Cathode Materials Market worth $52.6 Billion by 2027 - At a CAGR of 15.2%

Cathode Materials Market Industry Leaders

The global cathode materials market is projected to grow from USD 25.9 billion in 2022 to USD 52.6 billion by 2027, at a CAGR of 15.2% during the forecast period. Growing demand for batteries in electric vehicles and consumer electronics and the growing usage in energy storage devices is expected to drive the market during the forecast period. Key players in the advanced lead acid battery market include Umicore (Belgium), Sumitomo Metal Mining Co., Ltd. (Japan), POSCO (South Korea), Zhejiang Huayou Cobalt (China), and Shenzhen Dynanonic Co., Ltd. (China), among others.

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Browse 283 market data Tables and 53 Figures spread through 225 Pages and in-depth TOC on "Cathode Materials Market by Battery Type (Lead-Acid, Lithium-ion), Material (Lithium-Ion (LFP, LCO, NMC, NCA, LMO), Lead-Acid (Lead Dioxide)), End-Use, and Region (Asia Pacific, North America, Europe, and Row) - Global Forecast"

Recent Developments in Cathode Materials Market Industry

1. In April 2022, POSCO Chemical announced that it had begun constructing a new manufacturing plant capable of producing 30,000 tons of high-purity nickel cathodes. This will help the company to expand its customer base for the cathode materials market.
2. In May 2022, Umicore inaugurated its new global R&D center for cathode materials in Cheonan, Korea. It focuses on next-generation battery materials, including very high-nickel NMC, low cobalt NMC, manganese-rich chemistries as well as solid-state battery materials technology.
3. In August 2021, Ningbo Shanshan Co., Ltd. formed a joint venture with BASF SE. The newly formed company, BASF Shanshan Battery Materials Co., Ltd., markets precursor cathode active materials, and cathode active materials.

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Substantial investments have been made in the past few years by the key players to address the growing demand for cathode materials. These players have adopted strategies such as joint ventures, expansions, agreements, partnerships, and contracts, to enhance their business revenue and market share. The expansion of production units globally is the key strategy adopted by these players to cater to the increasing demand for cathode materials.

@Umicore, a global materials technology and recycling group, provides rechargeable battery materials and hi-tech materials, including emission control and fuel cell catalysts. The company operates through three business groups: recycling, catalysis, and energy & surface technologies. The energy & surface technologies group comprises business units such as cobalt & specialty materials, rechargeable battery materials, metal deposition solutions, and electro-optic materials. In 2017, Umicore acquired NMC battery material patents from 3M. It has a strong global presence with operations in 30 countries across Europe, North America, South America, Asia Pacific, and Africa. Furthermore, the company operates three R&D centers for battery materials, along with cathode material production plants in Asia and Europe

Another important player in the global cathode materials market is POSCO. POSCO is among the leading producers of steel in the world. The company manufactures and sells a diversified line of steel products, including cold-rolled and hot-rolled products, stainless steel products, plates, wire rods, and silicon steel sheets. The company operates through four business segments, namely, steel, trade, construction, and others. It caters to customers from manufacturing industries that consume steel, including automotive, shipbuilding, home appliance, engineering, and machinery industries. POSCO Chemical offers products and services such as battery materials, advanced chemical materials, and basic industrial materials for a wide range of applications, including electric vehicles, IT devices, electric machines, plasticizers, manufacture of benzene, toluene, xylene, and others. The company operates in Europe, Asia Pacific, the Middle East & Africa, South America, and North America.

Cathode Materials Market Industry New Revenue Pockets

The cathode materials market is projected to grow from USD 25.9 billion in 2022 to USD 52.6 billion by 2027, at a CAGR of 15.2% from 2022 to 2027. Different materials are used in different kinds of batteries. Cathode materials are one of the major building blocks of batteries, which are further applicable for end-uses including consumer electronics, automotive, and industrial.

Based on battery type, lead-acid is expected to be the largest segment during the forecast period, by value. Lead-acid battery was the first commercially used rechargeable battery. The grid structure of this battery type is made from lead alloy. Because of its minimal per-watt cost, this type of battery is still frequently utilized in various applications. This is further expected to drive the market share of this segment.

Based on material type, the lead dioxide cathode material is expected to be the largest segment during the forecast period, by value. Lead dioxide is a standard cathode material of lead acid batteries. Lead-acid battery units & materials are almost 99% recycled & reused for new batteries. It is an essential energy storage device that is widely used as a secondary storage cell in automotive and industrial applications. Thus, the use of lead-acid batteries in these end-use sectors is expected to increase its demand, which will further propel the demand for lead-acid cathode materials.

Based on end-use, automotive is expected to be the largest segment during the forecast period, by value. Lead-acid batteries are used in passenger cars to supply 12V power to the electrical system of a vehicle. These lead-acid batteries are widely used owing to their low material costs, safety, and recyclability. Furthermore, the market for electric vehicles (EVs) is expected to grow further in the near future, partly driven by the adoption of various environmental norms and emission regulations. This has resulted in an increase in the demand for lithium-ion batteries, which in turn, boosts the demand for cathode materials.