Global battery cathode materials market to reach $20.7 billion by 2026.
A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, released its report titled “Cathode Materials – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: May 2021
Executive Pool: 3261
Companies: 40 – Players covered include 3M Company; BASF SE; Johnson Matthey plc; Kureha Corporation; LG Chem Ltd.; Mitsubishi Chemical Corporation; Mitsui Mining & Smelting Co., Ltd.; NEI Corporation; POSCO; Showa Denko Materials Co., Ltd.; Sumitomo Metal Mining Co., Ltd.; Targray Technology International, Inc.; TODA KOGYO CORP.; Umicore N.V. and Others.
Coverage: All major geographies and key segments
Segments: Battery Type (Lead-Acid, Lithium-Ion, Other Battery Types)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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ABSTRACT-
Global Cathode Materials Market to Reach $20.7 Billion by 2026
A cathode is an electrode that is negatively charged through which conventional current leaves in a polarized electrical device. The direction in which a positive charge moves is described by the conventional current. As the electrons are negatively charged, they move in a direction opposite to that of conventional current flow.
Mnemonic cathode current deposits (CCD) refer to the flow of electrons into the cathode of a device from an external circuit. An anode is a positively charged electrode through which the conventional current enters into a polarized electrical device.
Cathode materials are traditionally voltage-limiting or energy-limiting electrodes and include lithium manganese oxide, lithium cobalt oxide, lithium nickel cobalt aluminum oxide, lithium iron phosphate, lithium nickel manganese cobalt oxide, oxyhydroxide, lead dioxide, graphite cathode, and sodium iron phosphate. Cathode materials are applied in several end-use industries such as consumer electronics, automotive, power tools, energy storage systems, and many others.
Amid the COVID-19 crisis, the global market for Cathode Materials estimated at US$15 Billion in the year 2020, is projected to reach a revised size of US$20.7 Billion by 2026, growing at a CAGR of 5.6% over the analysis period. Lead-Acid, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$11.7 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the LIthium-ion segment is readjusted to a revised 6.1% CAGR for the next 7-year period. This segment currently accounts for a 39.4% share of the global Cathode Materials market.
The U.S. Market is Estimated at $2.2 Billion in 2021, While China is Forecast to Reach $6.3 Billion by 2026
The Cathode Materials market in the U.S. is estimated at US$2.2 Billion in the year 2021. The country currently accounts for a 14.39% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$6.3 Billion in the year 2026 trailing a CAGR of 7.1% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR while Rest of European market (as defined in the study) will reach US$6.8 Billion by the close of the analysis period.
READ the latest Batteries News shaping the battery market
The market is witnessing considerable developments driven by the increasing focus on improving durability, efficiency, compatibility and charging time. Consumer electronic devices and equipment, automotive industry, renewable energy sector are all driving demand for batteries, enhancing demand for cathode materials.
Significant growth in the demand for Li-ion batteries in several industries such as electronics and automotive is boosting demand for cathode materials. Growing number of eco-friendly policies across the globe have been increasing the demand for electric vehicles (EVs) that need organized energy storage systems, fueling growth in the cathode materials market.
The market is expected to witness a moderate growth owing to the increased application of cathode materials across industries and growing investments in the renewable energy sector. The market is also expected to benefit from the growing utilization of lightweight and rechargeable batteries in smart devices.
Rapid increase in usage of passenger cars, commercial vehicles and motorcycles is expected to augment the demand for cathode materials in batteries during the forecast period. The automotive industry has also been actively shifting towards usage of sustainable and clean fuel.
The demand for EVs including plug-in hybrid vehicles, battery electric vehicles and hybrid electric vehicles has been rising significantly owing to strict regulation on CO2 emissions and support from government in the form of subsidies and policy changes. More
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Global Cathode Materials Market to Reach $20.7 Billion by 2026, SAN FRANCISCO, July 14, 2021
