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Cathode materials are key elements that determine the differences in composition while building positive electrodes for battery cells. In the crystal structure, the cathode materials consist of cobalt, nickel, and manganese. This crystal structure forms a lithium-added multi-metal oxide material. The main active element of the cathode was initially cobalt. Cobalt is frequently substituted partially with nickel (NCM, NCA). The most prominent cathode chemistries are Nickel Manganese Cobalt (NCM), Nickel Cobalt Aluminum (NCA), Lithium Cobalt Oxide (LCO), Lithium Manganese Oxide (LMO), and Lithium Iron Phosphate (LFP).
Cathode materials are widely used in lithium-ion batteries for use in the automotive industry, energy storage systems, power tools, and consumer electronics. These batteries include products for various customers requiring high power density and/or high load ability. The shift observed in the automotive industry toward the use of clean and sustainable fuel is expected to uplift the market for cathode materials. The implementation by different nations of renewable energy battery storage technologies to overcome costs and carbon emissions from fuel energy will drive the cathode materials industry as a whole.
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The cathode materials market is categorized by its battery type and material. Based on material, the lead dioxide segment is expected to hold the largest share of the cathode materials market due to the rapid increase in production of passenger cars, commercial vehicles, and two-wheelers, along with growing demand for industrial energy storage systems. Based on the battery type, the lead-acid segment is estimated to hold the largest in the cathode materials market due to an increase in investments by governments in the automotive industry.
Increase in demand for electric vehicles (EVs), including battery electric vehicles (BEVs), plug-in hybrid vehicles (PHEVs), and hybrid electric vehicles (HEVs) is rising over the past few years due to strict regulations on CO2 emissions as well as government support through policy changes and subsidies, which has uplifted the demand for cathode materials market. Additionally, the high demand for lithium-ion cathode technology in renewable energy industries has played a vital role in the upliftment of the market.
However, the cathode materials market is hampered due to safety issues related to storage and transportation of batteries. In addition, government regulations, laws & safety issues related to cathode materials are expected to be the major challenge for the cathode material market.
Some of the major companies that are present in cathode materials market are Umicore, 3M, Mitsubishi Chemical Corporation, POSCO, Johnson Matthey, Hitachi Chemical Energy Technology, Kureha Corporation, Sumitomo, Toda Kogyo Corp, Mitsui Mining & Smelting Co., Ltd., Showa Denko, Pulead Technology Industry Co., Ltd., Gravita India Limited, Targray, BASF, Nichia Corporation, and NEI Corporation.
By Battery Type
· Lead Acid
§ Lithium Cobalt Oxide (LCO)
§ Lithium Iron Phosphate (LFP)
§ Lithium Manganese Oxide (LMO)
§ Lithium Nickel Manganese Cobalt Oxide (NMC)
§ Lithium Nickel Cobalt Aluminium Oxide (NCA)
· Lead Acid
§ Lead Dioxide
§ Sodium Iron Phosphate
§ Graphite Cathode
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The global cathode materials market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, large-scale installations of solar and wind power have been announced by industry participants over the last few years. Technological advancements are leading to high adoption of energy storage systems in these installations, which in turn is expected to upsurge the demand for cathode materials in the coming years. In Europe, governments have started offering subsidies related to electric vehicle manufacturing, which is expected to increase the demand for cathode materials in EV batteries. In Asia-Pacific, there is a high demand for battery energy systems and the increasing battery consumers (automobiles, portable devices, and industrial) which has uplifted the market of cathode materials in the region. Additionally, growth is also driven by the shifting preference from fuel energy to battery energy due to CO2 emission regulations and government support through policy changes and subsidies. The Latin American cathode materials market is expected to grow due to the expanding the automotive industry, in Brazil and Mexico due to NAFTA between the US- Mexico, which is expected to project electric vehicle sales. The market in the Middle East & Africa is expected to experience considerable growth in the coming years with increasing investments on smart, clean, and sustainable development projects.
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