As per Fact.MR – a market research and competitive intelligence provider, the global market for lithium-ion battery cathodes is expected to expand at a CAGR of 12% in value by 2031.
Gains in the market are likely to be driven by the undercurrents of numerous end-use industries and widening application base. Over the recent past, there has been significant strides in research & development activities on battery materials, including cathodes, anodes, electrolytes, and separators.
Significant increment in R&D investments have led lithium-ion battery towards increasing production and expanded sales, particularly among automakers and consumer electronics manufacturers.
Lithium-ion batteries have been constantly gaining traction in developing countries of Asia Pacific and the Middle East & Africa, which will lubricate the infiltration of lithium-ion battery cathodes in these markets over the coming years.
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Key Takeaways from Market Study
Market expected to expand at CAGR of 12% through 2031.
Asia Pacific account for 44% of global market share.
Market expanded at CAGR of 9% over past 5 years.
Demand for lithium-ion batteries in electrical vehicles to rise over forecast period.
Opportunities for lithium-ion battery cathode manufacturers likely to remain influenced by tightening regulatory scenario in automotive industry.
Cylindrical lithium-ion cells account for 55% of overall revenue share.
Key Segments Covered in Lithium-ion Battery Cathode Industry Research
By Cell Type
- Cylindrical Cell Lithium-ion Battery Cathodes
- Prismatic Cell Lithium-ion Battery Cathodes
- Polymer Cell Lithium-ion Battery Cathodes
By Battery Type
- Lithium Nickel Manganese Cobalt Oxide Batteries
- Lithium Iron Phosphate (LFP)
- Cobalt Oxide Lithium-Ion Batteries
- Lithium Titanate Oxide (LTO)
- Lithium Manganese Oxide Batteries
- Lithium Nickel Cobalt Aluminum Oxide Batteries
- 0–3,000 mAh
- 3,000–10,000 mAh
- 10,000–60,000 mAh
- 60,000 mAh and Above
- Low Voltage Lithium-ion Battery Cathodes (Below 12V)
- Medium Voltage Lithium-ion Battery Cathodes (12V – 36V)
- High Voltage Lithium-ion Battery Cathodes (Above 36V)
- Consumer Electronics
The lithium-ion battery cathode market operates amid a high degree of consolidation, with only a handful of players operating in the top tier. Leading players accounting for around 50% of the total lithium-ion battery cathode market include Umicore SA, BASF SE, and Sumitomo Chemicals.
Leading players operating in the market continue to exploit strategic merger and acquisition activities to broaden their exposure in overseas territories. While these players continue to strenuously focus on expansion of their production capacities, new investments will remain of paramount importance for them.
Some of the key developments are:
- In May 2021, CATL and Daimler Truck AG announced the intensification of their existing partnership based on their shared vision of CO2-neutral electrified trucking. CATL will be the supplier of lithium-ion battery packs for the Mercedes-Benz eActros LongHaul battery-electric truck, which is planned to be ready for series production in 2024.
- In December 2020, GS Yuasa Corporation announced the launch of its LIM30HL series of industrial lithium-ion battery modules. The battery modules in the LIM30HL series, while retaining the same dimensions as those of the existing LIM25H series, are upwardly compatible and feature a higher rated capacity and lower internal resistance.