Cathode materials are extensively used in Lithium-Ion Batteries(LiBs) and cater to various application areas such as automotive sector, mobile phones, laptops, energy storage systems, and power tools. LiBs are highly efficient and well known for their high energy density as well as possess high load capacity. According to the latest market intelligence report by BIS Research titled, ‘Global Cathode Materials Market-Analysis and Forecast (2018-2023)’, the market is anticipated to grow at a CAGR of 14% during the forecast period. This significant market growth is primarily attributed to the increasing demands for lithium-ion batteries for the use in electric vehicles, energy storage systems, consumer electronics, and power tools.
The cathode materials are made up of cobalt, nickel, and manganese and exist in the form of a crystal structure. The most widely used cathode chemicals are Nickel Manganese Cobalt (NCM), Nickel Cobalt Aluminium (NCA) Lithium Magnesium Oxide (LMO), and Lithium Ion Phosphate (LIP). Among the compounds of cathode materials, NCM is expected to grow at the highest growth rate followed by LCO and LFP. Rising demands for electric vehicles, increased use of lithium-ion batteries in energy storage systems, and stringent government regulations to improve the fuel economies of vehicles are some of the factors responsible for the significant growth of cathode materials.
Cathode materials find broad application in lithium-ion batteries used in consumer electronics, power tools, and automotive. Consumer electronics segment dominated the global market for cathode material in the year 2017. The upsurge in the demands for phones, laptops, digital cameras, and other electronics are expected to increase the demands for LiBs, this, in turn, will increase the market for cathode materials. The immense popularity of lithium-ion batteries is owing to their long life. Emerging economies such as India, China, and Japan are expected to present a pool of opportunities for the growth of cathode materials market, globally.
Geographically, Asia-Pacific (APAC) is the fastest growing region in the global market for cathode materials. The prominent market players in the respective region are investing heavily in strategic expansions to gain a stronghold in the APAC. Companies such as Samsung and BYD Co., are focussing on the expansion of their existing strategies to meet the demands for cathode materials in the Asia-Pacific. Prominent market players are adopting various strategies to gain the significant position in the cathode materials market such as new product launches & developments, partnerships, collaborations, and mergers & acquisitions. Mitsubishi Chemical Corporation, NEI Corporation, Nichia Corporation, Nippon Chemical Industrial Co. Ltd., Tanka Chemical Corporation, and Hitachi Ltd., among others are some of the prominent key players of cathode materials market.
BIS Research has conducted extensive research on the global cathode materials market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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