Lithium-Ion Battery Cathode Material Market size is forecast to reach $21.29 billion by 2025, after growing at a CAGR of 10% during 2020-2025. Increased reliability and performance of lithium-ion batteries has led to increased demand, which in effect drive the market for cathode materials. Increasing the lithium-ion battery applications has also guided market growth.
Type – Segment Analysis
Cobalt held the largest share in the Lithium-Ion Battery Cathode Material market in 2019. The cathode content comprises 60 per cent of cobalt and constitutes 50% of the cathode’s weight. Cobalt market have historically been driven because of battery demand, mainly from consumer electronics representing 25 percent of demand. The high specific energy makes lithium cobalt a prominent material for mobile phones, laptops and digital cameras. The battery consists of a cathode of cobalt oxide, and a carbon anode of graphite. The cathode has a layered structure, and lithium ions pass from the anode to the cathode during discharge. The flow inverts load. Li-cobalt’s downside is a relatively short life cycle, poor thermal stability and reduced capacity to load. Li-cobalt’s downside is a relatively short life cycle, poor thermal stability and minimal (specific power) load capability. Like other cobalt-blended Li-ion, Li-cobalt has a graphite anode that restricts cycle life by adjusting the solid electrolyte interface (SEI), thickening the anode and lithium plating while fast charging and loading at low temperature. Furthermore, various kinds of organic materials, such as conjugated polymers, organosulfur compounds, organic free radical compounds, and organic carbonyl compounds, have been investigated as electrode materials for lithium batteries. Carbon nanotubes (CNTs) are a candidate material for use in lithium ion batteries due to their unique set of electrochemical and mechanical properties. The use of multiwalled carbon nanotubes as a conductive additive at a lower weight than traditional carbons, such as carbon black and graphite, is a more successful technique for creating a network of electrical percolation.
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Application – Segment Analysis
Consumer Electronics held the largest share in the Lithium-Ion Battery Cathode Material market in 2019. High specific energy, high performance and long service life define the lithium batteries. With an output on the order on billions of units per year, these specific properties have made lithium batteries the power sources of choice for the consumer electronics industry. In addition, governments around the world are focused on digitization and encouraging the use of multiple mobile devices. The advantageous features and the forecasted developments in lithium-ion battery technology have made them the dominant battery technology for the domain of consumer electronic devices. The increase in competition and the decline in overall prices for industrial products are contradictory trends which only lead to moderate growth compared to historical trends. In light of projected accelerations in global consumer spending and per capita income, the industry is still expected to grow more rapidly than the previous five-year average.
End Use – Segment Analysis
Automotive Industry held the largest share in the Lithium-Ion Battery Cathode Material market in 2019 growing at CAGR of 11%. Recently lithium-ion batteries have started to be used in a number of automotive passenger car applications. The key trend seen on the automotive lithium-ion battery market is increased use of NMC batteries in electric cars for improved performance. This is primarily due to massive decline in NMC battery prices in the last few years. Furthermore, demand for higher range per charge is growing, and these batteries have a higher energy capacity and thus provide a wider range of vehicles. The growing production and demand of electric vehicles is acting as a major driver in the growth of automotive lithium-ion battery. Additionally, rapidly reducing prices of lithium-ion battery components are further supporting the demand of automotive lithium-ion battery. Increased production and sales of electric vehicles coupled with increased efforts to reduce carbon emissions and levels of toxicity are expected to fuel demand for lithium ion battery in the forecast period.
Geography – Segment Analysis
APAC dominates the Lithium-Ion Battery Cathode Material market with a share of more than 40%, followed by Europe and Asia Pacific. Due to increased usage of EVs and industrial sectors driven by use in telecommunications, railways, electricity, and other industrial applications, the high demand for batteries from the automotive sector drives the battery materials market at APAC. In addition, growing use of lithium ion batteries in energy storage systems, rising government regulations to boost vehicle fuel efficiency, and rapid industrialization are also expected to propel the global demand for lithium ion battery cathodes. By the amount of cobalt within the cathode, the lithium ion battery can be customized. These customizations help to reduce the total manufacturing costs of lithium ion batteries. Therefore, a move towards the use of cost-effective batteries in industries such as oil, coal, and renewable energy is expected to fuel the global demand for lithium ion battery cathodes. Industries are becoming increasingly affected due to COVID-19 pandemic. The coronavirus outbreak has already led to some of the sharpest declines in demand for lithium ion battery cathode material, which has impacted the market.
Drivers – Lithium-Ion Battery Cathode Material Market
Twice energy density will drive the Lithium-Ion Battery Cathode Material market:
The lithium-ion energy density usually is twice the normal nickel-cadmium. Higher energy densities are at potential. The load characteristics are relatively good and in terms of discharge, they behave similarly to nickel-cadmium. The 3.6 volt high cell voltage allows for battery pack designs with one cell only. Most mobile telephones today operate on a single battery. This has lead into increase in usage of lithium ion battery across various applications. Thus having direct positive impact on lithium ion battery cathode material market.
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Challenges – Lithium-Ion Battery Cathode Material Market
Price hike can restrict the market:
Recent price hikes for lithium and cobalt has raised concerns regarding the long term supply availability of these commodities. Over 95 percent of global lithium supply occurs as a primary product in the form of brines with global production footprint including Latin America, Australia and China. Less than 10 percent of cobalt supply occur as primary product with remaining as by-product of primarily copper and nickel mines.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Lithium-Ion Battery Cathode Material market. In 2019, the market of Lithium-Ion Battery Cathode Material has been consolidated by the top five players accounting for xx% of the share. Major players in the Berry Global Inc., Anchor Packaging Inc., Intertape Polymer Group, 3M, and ITS B.V, and others.
In October 2017, Lithium Australia acquired advanced cathode material producer, the Very Small Particle Company (VSPC). VSPC owns proprietary processes for the production of lithium ion battery cathode material, a comprehensive pilot plant, and an advanced laboratory and testing facilities.
APAC dominates the Lithium-Ion Battery Cathode Material market owing to increasing demand from the electronics sector in the region.
Lithium ion batteries are most effectively used in power backups, mobile, laptops, electric mobility, energy storage systems, and in consumer electronic goods.
The market drivers and restraints have been assessed to understand their impact over the forecast period. The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications in Lithium-Ion Battery Cathode Material Market and their specific segmented revenue.
Lithium Ion Battery Market
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