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Global Cathode Materials Major Players 2025, Forecast To 2034

12 Mar, 2025

What Fueled Cathode Materials Market?

The cathode materials market has seen considerable growth due to a variety of factors.
• In the past few years, there has been robust growth in the size of the cathode materials market. It is predicted to increase from $21.5 billion in 2024 to $23 billion in 2025, representing a compound annual growth rate (CAGR) of 7.0%.
Various factors have contributed to this growth in the historical period, including the surge in consumer electronics, the adoption of electric vehicles, the use of energy storage systems, government initiatives and subsidies, as well as expanded industrial applications.

What Does Future Hold for The Cathode Materials Market Size?

The cathode materials market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of cathode materials is anticipated to witness robust growth. It is projected to reach $31.41 billion by 2029, expanding at a compound annual growth rate (CAGR) of 8.1%.
The expansion of the electric vehicle market, growth in energy storage, transition to renewable energy, smart grid enhancement, governmental regulations, and circular economy initiatives contribute to the predicted growth in the forecast period. Key trends for this period include a decrease and substitution of cobalt, the use of solid-state batteries, a focus on sustainability and recycling, strategic investment in expanding capacity, and the incorporation of artificial intelligence.

What Factors Are Driving Growth In The Cathode Materials Market?

The cathode materials market is poised for expansion, primarily fueled by the escalating use of batteries in electric vehicles. These vehicles, which completely or partially operate on electricity, employ cathode materials in their Li-ion batteries to create electricity through chemical reactions. For example, Virta Global, an EV charging solutions company based in Finland, reported in 2024 the sale of about 14 million electric cars in 2023, a notable 35% rise from the previous year. This spike led to a global electric vehicle fleet totaling 40 million, exemplifying a robust move towards electric mobility. Thus, the cathode materials market is being propelled by the augmenting use of electric vehicles.

What Is The Segmentation Of The Global Cathode Materials Market?

The cathode materials market covered in this report is segmented –
1) By Material: Lithium Cobalt Oxide Or Lithium Cobaltate, Lithium Manganese Oxide Or Spinel Or Lithium Manganate, Lithium Iron Phosphate Or Lithium Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide, Sulfur Cathodes, Sodium Cobalt Oxide, Other Materials
2) By Battery Type: Lead-Acid, Lithium-Ion, Other Battery Types
3) By Application: Portable Gadgets, Medical Devices (Cardiac Pacemakers, Implantable Cardiac Defibrillators (ICDs) And Others), Power Tools, Wireless Peripherals Or Cordless Devices, Power Storage Systems, Other Applications Subsegments:
1) By Lithium Cobalt Oxide Or Lithium Cobaltate: Standard Lithium Cobalt Oxide, High-Capacity Lithium Cobalt Oxide
2) By Lithium Manganese Oxide Or Spinel Or Lithium Manganate: Spinel Lithium Manganese Oxide, Lithium Manganate
3) By Lithium Iron Phosphate Or Lithium Nickel Manganese Cobalt (NMC): Standard Lithium Iron Phosphate, Modified Lithium Iron Phosphate, NMC 111 (1:1:1 ratio), NMC 532 (5:3:2 ratio), NMC 622 (6:2:2 ratio), NMC 811 (8:1:1 ratio)
4) By Lithium Nickel Cobalt Aluminum Oxide: Standard NCA, High-Performance NCA
5) By Sulfur Cathodes: Next-Generation Batteries, High-Capacity Applications
6) By Sodium Cobalt Oxide (NaCoO2): Research Applications, Sodium-Ion Batteries
7) By Other Materials: Emerging Materials, Specialty Applications

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What Emerging Trends Are Shaping The Cathode Materials Market?

Technological advancements have become a salient feature in the cathode materials market, with leading companies prioritizing the introduction of cutting-edge technologies to secure their market position. For example, in April 2022, Ascend Elements, a United States-based firm specializing in the production of cathode active materials, unveiled their Hydro-to-Cathode process technology. This pioneering technology facilitates the conversion of essential elements from recycled lithium-ion batteries into fresh cathode materials, offering an innovative approach to cathode material production using recycled batteries.

Who Are the Key Players in the Cathode Materials Market?

Major companies operating in the cathode materials market include:
• BASF SE
• Hitachi Chemical Energy Technology Ltd.
• POSCO
• Panasonic Corporation
• SK Innovation Co. Ltd.
• Sumitomo Corporation
• LG Chem Ltd.
• Mitsubishi Chemical Corporation
• BKT Carbon
• Toda Kogyo Corp
• Showa Denko Materials Co. Ltd.
• Johnson Matthey plc
• Asahi Kasei Corporation
• Ube Industries Ltd.
• Mitsui Mining & Smelting Co. Ltd.
• Umicore SA
• Jiangxi HEIMAO Carbon Black Co. Ltd.
• Kureha Corporation
• International CSRC Investment Holdings Co. Ltd.
• Advanced Lithium Electrochemistry Co. Ltd.
• Tanaka Chemical Corporation
• Nippon Chemical Industrial Co. Ltd.
• Epsilon Carbon Private Limited
• AME Energy Co. Ltd.
• NEI Corporation
• Nano One Materials Corp.
• SKC Solmics Co. Ltd.

What are the Regional Insights into the Cathode Materials Market?

North America was the largest region in the cathode materials market in 2024. Asia-Pacific is expected to be the fastest-growing regions in the forecast period. The regions covered in the cathode materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.