Cathode Materials Market Size, Share, Industry Overview 2023

The global cathode materials market size was valued at USD 24,234.8 million in 2022 and is poised to grow at a significant CAGR of 6.9% during the forecast period 2023-29. The primary drivers of the expansion of the global cathode materials market include the increasing demand for electric vehicles across the globe. Furthermore, the increasing demand for lithium-ion batteries in the renewable energy industry is expected to boost the growth of the cathode materials market.

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The cathode materials market is segmented based on battery type, material, application, and geography.

Based on the battery type, the market is segmented into the following:
• Lead Acid
• Lithium-ion

Based on the material, the market is segmented into the following:
• Lead Dioxide
• Lithium Manganese Oxide
• Lithium Cobalt Oxide
• Lithium Iron Phosphate
• Others

Based on the application, the market is segmented into the following:
• Automotive
• Consumer Electronics
• Power Tools
• Energy Storage
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Based on the application, the global cathode materials market is segmented into automotive, consumer electronics, power tools, energy storage, and others. The automotive segment is expected to account for a larger revenue share in the global cathode market. The increasing usage of cathode materials in electric vehicle batteries, supporting government regulations and initiatives such as enhancing public EV charging infrastructure, and tax subsidies for electric vehicle purchase are expected to further boost the growth of the cathode materials market. In addition, rising investments by the government in the infrastructure of electric charging vehicles are expected to fuel market growth. For instance, in 2020, China announced the provision of 1.4 billion in subsidies for the construction of charging stations.

Asia Pacific Cathode Materials Market:
The Asia Pacific cathode materials market is expected to increase over the forecast period due to the several electric vehicle manufacturers present in this region. In addition, supporting government initiatives and rising investments in the manufacture of electric vehicles in this region is expected to boost the growth of the cathode materials market over the forecast years.

Furthermore, the increasing expenditure of the population in this region owing to high living standards, and the growing need for energy led to increasing demand for battery energy systems are expected to further propel the growth of the cathode materials market in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Cathode Materials market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In May 2022, Umicore inaugurated its new global research & development center for cathode materials in Korea.

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Key players profiles in the Cathode Materials Market report are Johnson Matthey, Sumitomo Metal Mining Co., Targray Technology International, Umicore, BASF SE, Mitsubishi Chemical Group Corporation, 3M, LG Chem, Nichia Corporation, POSCO, Shenzhen Dynanonic.

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This release was published on openPR.