Vancouver, British Columbia, June 14, 2021 (GLOBE NEWSWIRE) — The global cathode materials market size is expected to reach USD 27.84 Billion in 2027, according to a latest report by Emergen Research. Major factor driving market revenue growth is the heavy investments by the automobile industry to develop and manufacture efficient and enhanced cathode materials for technologically advanced vehicles.
The increase in demand for electronic vehicles open new opportunities for the cathode materials market. Strict government regulations on CO2 emission levels has driven the electric vehicles market globally, which in turn has enhanced cathode materials market growth.
Moreover, market growth is projected to register an upward trend with growing environmental concerns. Governments all over the world are focusing on electrifying public transport and investing heavily for the production of electric buses to curb down carbon dioxide emission levels and enhance air quality for humans health and environment. These initiatives and investments are expected to raise demand for cathode materials as lithium ion batteries used in in electric vehicle require cathode materials.
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However, strict government safety regulations for batteries during manufacturing, transportation and storage is a major factor that is expected to restrain cathode materials market growth over the forecast period.
Some Key Highlights in the Report:
- In February 2021, Posco Chemical Co announced that the company will invest USD 248.71 million to meet with current demand for electric vehicle (EV) batteries. The construction of a fourth plant will increase the cathodes production capacity to 100,000 tons per year.
- The lead dioxide segment accounted for the largest revenue share in 2019 due to increasing demand for energy storage systems and development in the manufacturing of passenger cars, commercial vehicles, and two-wheelers.
- The lead-acid battery segment is projected to register highest CAGR among other battery type segments during the forecast period due to rise in government investments in the automotive sector and renewable energy to minimize carbon emission levels.
- The automotive segment is expected to account for largest market share over the forecast period due to increasing usage of cathode materials in commercial vehicle batteries.
- Asia Pacific cathode materials market is expected to account for largest revenue share over the forecast period due to growing demand for battery energy systems and increasing consumers of cathode materials-based lithium-ion batteries in Japan, China, Vietnam, South Korea, and India.
- Revenue from the North America cathode materials market projected to grow at a significantly high rate due to heavy investments in electric vehicles by the automobile industries.
- Prominent players in the market are: BASF SE, Mitsubishi Chemical Corporation, 3M, Umicore, POSCO, Hitachi Chemical Co., Ltd, Johnson Matthey, Mitsui Mining & Smelting Co., Ltd, Sumitomo Metal Mining Co. Ltd, and Kureha Corporation.
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For the purpose of this report, Emergen Research has segmented the global cathode materials market on the basis of material, battery type, application and region:
Material Outlook (Revenue, USD Million; 2017 – 2027)
- Lead Dioxide
- Lithium Manganese Oxide
- Lithium Cobalt Oxide
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Nickel Cobalt Aluminum Oxide
- Other Cathode Materials
Battery Type Outlook (Revenue, USD Million; 2017 – 2027)
Application Outlook (Revenue, USD Million; 2017 – 2027)
- Energy storage
- Power tools
- Consumer Electronics
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Regional Outlook (Revenue, USD Billion; 2017 – 2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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