Exploring Advancements in Lithium-Ion Battery Cathode Materials: Market Trends and Innovations
Research Reports
Nov 09, 2023
Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Lithium-Ion Battery Cathode Material Market Information by Cell Type, Battery Type, Capacity, End-Use Industry, Voltage, and Region – Forecast till 2032”, The lithium-ion battery cathode material industry will be experiencing growth from the value of USD 52.6 Billion in 2023 to USD 136.17 Billion by 2032, at a decent rate of 12.60% from 2023 to 2032.
Medical devices often require small, portable power sources to operate properly. The high energy density, long cycle life, and rechargeability of lithium-ion batteries make them suitable for use in a wide range of medical devices. Insulin pumps, portable diagnostic devices, and wearable health trackers are just a few of the many medical devices that need to be lightweight and portable. Lithium-ion batteries, which provide the necessary energy storage in a small package, enable the development of more compact and portable medical devices.
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Market Competitive Landscape:
- BASF SE
- FUJITSU
- NICHIA CORPORATION
- LONG POWER SYSTEMS (SUZHOU) CO., LTD
- TARGRAY TECHNOLOGY INTERNATIONAL INC
- HITACHI CHEMICAL CO., LTD
- NEI CORPORATION
- JFE CHEMICAL CORPORATION
- MITSUBISHI CHEMICAL CORPORATION
- SANTOKU CORPORATION
Market USP Covered:
Market Drivers:
The market for lithium-ion battery cathode has been greatly impacted by the notable expansion of electric vehicle supply equipment (EVSE). Particularly in urban areas, public policies are also promoting the establishment of public-private partnerships and direct investments that will further facilitate the growth of multiple charging stations. Because non-renewable energy sources are causing environmental pollution and fossil fuels are running out, there is a growing need for renewable energy sources. Tidal, wind, and solar energy are examples of renewable energy sources that must be transformed and stored before being used again. Variable power from sources like solar and wind must be transformed into a form that can be stored.
Over the next seven years, it is anticipated that the cost of lithium-ion batteries will drop due to the growing number of manufacturing facilities owned by companies like BYD, Tesla, Samsung, BAK Battery, Shandong Wina Battery, and Zhejiang Tianneng. Lithium is expected to fuel demand for lithium-ion battery cathodes during the forecast period due to its low weight and good energy-to-weight performance.
The demand for the chemical composition of the cathode of lithium-ion batteries is expected to increase in the near future due to significant technological advancements in the battery industry, such as electrolytes, changes in silicon anode material that drastically increase voltage capacity, and Li-S & Li-air technologies that exhibit high energy density.
Favorable government policies for domestic infrastructure developments through the National Infrastructural Plan of the United States are expected to support the growth of the lithium-ion battery cathode market in the United States over the projected period.
The country’s growing GDP and increased industrial output are expected to fuel rapid growth in the US medical, electronics, furniture, appliance, and industrial controls sectors. The previously mentioned trend is expected to promote the use of lithium-ion batteries across the country in the next years.
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Market Restraints:
A lithium-ion battery cannot be fully recharged once it is completely depleted, and it is susceptible to high temperatures. Furthermore, the cost is fairly high. The producers of lithium-ion battery cathode materials may face significant difficulties in the years to come as a result of all these factors.
Market Segmentation
The market segmentation for lithium-ion batteries’ cathode material comprises three types of cells: polymer, prismatic, and cylindrical.
According to battery type, the lithium-ion battery cathode material market is divided into several segments, including Lithium Iron Phosphate (LEP), Cobalt Oxide Lithium-Ion Batteries, Lithium Manganese Oxide Batteries, Lithium Titanate Oxide (LTO), and Lithium Nickel Cobalt Aluminum Oxide Batteries.
Based on capacity, there are three market segments for lithium-ion battery cathode materials: 0-3,000 mAh, 3,000-10,000 mAh, and 10,000-60,000 mAh.
The end-use industries listed are consumer electronics, automotive, aerospace, marine, medical, industrial, power, and telecommunication.
The lithium-ion battery cathode material market, with respect to voltage, comprises segments like Low Voltage (Below 12V), Medium Voltage (12V-36V) and High Voltage (Above 36V).
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Regional Analysis
The global lithium-ion battery cathode material market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe lithium-ion battery cathode material market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The lithium-ion battery cathode material market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World lithium-ion battery cathode material market comprises of Middle East, Africa, and Latin America.
The largest market share for lithium-ion battery cathode material was maintained by the North American region because the vehicle sector is increasingly using them. Furthermore, the increased investment in R&D by battery manufacturers due to the rising demand for EVs is anticipated to increase the demand for battery raw materials such cathodes.
Moreover, the Europe market has been persistently growing over the forecast period. The need for equipment powered by lithium-ion batteries is growing as Europe establishes itself as a significant global manufacturing hub. The sale of consumer electronics in the area that use lithium-ion batteries, such as laptops and mobile phones, has significantly increased, which has contributed to the expansion.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. Increased demand for batteries in consumer electronics and industrial applications is the primary factor fueling demand for lithium-ion battery cathode material in Asia Pacific. Due to the region’s increased production of lithium batteries, which is likely to reduce costs, it is anticipated that the market for lithium-ion battery cathode material will grow over the next years.
Furthermore, the rest of the world’s lithium-ion battery cathode material market is divided into the Middle East, Africa, and Latin America. Due to rising smartphone demand for lithium-ion batteries due to their longer shelf life and higher efficiency, the rest of the world retained a sizable portion of the market.
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