Global cathode materials market to reach $20.7 billion by 2026
SAN FRANCISCO, March 11, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Cathode Materials – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
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Editing: 8; Published: February 2022
Executive Pool: 3261
Companies: 40 – Players covered include 3M Company; BASF SE; Johnson Matthey PLC; Kureha Society; LG Chem Ltd. ; Mitsubishi Chemical Corporation; Mitsui Mining & Smelting Co., Ltd. ; NEI Company; POSCO; Showa Denko Materials Co., Ltd. ; Sumitomo Metal Mining Co., Ltd. ; Targray Technology International, Inc.; TODA KOGYO CORP. ; Umicore NV and others.
Blanket: All major geographies and key segments
segments: Battery type (lead-acid, lithium-ion, other battery types)
Geographies: World; United States; 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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Global cathode materials market to reach $20.7 billion by 2026
A cathode is a negatively charged electrode through which conventional current exits in a polarized electrical device. The direction in which a positive charge moves is described by conventional current. As the electrons are negatively charged, they move in a direction opposite to that of conventional current flow. Mnemonic Cathodic Current (CCD) deposits 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 conventional current enters a polarized electrical device. Cathode materials are traditionally either 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 more.
Amid COVID-19 crisis, Global Cathode Materials Market Estimated at US$16.3 billion in 2022, is expected 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 expected to grow at a CAGR of 5.5% to reach US$11.7 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Lithium-ion segment is readjusted to a revised CAGR of 6.1% for the next 7-year period. This segment currently accounts for a 39.4% share of the global cathode materials market. By battery type, the lead-acid segment accounted for the largest share of the cathode materials market. Growing government investments in the automotive industry are expected to drive the lead cathode materials market over the assessment period. Lead acid batteries are most often used in electronic systems due to their high performance and low cost. Increasing recycling rate and R&D activities are expected to boost the use of lead-based cathode materials in electric vehicle batteries during the forecast period.
The US market is estimated at $2.3 billion in 2022, when China is expected to reach $6.3 billion by 2026
The cathode materials market in the United States is estimated at US$2.3 billion in 2022. The country currently accounts for a 14.39% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$6.3 billion in 2026 with a CAGR of 7.1% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 3.3% and 4.3% respectively over the analysis period. In Europe, Germany is expected to grow at around 3.8% CAGR while the rest of the European market (as defined in the study) will reach US$6.8 billion at the end of the analysis period.
The market is witnessing considerable developments due to the growing attention to improving durability, efficiency, compatibility and charging time. Consumer electronics devices and equipment, the automotive industry, and the renewable energy sector are all driving the demand for batteries, thereby increasing the demand for cathode materials. Significant growth in the demand for Li-ion batteries in several industries such as electronics and automotive is driving the demand for cathode materials. A growing number of environment-friendly policies across the globe have increased the demand for electric vehicles (EVs) requiring organized energy storage systems, fueling the growth of the cathode materials market. The market is expected to witness moderate growth owing to increased application of cathode materials in industries and increasing investments in the renewable energy sector. The market is also expected to benefit from the growing use of lightweight and rechargeable batteries in smart devices. The rapid increase in the use of passenger cars, commercial vehicles and motorcycles is expected to increase the demand for cathode materials in batteries over the forecast period. The automotive industry has also actively moved towards the use of sustainable and clean fuels. The demand for electric vehicles, including plug-in hybrid vehicles, battery electric vehicles and hybrid electric vehicles, has increased significantly due to strict CO2 emission regulations and government support in the form of subsidies and policy changes. Continued
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SOURCE Global Industry Analysts, Inc.