Cathode Materials Market Worth USD 28.28 billion By 2027 With 6.3% CAGR: Reports and Data
The global cathode materials market was valued at USD 17.41 billion in 2019 and is forecast to reach USD 28.28 billion by 2027, growing at a CAGR of 6.3% from 2020 to 2027, according to a new report by Reports and Data.
Cathode materials include a variety of products, such as lithium cobalt oxide, lithium manganese oxide, lithium iron phosphate, lithium nickel cobalt aluminum oxide, lithium nickel manganese cobalt oxide, lead dioxide, oxyhydroxide, sodium iron phosphate, and graphite cathode. These materials find applications in various end-use industries such as automotive, consumer electronics, energy storage systems, power tools, and others.
The increasing application of cathode materials in lithium-ion batteries is one of the driving factors that have propelled the growth of the global cathode materials market. The lithium-ion battery industry is among the fastest-growing industries across the globe and is among the most exported products in the world. The developing regions are rapidly investing in the cathode materials market and the lithium-ion battery market. India, China, and South Korea are some of the major exporters of the cathode materials market.
Cathode materials are used as voltage-limiting and energy-limiting electrodes in batteries. Increasing usage of batteries in electric vehicles and consumer electronic products is poised to surge industry growth. The market is anticipated to benefit from increased utilization of rechargeable and lightweight batteries in gadgets such as smartphones and laptops. Rapid development in commercial vehicles, passenger cars, and motorcycles industry is further augmenting the demand for cathode materials in batteries. Apart from that, the wide spread adoption of energy storage applications will lead to increased consumption of cathode materials during the forecast period.
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Further key findings from the report suggest
- The lithium-ion battery type held the largest market share of 50.3% in the year 2019. This due to the growing trend for the adoption of electric vehicles where lithium-ion batteries are extensively used to propel the motor.
- Lead dioxide material segment is forecasted to grow with the highest CAGR of 6.8% during the forecast period. The growth is due to the increasing production of two-wheelers, commercial vehicles, and passenger cars, along with growing demand for industrial energy storage systems.
- Consumer electronics segment is forecasted to grow with the highest CAGR of 6.8% during the forecast period. High demand for cell phones, laptops, televisions, and digital cameras from the consumers are fueling the market growth for cathode materials.
- The Asia Pacific region held the largest market share of 58.5% in the year 2019. The market is shifting towards the adaptation of battery propelled vehicles such as BEVs, PHEVs, or HEVs due to carbon dioxide emission regulations and government subsidies. The growing population and the increasing consumer electronics appliances in the region are further driving the market for cathode materials.
- Key players Umicore, 3M, Mitsubishi Chemical Holdings, POSCO, Johnson Matthey, Hitachi Chemical, Kureha, Sumitomo, Toda Kogyo, and Mitsui Mining & Smelting among others.
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For the purpose of this report, Reports and Data have segmented into the global Cathode Materials market on the basis of battery type, materials, end-use industries, and region:
Battery Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
Materials Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Lithium Iron Phosphate
- Lithium Cobalt Oxide
- Lithium-Nickel Manganese Cobalt
- Lead Dioxide
Applications Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Consumer Electronics
- Power Tools
- Energy System Storage
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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