Cathode Materials industry
Market Research Future (MRFR) predicts the global cathode materials market to exhibit a robust growth rate over the forecast period from 2022 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 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.
Competitive Analysis:
Leading players in the global cathode materials market include Umicore, Mitsubishi Chemical Holdings, Johnson Matthey, Kureha Corporation, Todakogyo Corp., NEI Corporation, Targray Technology International Inc., Mitsui Mining & Smelting, Sumitomo Corporation, Hitachi Chemical Co. Ltd., POSCO, and 3M.
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. The demand for more effective and powerful electric batteries is likely to increase over the coming years due to the growing scope of the electric vehicles industry. The increasing government support for electric vehicles has also been a major driver for the cathode materials market, as the ecological benefits of electric vehicles have made them highly popular among governments all over the world. This is likely to be a major driver for the cathode materials market over the forecast period.
Rising demand for battery-powered industrial systems is also likely to be a major driver for the global cathode materials market over the forecast period. The benefits of electrical power over fossil fuels are clear for all to see, which has driven an increasing adoption of electrical power systems in industrial activities in the last few years. Rising demand for autonomously powered robotic systems in industrial setups is likely to be a major driver for the global cathode materials market over the forecast period.
Segmentation:
The global cathode materials market has been segmented by material, end user, and region.
On the basis of materials, the cathode materials market has been segmented into lithium nickel manganese cobalt (Li-NMC), lithium nickel cobalt aluminum (Li-NCA), lithium cobalt oxide (LCO), lithium manganese oxide (LMO), and lithium iron phosphate (LFP). Lithium cobalt oxide is expected to remain the dominant segment in the global cathode materials market over the forecast period, although all the segments hold sizeable shares in the market.
Based on end use, the cathode materials market is segmented into power tools, automotive, energy storage systems, and consumer electronics products.
Regional Analysis:
Regionally, Asia Pacific is likely to remain the dominant segment of the global cathode materials market over the forecast period. The rising industrialization in emerging economies such as China, India, Thailand, Indonesia, Vietnam, and Malaysia has driven the demand for electrically powered systems, which has been a key driver for the cathode materials market in this region. The demand for electric vehicles is also likely to rise in the region over the forecast period, as both China and India have supported the growth of the electric vehicles market and represent highly promising regional markets for the electric vehicle industry in the coming years. The growing automotive industry in Asia Pacific is likely to play a key role in the growth of the cathode materials market in the region over the forecast period.
Industry Updates:
In June 2018, Johnson Matthey announced plans to commercialize its new enhanced lithium nickel oxide battery material.
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