The cathode materials market is projected to grow from USD 25.9 billion in 2022 to USD 52.6 billion by 2027, at a CAGR of 15.2% from 2022 to 2027. Different materials are used in different kinds of batteries. Cathode materials are one of the major building blocks of batteries, which are further applicable for end-uses including consumer electronics, automotive, and industrial.
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Based on battery type, lead-acid is expected to be the largest segment during the forecast period, by value. Lead-acid battery was the first commercially used rechargeable battery. The grid structure of this battery type is made from lead alloy. Because of its minimal per-watt cost, this type of battery is still frequently utilized in various applications. This is further expected to drive the market share of this segment.
Based on material type, the lead dioxide cathode material is expected to be the largest segment during the forecast period, by value. Lead dioxide is a standard cathode material of lead acid batteries. Lead-acid battery units & materials are almost 99% recycled & reused for new batteries. It is an essential energy storage device that is widely used as a secondary storage cell in automotive and industrial applications. Thus, the use of lead-acid batteries in these end-use sectors is expected to increase its demand, which will further propel the demand for lead-acid cathode materials.
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Based on end-use, automotive is expected to be the largest segment during the forecast period, by value. Lead-acid batteries are used in passenger cars to supply 12V power to the electrical system of a vehicle. These lead-acid batteries are widely used owing to their low material costs, safety, and recyclability. Furthermore, the market for electric vehicles (EVs) is expected to grow further in the near future, partly driven by the adoption of various environmental norms and emission regulations. This has increased the demand for lithium-ion batteries, which in turn, boosts the demand for cathode materials.
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Some of the leading players operating in the cathode materials market are Umicore (Belgium), POSCO (South Korea), BASF (Germany), Hitachi Chemical (Japan), Sumitomo Metal Mining Co., Ltd. (Japan), Mitsui Mining & Smelting Co., Ltd. (Japan), Showa Denko (Japan), Nichia Corporation (Japan), L&F Co Ltd (South Korea), Pulead Technology Industry (China), TODA KOGYO CORP.(Japan), NEI Corporation (USA), Gravita India (India), Ascend Elements Inc (US), LG Chem (South Korea), American Elements (US), Zhejiang Huayou Cobalt (China), Shenzhen Dynanonic Co., Ltd. (China), Ningbo Shanshan Co., Ltd. (China), and EV Metals Group (Australia) and others.
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