Global Cathode Materials Market Report and Forecast 2024-2032

Global Cathode Materials Market Outlook

The global cathode materials market size reached nearly USD 27.09 billion in 2023. The market is projected to grow at a CAGR of 12.4% between 2024 and 2032 to reach a value of around USD 77.57 billion by 2032.

Key Trends in the Market

Cathode materials refer to the types of materials that boast high percolation, conductive network, and unique structural integrity. These materials contain multi-metal oxides to which lithium is added. The characteristics of these materials depend upon the type and ratio of metals and lithium.

• The rising sales of hybrid electric and plug-in hybrid electric vehicles are driving the cathode materials market growth. Cathode materials like lithium iron phosphate (LFP) and nickel cobalt manganese (NCM) are extensively used in EV batteries. In addition, the growing research and development activities in the automotive sector to develop efficient and high-performance HEVs and PHEVs are bolstering the market growth.

• Heightened demand for consumer electronics, such as smartphones, headphones, laptops, and tablets, among others, supported by rising disposable income and expanding e-commerce sector, is one of the crucial cathode materials market trends.

• The increasing application of lead-acid and lithium-ion batteries in large-capacity storage solutions is further propelling the demand for cathode materials. Over the forecast period, the expected increase in the demand for energy storage systems in data centres and the industrial sector is likely to garner the market for cathode materials.

Market Analysis

Based on material, the cathode materials market segmentations include LI-ion cathode materials, and lead dioxide cathode materials, among others. The Li-ion cathode materials segment is further divided based on type into lithium iron phosphate, lithium cobalt oxide, lithium nickel manganese cobalt, lithium nickel cobalt aluminium, and lithium manganese oxide.

On the basis of battery type, the market is classified into lithium-ion, and lead acid, among others. By end-use, the market is categorised into automotive, consumer electronics, and industrial, among others. The major regional markets for cathode materials include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global cathode materials market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Umicore NV

• Sumitomo Metal Mining Co., Ltd

• Posco Holdings Inc

• Zhejiang Huayou Cobalt

• Shenzhen Dynanonic Co., Ltd

• LG Chem, Ltd

• Toda Kogyo Group

• L&F Co, Ltd

• Ningbo Shanshan Co., Ltd

• Nichia Corporation

• Others

Market Share by Material

Lead dioxide cathode materials account for a significant portion of the cathode materials market share. This can be attributed to the heightening demand for lead oxide batteries in various power applications. These batteries are convenient, low cost, and efficient, making them applicable in different sectors such as construction and automotive.

As per the cathode materials market analysis, the anticipated increase in the demand for lead-acid batteries in vehicles for starting, lighting, and ignition applications is likely to bolster the segment’s growth in upcoming years.

Market Share by Battery Type

Lithium-ion batteries are likely to witness a healthy growth in the coming years. The rising investments by emerging and developed economies to ramp up lithium production capacity owing to the increasing demand for lithium-ion batteries from consumer electronics and the automotive sector are driving the segment’s growth. Over the forecast period, the anticipated increase in the sale of electric vehicles is expected to garner the overall cathode materials market growth.

Competitive Landscape

Umicore NV is a multinational company which offers materials technology to various end-use sectors. It also provides innovative cathode materials used in lithium-ion batteries. The company was founded in 1989 and is headquartered in Brussels, Belgium.

Sumitomo Metal Mining Co., Ltd is a leading battery manufacturer engaged in mining and advanced materials businesses. Its history traces back to 1590, and the company is headquartered in Tokyo, Japan.

Posco Holdings Inc is a renowned steel manufacturer, founded in 1968. The product portfolio of this company includes cold-rolled, hot-rolled, and stainless-steel products, among others. It is headquartered in Pohang-Si, South Korea.

Other cathode materials market players include Zhejiang Huayou Cobalt, Shenzhen Dynanonic Co., Ltd, LG Chem, Ltd, Toda Kogyo Group, L&F Co, Ltd, Ningbo Shanshan Co., Ltd, and Nichia Corporation, among others.

Key Highlights of the Report