The cathode materials market is projected to grow from USD 16.43 Billion in 2018 to USD 22.17 Billion by 2023, at a CAGR of 6.2% between 2018 and 2023. Asia Pacific is the largest consumer of cathode materials due to the presence of a large number of battery manufacturers in this region. Low labor cost and growing demand for automobiles, owing to population increase in Asia Pacific countries, are some of the factors driving the Asia Pacific cathode materials market.
Some of the major players in the cathode materials market include Umicore (Belgium), 3M (US), Mitsubishi Chemical Holdings (Japan), POSCO (South Korea), Johnson Matthey (UK), Hitachi Chemical (Japan), Kureha (Japan), Sumitomo (Japan), Toda Kogyo (Japan), and Mitsui Mining & Smelting (Japan). These players have adopted various growth strategies, such as investments, expansions, acquisitions, and joint ventures, to strengthen their product portfolios and market share in the cathode materials market. Investment and expansion strategies were widely adopted by the major players to grow in the cathode materials market between 2012 and 2018. These strategies helped companies to enhance their capacity and expand their global presence.
Umicore is a leading player in the cathode materials market. The company is active in the fields of catalysis, energy & surface technologies, and recycling. Cathode materials for lithium-ion batteries are manufactured by the company under its energy & surface technologies segment. The company dedicatedly carries out R&D for clean technologies, such as emission control catalysts, materials for rechargeable batteries, and recycling. In 2017, the company announced its plan to invest approximately USD 339 million between 2017 and 2019 to increase the production of NMC (nickel-manganese-cobalt) cathode materials for lithium-ion rechargeable batteries to cater to the increasing demand for electric vehicles. NMC is the most preferred cathode material for rechargeable batteries.
Johnson Matthey manufactures cathode materials for Li-ion batteries under its new businesses segment. This segment is also involved in the R&D and manufacturing of cathode materials, along with the design and supply of high-performance battery systems. In 2017, the company announced its plan to invest USD 221 million into its battery materials business. This investment will help the company develop high energy battery materials, including class-leading enhanced lithium nickel oxide (eLNO) products for transport applications.
Cathode Materials Market by Battery Type (Lead-Acid, Lithium-ion), Material (Lithium-Ion (LFP, LCO, NMC, NCA, LMO), Lead-Acid (Lead Dioxide)), and Region (Asia Pacific, North America, Europe, and Row) - Global Forecast to 2023
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