The Global Cathode Active Materials Market Size is valued at 17.09 billion in 2022 and is predicted to reach 38.62 billion by the year 2031 at an 9.63% CAGR during the forecast period for 2023-2031.
High-purity chemicals known as active cathode materials (CAM) determine the performance and use of several rechargeable lithium-ion battery types used in electric vehicles and renewable energy storage. The cathode active material's quality significantly influences the effectiveness of the cell or battery as a whole. It is projected that the need for electric car batteries will increase as the number of electric vehicles on the road expands globally. This is likely to give cathode active material significant growth potential.
Due to strict government regulations and additional incentives and subsidies for their widespread adoption, the electric car sector is predicted to experience tremendous growth shortly. The general use of active cathode material in electric vehicle batteries is one of the main factors promoting its expansion.
Additionally, the dynamic demand for these energy storage solutions, such as increased durability, quick charging, and long service lives, is likely to feed the need for innovative materials in these batteries. The possible technical advance will cause preferences to change in favour of adopting various cathode-active materials. Moreover, government regulations and fierce competition between the current players are also anticipated to impact the worldwide cathode active material market over the projected period.
Recent Developments:
- In August 2022, General Motors, a global leader in the automotive industry with headquarters in Michigan and operations across the globe, announced a strategic partnership for CAM with Posco Chemical. The joint venture will produce Cathode Active Material (CAM), a critical battery material that accounts for around 40% of the cost of a battery cell.
- In December 2022-The European Investment Bank (EIB) stated, that it would lend USD 39.04 million to Königswarter & Ebell, an entirely German division of Pure Battery Technologies in Australia.
Competitive Landscape:
Key players in the cathode active materials market:
- 3M
- BASF SE
- Hitachi Chemical Energy
- Johnson Matthey
- Kureha Corporation
- Mitsubishi Chemical Corporation
- Mitsui Mining & Smelting Co., Ltd.
- NEI Corporation
- POSCO
- Pulead Technology Industry Co
- Showa Denko
- Sumitomo
- Technology
- Toda Kogyo Corp
- Umicore
Market Segmentation:
The cathode active materials market is segmented on material and battery types. Based on material type, the cathode active materials market is segmented into lithium-ion cathode materials, lead-acid materials, and other materials. The market is segmented by battery type: lithium-ion batteries, lead-acid batteries and others.
Based on materials, the lithium-ion cathode materials segment is a major contributor to the cathode active materials market.
The lithium-ion cathode materials category is expected to hold a major share of the global cathode active materials market in 2021. The adoption of electric vehicles and rising energy storage requirements for the electric power grid are the main drivers of the segment's revenue growth. Lithium-ion battery parts are being replaced with more affordable, safe, and ecologically friendly alternatives. Integrating renewable energy sources for power generation while reducing reliance on fossil fuels may be aided by longer-term storage technologies like flow batteries. Companies in the sector are concentrating on developing partnerships and spending money on top-notch battery technologies.
The lithium-ion batteries segment witnessed growth at a rapid rate.
The lithium-ion batteries segment is projected to grow rapidly in the global cathode active materials market. Electronic products like smartphones, computers, clocks, smartwatches, and remote controls frequently employ lithium-ion batteries. The population and disposable income of the nation heavily influence consumer electronics sales. India's improved living standards and expanding disposable income over the past few years have increased demand for consumer electronics. Rapid product innovation and strategic alliances are key elements boosting market revenue development. Large expenditures in developing current production capabilities in several nations primarily drive the segment's revenue growth.
The North America cathode active materials market holds a significant regional revenue share.
The North American cathode active materials market is expected to register the highest market share in revenue shortly. The main drivers of the market expansion are the growing middle-class population, shifting lifestyle choices, soaring demand for electric vehicles, quickening technological development, and rising propensity toward smart electronic devices. In addition, the falling cost of EVs results from more initiatives and subsidies. In addition, Asia Pacific is projected to grow rapidly in the global cathode active materials market. The market for cathode-active materials is expected to be dominated by Asia Pacific, particularly China. The availability of cheap labor in this area, coupled with increased investment by major EV manufacturers, is predicted to boost demand for active cathode material during the forecast period.
Cathode Active Materials Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 17.09 billion |
|
Revenue forecast in 2031 |
USD 38.62 billion |
|
Growth rate CAGR |
CAGR of 9.63% from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume in Kiloton and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments covered |
Material Type, Battery Type |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Umicore, 3M, Mitsubishi Chemical Group Corporation, Posco Chemical, BASF SE, Hitachi Metals, Ltd., Strategic Initiatives, Kureha Corporation, Sumitomo Metal Mining Co., Ltd., Mitsui & Co., Ltd. And NEI Corporation |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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