Dublin, April 16, 2024 – The global cathode materials market is projected to reach a value of US$25.75 billion by 2028, with a compound annual growth rate of 6.10% during the forecast period. This growth is attributed to factors such as the increasing use of batteries in consumer electronics, investments in the renewable energy sector, adoption of industrial robots, rise in electric vehicle usage, and urbanization.
Despite the positive outlook, the market faces challenges such as raw material availability, developmental issues with cathode materials for li-ion batteries, and strict safety regulations for battery storage and transportation. However, trends like growing environmental concerns, demand for batteries, and government initiatives to phase out internal combustion engine vehicles are driving market growth.
The global market is segmented based on material, battery type, and applications. Materials include lead dioxide, lithium-ion, and other materials like oxyhydroxide and graphite. Battery types comprise lead-acid, lithium-ion, and others, while applications range from automotive and consumer electronics to energy storage systems and power tools.
Asia Pacific is the fastest-growing regional market due to industrialization in countries like China and India, increasing demand for consumer electronics, and a shift towards battery energy systems. However, the COVID-19 pandemic has impacted market growth by disrupting supply chains and reducing demand from end-use industries.
Key players in the market include BASF SE, Mitsubishi Chemical Holdings Corporation, Umicore SA, Johnson Matthey PLC, Sumitomo Metal Mining Co., Ltd., and Posco Chemical Co., Ltd. The target audience includes cathode material and battery manufacturers, raw material suppliers, distributors, end-users in various industries, and government bodies.
In conclusion, the global cathode materials market is poised for significant growth, driven by technological advancements and increasing demand for energy storage solutions. Despite challenges posed by the pandemic and regulatory issues, the market is expected to expand in the coming years.
