The global cathode material market is projected to expand at a CAGR of 5.86% to reach US$17.783 billion in 2024 from US$12.634 billion in 2018. Cathode materials are comprised of cobalt, nickel, and manganese in the crystal structure forming a multi-metal oxide material to which lithium is added. Burgeoning demand for Li-ion batteries across industries such as automotive and electronics are the key driving factor that is boosting the demand for cathode materials. As environment-friendly policies are being bolstered across the globe, demand for electric vehicles is sharply increasing that requires efficient energy storage systems. Thus, it is providing a big boost to the cathode material’s market growth. The market is expected to grow at a moderate pace owing to its increased industrial applications and rising investments in the renewable energy sector that is expected to accelerate the demand for Li-Ion batteries, thus positively impacting the growth of cathode materials market.
Based on material, lead oxide segment is expected to have a significant market share due to increased production of vehicles and rising demand for the battery storage system. By geography, the Asia Pacific region is expected to grow at a significant CAGR due to rise in demand for electric vehicles and government support for battery energy systems.
High demand for Li-ion batteries from the automotive and electronics industry
A rise in demand for electric vehicles
Stringent safety regulations for batteries during storage, transportation, and disposal
In March 2019, A team of scientists including researchers at the U.S. Department of Energy's (DOE) Brookhaven National Laboratory and SLAC National Accelerator Laboratory has identified the causes of degradation in a cathode material for lithium-ion batteries, as well as possible remedies. The findings could lead to the development of more affordable and better-performing batteries for electric vehicles.
In April 2019, Air Products announced that it has been awarded on-site oxygen and nitrogen supply for POSCO Chemical's new cathode material manufacturing complex being built in Gwangyang, South Korea.
The global cathode material market has been analyzed through the following segments:
By Material Type
Lithium Cobalt Oxide
Lithium Manganese Oxide (LMO)
Lithium Nickel Cobalt Manganese Oxide (NCM)
Lithium Nickel Cobalt Aluminum Oxide (NCA)
By End-User Industry
Middle East and Africa