New York, July 27, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cathode Materials Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028” – https://www.reportlinker.com/p06480240/?utm_source=GNWGlobal Cathode Materials Market is expected to expand during the projected period due to rising demand from various end-user, including automotive, consumer electronics, power tools, and others.In the manufacturing sector, cathode materials and metal enamels are both employed in the production of transformers, motors, and generators.In April 2022, Ascend Elements launched the Hydro-to-Cathode process technology, which helps to transform elements from recycled lithium-ion batteries to cathode materials.
Moreover, the demand for electric vehicles increases because of strict Greenhouse gas laws and policy to reduce CO2 emission and reduce dependency on fossil fuels resulting in the use of cathode materials in battery, which further fuel the demand for Global Cathode Materials Market in the upcoming years.
Rising Demand from Automotive Industry
Due to the substantial use of cathode material in car batteries, the automotive industry is expected to overtake all other segments.Automakers have increased their investment in electric vehicles because of rising gasoline prices and falling Li-ion battery costs.Increasing demand for Electric Vehicles (EVs), Plug-in hybrid electric vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs) increases the demand for cathode materials.Along with this, the preference shift from fossil fuel energy sources to battery energy sources owing to CO2 emission limits results in reducing greenhouse gas effects, resulting in increasing the usage of the cathode material.For instance, according to the Global EV Outlook 2022, consumers spent USD 250 billion on electric vehicle purchases in 2021, a 65% increase over 2021.
Furthermore, Global sales of electric cars have kept rising strongly in 2022, with 2 million sold in the first quarter, up 75% from the same period in 2021.
Therefore, all these factors dominate the demand for Cathode Materials in the forecast period.
Growing Investment for Renewable Energy Storage
Various renewable sources of energy, like windmills, solar cells, and hydroelectric plants, use energy storage devices.Li-ion battery’s cathode materials are important due to their properties, such as capacity and output.For instance, in 2019, Acciona SA, a Spanish company, installed a Windmill plant in Barasoain with a capacity of 3 Megawatts and used batteries to store energy.
Moreover, in 2022, Vistra Energy signed an agreement with Pacific Gas and Electric Company (PG&E) for a 350-megawatt battery energy storage system for 15 years.
Thus, increasing demand for renewable energy storage systems led to the growth of Global Cathode Materials Market in the upcoming years.
Lead Dioxide will be the Key Material Dominate the market growth.
An increase in the production of passenger cars, commercial vehicles, and three & two-wheelers and the rising demand for energy storage systems by various industries led to the demand for lead dioxide.Additionally, in many lead acid batteries, the positive side electrode is made of lead plates or grids, which have a covering layer of lead dioxide along with calcium lignosulfonate.For instance, Penox group produces lead dioxide, which is used by many automotive and industrial battery companies.
In addition, Lithium Manganate (LiMn2O4), a Lithium Manganese Oxide (LMO) based material, has a spinel structure that helps to discharge at a high-rate application making it suitable for Lithium Manganese Oxide-based batteries.Lithium Manganese Oxide powder is a thermally stable and affordable cathode material, and its three-dimensional structure is useful in the development of lithium-ion batteries for hybrid electric vehicles.For instance, in 2022, NEI Corporation expanded the selection of materials for both lithium-ion and sodium-ion batteries.
Therefore, increasing demand for these materials from various industries results in the growth of Global Cathode Materials Market in the projected period.
Moreover, long-term possibilities for producers of cathode materials are anticipated to be abundant due to ongoing research and development aimed at enhancing the effectiveness of cathode materials for energy storage systems, such as lithium, sodium, and nickel.In addition, the production of lithium-air and lithium-sulfur cathode materials, as well as the use of nanotechnology in lithium-ion batteries and the advancement of technological knowledge in the field of lithium-ion battery cathode materials creates opportunities for growth of the Global Cathode Materials Market.For instance, according to the Ministry of Science & Technology, India, in 2021, the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), India, has developed indigenous technology to produce Lithium Iron Phosphate (LFP) cathode material for Li-ion Batteries (LiBs).
However, safety issues regarding the transportation and storage of batteries, along with less use of technology regarding the recycling of batteries, can slowdown the market growth.
Recent Developments
• In November 2022, POSCO Chemical constructed the world’s largest cathode production plant in Gwangyang, South Korea.
• BASF and TODA extended their agreement to enhance their capacity for high nickel cathode active materials in July 2022.
• In November 2021, Johnson Matthey announced the commercialization of its high nickel cathode material ranging for the automotive industry.
• For the extraction of lithium, nickel, cobalt, and manganese BASF started a battery recycling plant in Schwarzheide, Germany, in July 2021.
Market Segmentation
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.Market Players
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. are some of the key players of Global Cathode Materials Market.• Cathode Materials Market, By Battery Type:
o Lithium-Ion
o Lead Acid
o Others
• Cathode Materials Market, By Material:
o Lithium Cobalt Oxide (LCO)
o Lithium Iron Phosphate (LFP)
o Lithium Manganese Oxide (LMO)
o Lead Dioxide
o Others
• Cathode Materials Market, By End User:
o Automotive
o Consumer Electronics
o Power Tools
o Others
• Cathode Materials Market, By Region:
o North America
United States
Mexico
Canada
o Europe
France
Germany
United Kingdom
Spain
Italy
o Asia-Pacific
China
India
South Korea
Japan
Australia
o South America
Brazil
Argentina
o Middle East & Africa
South Africa
Saudi Arabia
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(GlobeNewsWire)