Global Cathode Materials Market to be Dominated by Automotive Industry through 2028

Global Cathode Materials Market is expected to grow in the forecast period 2024-2028 due to increasing demand from the automotive industry.

According to TechSci Research report, “Cathode Materials Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The Global Cathode Materials Market is anticipated to upsurge at an impressive rate in the forecast period 2024-2028. A significant factor fueling the growth of the Global Cathode Materials Market is growing demand from the automotive industry along with energy storage systems. The use of cathode materials is expected to expand in the next years due to increased demand for battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs), which will further fuel the expansion of the Global Cathode Materials Market.

For instance, in February 2023, Umicore starts the industrialization of manganese-rich battery materials technology for electric vehicles.

Furthermore, the market is being further stimulated by increasing demand for consumer electronics, as well as the power tool sector.

However, safety issues regarding the transportation and storage of batteries can slowdown the market growth. Also, little use of technology regarding recycling of batteries can further slowdown the market growth.

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The Global Cathode Materials Market is segmented based on battery type, material, end-user, and region.

Based on battery type, the market is categorized into lithium-ion, lead acid, and others. Lead acid is expected to hold the largest market share in the forecast period, 2024-2028. This is due to the increasing use of lead-acid batteries in emergency lights, railway backup systems, security systems, and renewable energy storage systems.

Based on material, the market is segmented into lithium cobalt oxide (LCO), lithium iron phosphate (LFP), lithium manganese oxide (LMO), lead dioxide, and others. Lead dioxides are expected to hold the largest market share in the forecast period, 2024-2028. This is due to the increasing production of commercial vehicles, passenger cars, and three & two-wheelers.

Based on end user, the market is fragmented into automotive, consumer electronics, power tools, and others. Automotive industry is expected to hold the largest market share in the forecast period, 2024-2028. This is due to the increasing usage of cathode materials in commercial vehicle batteries and the increasing demand for electric vehicles to reduce greenhouse gas emissions.

Major operating companies operating in the global Cathode Materials market are:

• BASF SE
• Targray Technology International Inc.
• L&F Co., Ltd.
• Johnson Matthey Plc
• Sumitomo Metal Mining Co., Ltd.
• Umicore SA
• LG Chem, Ltd.
• EcoPro BM
• Nichia Corporation
• Toda Kogyo Corp.

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“Asia Pacific region is expected to grow at the highest rate during the forecast period due to due to increased battery consumption and growing demand for battery energy systems. Additionally, the moving preference of consumers from fuel to battery energy to reduce CO₂ emissions create lucrative opportunities for market growth. Furthermore, in North America, increasing demand for electric vehicles and the focus of government regarding projects and investments in the renewable energy sector create huge prospects of market growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Cathode Materials Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Battery Type (Lithium-Ion, Lead Acid, Others), By Material (Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), Lead Dioxide, Others), By End User (Automotive, Consumer Electronics, Power Tools, Others), By Region, and Competition, has evaluated the future growth potential of global Cathode Materials market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Cathode Materials market.”

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