Cathode Materials Market is projected to grow from USD 16.43 Billion in 2018 to USD 22.17 Billion by 2023, at a CAGR of 6.2%. The rising availability of electricity and connectivity around the world has considerably increased the average person’s dependency on technology. Batteries are used in various consumer electronic devices, such as smartphones, laptops, fitness bands, smartwatches, Bluetooth headsets, gardening tools, and UPS systems. With respect to technology, batteries also offer huge energy capacity and can be shaped to fit into the electronic devices to be powered. The growing demand for consumer electronics, including demand for thinner and sleeker devices, and continuous developments in these devices have resulted in the increased consumption of batteries, thus increasing the demand for cathode materials.
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Key players operational in the market include Umicore (Belgium), 3M (US), Mitsubishi Chemical Holdings (Japan), POSCO (South Korea), Johnson Matthey (UK), Hitachi Chemical (Japan), Kureha (Japan), Sumitomo (Japan), Toda Kogyo (Japan), and Mitsui Mining & Smelting (Japan), among others.
Based on material, the lead dioxide segment is estimated to account for the largest share of the cathode materials market in 2018. Increasing production of passenger cars, commercial vehicles, and two-wheelers, along with growing demand for industrial energy storage systems, is expected to drive the lead dioxide cathode materials market during the forecast period.
Based on battery type, the lead-acid segment is estimated to account for the largest share of the cathode materials market in 2018. Increasing investments by governments in the automotive industry will drive the growth of the lead-acid cathode materials market during the forecast period.
The adoption of renewable energy-based battery storage systems by various countries to overcome cost and carbon emission issues from fuel energy will drive the overall cathode materials market.
Cathode Materials Market, By Material:
- Lithium Cobalt Oxide (LCO)
- Lithium Iron Phosphate (LFP)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Manganese Cobalt Oxide (NMC)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lead Dioxide
- Sodium Iron Phosphate
- Graphite Cathode
Asia Pacific region is expected to be the largest market for cathode materials during the forecast period. The Asia Pacific cathode materials market is majorly driven by the growing demand for cathode materials in China. Heavy investments in automotive, electronics, and ESS are key factors driving the cathode materials market in China. Government support, the presence of strong manufacturing base, and growing investments in electric vehicles by automotive companies are major factors driving the Asia Pacific cathode materials market.
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