FREMONT, California, June 6, 2018 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled 'Global Cathode Materials Market- Analysis and Forecast (2018-2023)', the global cathode materials market is expected to reach $9.87 billion by 2023, growing at a CAGR of 14% from 2018 to 2023.
Browse more than 183 Data Tables and 153 Figures spread through 343 Pages and in-depth TOC on "Global Cathode Materials Market"
BIS Research Report: https://bisresearch.com/industry-report/global-cathode-materials-market-2023.html
The emerging nations, especially the countries, such as China, India, and others, are expected to witness massive growth in the global cathode materials market. This is due to the increased population and urbanization in the APAC countries, such as China, Japan, India, and South Korea, among others, which are leading to significant investments in the lithium-ion battery applications. As the transportation sector is the cause of emissions, the governments of the Asia-Pacific countries have set emission standards as well as are allocating funds towards achieving the energy efficiency targets and promoting the use of rechargeable lithium-ion batteries in electric vehicles, thereby increasing the demand for cathode materials in the region.
The North American region has the most evolved electric vehicle market at present owing to a large number of key electric vehicle players that operate in this region. Companies, such as Tesla and General Motors have pioneered electric vehicle and electric vehicle battery technology, which led to the evolution of the automobile industry in the region. Additionally, massive investments by Tesla for its $5 billion Gigafactory in Nevada is expected to boom the lithium-ion battery storage market in the region. Increasing investments by major companies in the region are expected to affect the demand for cathode materials, such as Nickel Cobalt Manganese (NCM), Lithium Manganese Oxide (LMO), Lithium Cobalt Oxide (LCO), Lithium Ferrous Phosphate (LFP), and Nickel-Cobalt Aluminium (NCA) in North America. Moreover, strong consumer electronics base in the region is expected to boost the demand for cathode materials in the lithium-ion batteries used in mobile phones, laptops, digital cameras, and other digital products in the region. Though the production of cathode materials in the region is not significant, however, strategic business expansions and construction of manufacturing facilities in North America are expected to further strengthen the region's footprint in the global cathode materials market.
According to Arpit Benjwal, lead analyst at BIS Research, "Consumer electronics segment held approximately 64.5% of the total cathode materials market in the year 2017, followed by the automotive segment. Rising need for extended battery life and growth of smartphones across the globe are the primary factors responsible for the increasing demand of the cathode materials in the consumer electronics segment. Although the demand for lithium-ion batteries in laptops and conventional mobile phones is decreasing, the robust growth of smartphones, tablets, and wearables is expected to boost the market for consumer electronics in the global market."
As per the market report, NCM based cathode material technology dominated the global cathode materials market and accounted for 29.7% of the total revenue generated by the cathode materials in the year 2017." The global demand for NCM is expected to increase during the forecast period owing to its increasing demand in the electric vehicle applications. To meet the increasing demand, significant players of the market are expanding their production capacities of NCM. For instance, in 2017, Umicore invested $327.5 million for the construction of their new plant in Jiangmen, China to produce NCM. These cathode materials would be used to meet the demand for rechargeable lithium-ion batteries in the electric vehicles. The increasing prices of cobalt have compelled the battery manufacturers to reduce the content of cobalt in the NCM cathode technologies. Thus, a transition to high nickel content NCM battery is expected, which will cater to the high energy density requirement of the EVs thereby, increasing the driving range of the electric vehicles. Additionally, NCM is gaining popularity in other end-user industries, such as energy storage systems. Some of the NCM lithium technologies used in ESS applications are 7kWh Tesla Powerwall, the LG Chem equivalent, and the Leclance Apollion Cube.
Some of the key players in the global cathode materials market include BASF SE, ALEEES, L&F Co., Ltd., Mitsubishi Chemical Corporation, NEI Corporation, Nichia Corporation, Nippon Chemical Industrial Co., Ltd., PULEAD, Shanshan Co., Ltd., Sumitomo Corporation, Tanaka Chemical Corporation, Targray Technology International Inc., Toda Kogyo Corp, and Umicore N.V. Few of the customers or end-users in the cathode materials market are GS Yuasa International Ltd., Hitachi Ltd., Samsung SDI Co., Ltd., and Tesla, Inc.
The key players operating in this market have ramped up their business expansion activities over the recent years, to generate public awareness about their existing and products launches and technologies. This has been the most widely adopted strategy by the players in this market. For instance, in April 2018, LG Chemicals and Huayou Cobalt, a China-based raw materials supplier of LIBs, planned to invest $440 million in establishing a joint venture in order to build two 40,000 tons/year precursor materials plant and cathode materials plant in China. The partners will form two separate joint venture companies, Huajin New Energy Material and Leyou New Energy Material, to produce both NCM and NCA batteries.
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This report is a meticulous compilation of research on more than 100 players in the cathode materials market and draws upon the insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles approximately 19 companies which include, NEI Corporation, Nichia Corporation, Nippon Chemical Industrial Co., Ltd., PULEAD, Shanshan Co., Ltd., Sumitomo Corporation, Tanaka Chemical Corporation, Targray Technology International Inc., Toda Kogyo Corp, and Umicore N.V., among others.
Key questions answered in the report:
- What is the size, in terms of value ($million) and volume (kilotons) of the cathode materials market in 2017, and what will be the growth rate during the forecast period, 2018-2023?
- What is the market size of different types of cathode materials (by value and volume) and their growth rate during the forecast period, 2018-2023?
- How will each end-user industry of cathode materials market grow during the forecast period and what will be the market size (by value and volume) of each of the end-user industry by the end of 2023?
- What is the market size for different regions and countries in terms of value and volume in the cathode materials market and their growth across the forecast period, 2018 to 2023?
- What is the market size for different regions by type and end-user industry in terms of value and volume ($million and kilotons) in the cathode materials market and their growth across the forecast period, 2018 to 2023?
- What is the market size for different countries by type and end-user industry in terms of value and volume ($million and kilotons) in the cathode materials market and their growth across the forecast period, 2018 to 2023?
- What are the major driving forces that tend to increase the demand for cathode materials market during the forecast period?
- What are the major challenges inhibiting the growth of the global cathode materials market?
- What is the competitive strength of key players in the global cathode materials market by analyzing through market share analysis?
- Who are the key market players (suppliers and customers) in the market, along with their detailed analysis & profiles (including their financials, company snapshots, key products & services, and SWOT analysis)?
- What is the market scenario of other associated markets in the cathode materials value chain?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on Healthcare, Automotive, Aerospace and Agriculture and other key industries that are seeing rapid technological disruption.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
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SOURCE BIS Research