Cathode Active Material Market – Overview
The development of the sustainable energy sources together with deployment of smart energy storage/ conservation technologies have significantly fueled the demand for batteries as an energy storage solution. Additionally, the introduction of electric vehicles is anticipated to be a prominent disruption in the automotive industry. The increasing penetration of electric vehicles across the globe is anticipated to escalate the demand for electric vehicle batteries. This is likely to create lucrative growth opportunities for cathode active material in the near future. Moreover, the dynamic demand in these energy storage solutions like higher durability, fast charging and long services life is likely to fuel the demand for use of advanced materials in these batteries.
The cathode active material is responsible for supplying ions while the battery is in charging or discharging mode. The quality of the cathode active material largely affects overall performance of the cell/ battery. Also, the quality control steps needs to be initiated at raw material production stage. To avoid any compromise with cell quality, the prominent battery cell manufacturers are developing cathode active materials in-house.
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Cathode Active Material Market – Dynamics
Electric vehicle industry is anticipated to witness significant growth in the near future owing to stringent government policies along with the various added incentives/ subsides for their large scale adoption. One of the prominent factor driving the growth of the cathode active material is its high demand in electric vehicle battery. Apart from electric vehicles, the development of hybrid engines for marine and locomotive application is further anticipated to escalate the demand for cathode active material. Moreover, the increasing demand for consumer electronics goods (laptops, smart phone, etc.) is anticipated to positively impact the cathode active materials market. Furthermore, with modernization in utilities sector, as well as development of the smart cities, demand for batteries and thereby cathode active material is projected to witness snow ball effect in near future.
Cathode Active Material Market – Segmentation
The global cathode active material market can be segmented on the basis of cathode active material type and application. Based on cathode active material, the market can be further segmented into Lithium Cobalt Oxide (LCO), Lithium Manganese Oxide (LMO), Lithium Nickel Manganese Cobalt Oxide (NMC), Lithium Iron Phosphate (LFP) and Lithium Nickel Cobalt Aluminum Oxide (NCA). Except LCO, all other cathode active materials are used in automotive lithium-ion battery. Based on application, the global cathode active materials market can be segmented into electric vehicle, electronics, power tools and energy storage systems. These energy storage systems can be further classified into grid storage, residential purpose systems, telecom towers and other applications.
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Cathode Active Material Market – Regional Outlook
Asia Pacific, spear-headed by China is anticipated to hold lion’s share in the global cathode active material market. The high presence of electric vehicle battery manufacturers in this region is anticipated to boost the demand for cathode active material in the near future. Additionally, higher investment of key EV manufacturer’s in China owing to availability of economy labor in this region is likely to escalate the cathode active material demand during the forecast period. Moreover, demand for cathode active material in Europe and North America is further projected to witness a significant growth till 2028. The higher penetration of electric vehicle in Europe is further expected to propel the demand for cathode active materials in this region. Latin America and Middle East & Africa is likely to witness moderate growth in the global cathode active material market.
Cathode Active Material Market – Prominent Players
The cathode active material manufacturers are focused on using organic for rechargeable batteries. These organic cathode active materials have high mass energy density since they can undergo multiple electron redox reaction per molecule. The prominent players engaged in the production of cathode active materials are as mentioned below:
Hunan Reshine New Material Co. Ltd.
Pulead Technology Industry Co.
Hunan Shanshan New Material Co. Ltd.
Advanced Lithium Electrochemistry Co. Ltd.
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