the demand for electric vehicles (EVs) that need organized energy storage systems, fueling growth in the cathode materials market. The market is expected to witness a moderate growth owing to the increased application of cathode materials across industries and growing investments in the renewable energy sector. The market is also expected to benefit from the growing utilization of lightweight and rechargeable batteries in smart devices. Rapid increase in usage of passenger cars, commercial vehicles and motorcycles is expected to augment the demand for cathode materials in batteries during the forecast period. The automotive industry has also been actively shifting towards usage of sustainable and clean fuel. The demand for EVs including plug-in hybrid vehicles, battery electric vehicles and hybrid electric vehicles has been rising significantly owing to strict regulation on CO2 emissions and support from government in the form of subsidies and policy changes. In regions such as North America, Europe and Asia, the governments have introduced subsidies on manufacturing electric vehicles, which has been adding to the market growth of cathode materials. The adoption of battery storage systems that are based on renewable energy by several countries to reduce carbon emission and overcome high costs is expected to drive the global cathode materials market.

By material, lead dioxide segment accounted for the largest market share. Rise in production of two wheelers, commercial vehicles, and passenger cars in addition to increasing demand for industrial energy storage systems is anticipated to drive the market for lead dioxide cathode materials during the forecast period. Nickel cobalt manganese (NCM) and lithium iron phosphate (LFP) are also expected to hold a significant market share during the analysis period. LFP is cost-effective for Li-ion batteries and offer high safety and long life against high current loads. The shift towards batteries that have high reliability and energy density has been contributing to the demand for nickel cobalt aluminum (NCA) and NCM batteries.

Cobalt accounts for dominant share in the market for Li-ion battery cathode material. The cathode content has 60% of cobalt, which accounts to 50% the weight of the cathode. Cobalt market has been driven due to the demand for batteries from consumer electronics. Lithium cobalt, owing to its high specific energy, is considered to be an excellent material for laptops, digital cameras and mobile phones. The battery has an anode of graphite and a cathode of cobalt oxide. During discharge, the lithium ions pass from anode to cathode, which is layered in structure. The disadvantage with lithium cobalt battery is its extremely short life, lesser capacity to load and less thermal stability. The graphite anode in Li-cobalt restricts the battery's life cycle. Several organic materials such as organosulfur compounds, conjugated polymers, organic carbonyl compounds, and organic free radical compounds are being investigated to be used as electrode materials in lithium batteries. Owing to their unique mechanical and electrochemical properties, carbon nanotubes (CNTs) are highly preferred in lithium ion batteries.

By battery type, lead-acid segment accounted for the largest share in the market for cathode materials. Growing investments by the governments in automotive industry are anticipated to drive the lead-acid cathode materials market during the assessment period. Lead-acid batteries are used most commonly in electronic systems owing to their high performance and low cost. Increased recycling rate and R&D activities are expected to boost the use of lead-based cathode materials in the batteries of electric vehicles during the forecast period. Despite the significant growth opportunities, rise in prices of cobalt and lithium are impeding market growth. Also, the ongoing COVID-19 pandemic has affected the industries severely and has led to sharp declines in the demand for battery cathode materials. Further, strict regulations on storage and transportation of batteries are expected to hamper the cathode materials market growth during the assessment period. However, the technological advancements and research activities in efficient electrolytes and cathode materials are expected to offer promising opportunities in the cathode materials in the coming years. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
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Global Industry Analysts, Inc.
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www.StrategyR.com
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SOURCE Global Industry Analysts, Inc.