As per the research conducted by Fast. MR, the report titled “Lithium-ion Battery Cathode Market By Cathode Composition (lithium manganese oxide, lithium cobalt oxide, lithium nickel manganese cobalt oxide & Other), By Cell Type (cylindrical, prismatic, and polymer (pouch)) and By Application (automotive, consumer electronics, medical devices, and industrial & energy storage) – Global Market Size, Development, Growth and Demand Forecast, 2018-2027” provides current as well as future analysis of the market by evaluating the major applications, advantages, trends, and challenges. The report dives deeper to produce useful insights into Lithium-ion Battery Cathode Market such as major global regions and key competitors and strategies that can be used for the entry-level player too.
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Rising Prominence of Electric Vehicles Driving Demand for Lithium-ion Battery Cathode Market
The rising popularity of electric vehicles among the consumer masses is anticipated to drive the demand for lithium-ion battery cathode. The electric vehicles sales volume in the U.S. increased by nearly 80% from 2017 to 2018. Thus, the rising adoption of electric vehicles in the U.S. and other countries is expected to positively influence the demand for lithium-ion battery cathode over the coming years.
Stringent environmental regulations and rising concerns about the ecological effect of the combustion engine have resulted in the rising penetration of electric vehicles. The government around the world is providing incentives for purchasing electric vehicles. For instance, the Indian government is giving commendable incentives on the purchase of electric vehicles under the FAME 2 policy.
Industrial & Energy Storage is Fueling Adoption of Lithium-ion Battery Cathode
Industrial & energy storage is widely gaining popularity across the globe. The demand for energy storage and microgrid has observed significant demand over the last few years. Lithium-ion battery cathode is used to store energy and provide power to IT devices.
The demand for IT devices to store data is increasing at a tremendous rate as the world moves towards digitalization. The size of data farms is growing as the data generated by the big corporation is likely to reach 175 zettabytes by 2025. Thereby, creating demand or energy storage systems which-in turn is projected to drive the demand for lithium-ion battery cathode.
Cathode Composition Outlook
Based on cathode composition, the market is segmented into lithium manganese oxide, lithium cobalt oxide, lithium nickel manganese cobalt oxide, lithium iron phosphate, and lithium nickel cobalt aluminium oxide. Among this category, the lithium cobalt oxide segment is likely to observe the most promising growth over the forecast period. The composition offers greater efficiency in terms of power as compared to other counterparts.
Similarly, the demand for lithium nickel manganese cobalt oxide is also likely to witness substantial growth. The composition is widely used across electric vehicles, and rising sales volume of the same is expected to prosper the demand for lithium nickel manganese cobalt oxide. The electric vehicle sales reached nearly 2 million units in 2018 from almost 1 million units in 2017. Thus, the growing sales volume of the electric vehicles is projected to influence the segment’s growth positively.
Cell Type Outlook
Based on cell type, the market is segmented into cylindrical, prismatic, and polymer (pouch). The cylindrical cell type is likely to observe promising growth over the predicted timeline. The circular shaped cell type offers superior stability coupled with enhanced performance compared to its counterparts. However, continuous evolvement in cell design of prismatic and polymer cell type is likely to attain the same level of stability as cylindrical cell type over the coming years.
Cylindrical cell type finds its application in many of the famous electric vehicle brands. Tesla which is among the leading vendors of the electric vehicle industry employed the usage of cylindrical cell type in the manufacturing of Tesla model S. Thus, increasing use of the cell type by prominent vendors of the electric vehicles industry is likely to fuel the cylindrical cell type demand.
Based on application, the market is segmented into automotive, consumer electronics, medical devices, and industrial & energy storage. Among this, the automotive sector is likely to prosper at the highest growth rate over the coming years owing to rising adoption of electric vehicles by consumer masses.
Electric vehicles over the last few years have observed strengthening demand. Although the share of electric cars in the overall automotive industry is nearly 2%, it is expected that the penetration of the segment shall flourish as the consumers opt for sustainable and environmentally friendly choices.
The key vendors of the industry include BASF SE, Umicore SA, Sumitomo Chemicals, 3M, LG Chem Ltd., Hitachi Chemical Co. Ltd., Samsun SDI, Mitsubishi Chemical Holdings Corp, Nichia Corporation, Fujitsu Limited, Targray Technology International Inc., and NEI Corporation.
The vendors of the industry are investing in research & development to enhance product efficiency and serve an end-user point of applications. For instance, BASF SE announced to focus its manufacturing prowess on NMC cathode production that primarily comprises of 5% cobalt, 20% nickel, and 70% manganese.
Lithium-ion battery cathode is the key component of the battery which acts as metal oxide. Discharge process results in the oxidation of anode and results in gaining of electrons at the cathode. Superior power discharge primarily is the responsibility of cathode.
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