Global Cathode Materials Market - Overview
Market Research Future (MRFR) predicts the global cathode materials market to exhibit a robust growth rate over the forecast period from 2021 to 2030 due to the growing demand for electric vehicles and electric power systems in industrial activities, according to the latest market research document from MRFR. The global cathode materials market is driven by the increasing acceptance of fully electric power sources in a wide variety of end-use sectors.
Cathode materials are used to construct the cathode ends of batteries. The movement of electrons between the anode and cathode is what creates the electric current in the first place. Due to this, the global cathode materials market has grown by leaps and bounds in the last few years due to the growing demand for electric power in the industrial and automotive sectors. The automotive industry is likely to remain a major consumer in the global cathode materials market over the forecast period due to the growing demand for electric vehicles. The environmental viability of electric vehicles, which don’t emit carbon-based emissions due to the absence of fossil fuels in them, has led to a growing demand for electric vehicles, which has in turn driven the demand from the cathode materials market.
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Global Cathode Materials Market – Prominent Players
Some of the key players in the global cathode materials are Umicore (Belgium), 3M (US), Mitsubishi Chemical Holdings (Japan), POSCO (South Korea), Johnson Matthey (UK), Hitachi Chemical Co., Ltd. (Japan), Kureha Corporation (Japan), Sumitomo Corporation (Japan), Todakogyo Corp (Japan), Mitsui Mining & Smelting (Japan), NEI Corporation (US), Targray Technology International Inc. (Canada).
Top Boosters and Challenges
The widespread use of batteries in consumer electronics and electric vehicles can give a strong fillip to the global market for cathode materials in the following years. The market also stands to benefit from the rising consumption of lightweight and rechargeable batteries in advanced gadgets like laptops and smartphones. The widening application scope of these materials in manufacturing of passenger cars, motorcycles and commercial vehicles helps with market expansion, while the notable spike in energy storage applications can also foster the product demand.
Amidst the growing concerns with regard to the deteriorating environmental health, the demand for energy conservation and alternative energy sources is expected to shoot up in the coming years. Further, the rising installation of smart grids and the mounting preference for renewable energy sources can also stir up the inclination towards cathode materials. The constant menace of power outages, plus the consequent issues faced by industries has culminated to a significant need for continuous power supply systems. A few of the mentioned industries include manufacturing, chemical, healthcare, oil & gas, and more.
Market firms are becoming increasingly aware about sustainable benefits of recycling, efficient waste disposal and battery materials, leading to better streamlining of the disposal and production route worldwide. Also, the surge in R&D activities for more enhanced and efficient cathode materials, like sodium, nickel and lithium can provide plenty of opportunities to the leading vendors in the long run.
For instance, in August 2020, American Manganese came up with the RecycLiCo process that provides an eco-friendly and closed-loop solution for recycling lithium-ion battery cathode materials. It helps achieve close to 100% recovery along with maximum purity of materials like cobalt, lithium, manganese, aluminum and nickel.
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Cathode Materials Market - Segments:
Cathode materials industry can be been segmented depending on materials and end user.
The materials available in the global market include lithium nickel cobalt aluminum (Li-NCA), lithium nickel manganese cobalt (Li-NMC), lithium manganese oxide (LMO), lithium iron phosphate (LFP) and lithium cobalt oxide (LCO).
With respect to end user, the market segments covered in the report are consumer electronics products, energy storage system, automotive, power tools, and more.
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Cathode Materials Market - Regional Analysis:
The market has been regionally considered for Europe, Middle East & Africa/MEA, Asia Pacific/APAC, Latin America and North America.
The APAC market remains unbeaten since 2017, stably perched on the top position on account of the increasing industrialization rate in emerging countries like India, Thailand and China. China is at the vanguard of the market growth in the region, thanks to the strong government support and the well-developed manufacturing base. Sharp growth in investments by automotive leaders on manufacturing of electric vehicles and the rising preference for battery energy owing to the alarming surge in CO2 emissions has pushed the demand for electrified vehicles like PHEVs, HEVs and BEVs. This, in turn, has been extremely favorable for the cathode materials market across the region.
North America is one of the strongest contenders in the global market, in light of the frequent technological advancements in automotive, electronics and aerospace industries sparking the development of compatible devices like UAVs, and more. The key trend of electric, hybrid and lightweight vehicles gaining traction in the automotive industry can also most likely boost the market growth in the ensuing years. The soaring use of battery storage systems based on renewable energy to prevent carbon emission and cost issues commonly faced while using fuel energy can do wonders for the cathode materials market in the region.
The European market seems to be performing well owing to the high demand from the automotive industry for lightweight and energy-efficient vehicles. The mounting awareness level with regard to emission-free automobiles is one of the top reasons cited for the market growth in Europe.
Latin America, along with MEA, is observing a promising growth, considering the increasing spending on clean, sustainable and smart development projects. The dramatic growth in the automotive industry also benefits both the markets.
Industry/ Innovation/ Related News
In June 2018, Johnson Matthey announced plans to commercialize its new enhanced lithium nickel oxide battery material.
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