A battery is a product which transforms stored chemical energy directly into electrical energy. The main components of battery are anode, cathode, and electrolyte. In this, cathode is the electrode from which a conventional current leaves a polarized electrical device. It is a negative electrode in an electrolytic cell which attracts the positively charged particles is attracted. The cathode materials market is witnessing a decent growth in the recent years, and anticipated to register the good growth during the forecast years. The growth is majorly driven by the increasing demand of batteries in the electric vehicles and various other consumer electronics.
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Lithium-ion materials are classified into lithium iron phosphate (LFP), Lithium cobalt oxide (LCO), Lithium Nickel Manganese Cobalt Oxide (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA), lithium ion manganese oxide battery (LMO). The lead-acid batteries are further classified into lead dioxide on the basis of material. Of all these, lead dioxide segment is projected to hold the largest share in the market in the coming years. This is attributed to the increasing production of commercial vehicles, passenger cars, two-wheelers, and others.
The increasing penetration of electric vehicles, growing demand of consumer electronics, and the growing investment in renewable energy storage are the major factors driving the cathode materials market growth. In government and authorities of various countries in North America, Europe, and few Asian countries have started providing subsidiaries to the electric vehicle manufacturers, in order the promote the use of electric vehicles to protect the environment from emission.
Asia-Pacific cathode materials market is expected to account for the largest share in the market. The major growth drivers are the increasing demand for battery energy systems and increasing consumers of batteries in automobiles, industrial, and portable devices in the developing Asian countries. Additionally, the shifting preference of the consumers from fuel energy to battery energy to deal with CO2 emission regulations is also driving the market growth in the region.
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The competitive landscape for cathode materials market is marked by presence of established large players and small scale players. Some of the key players operating in the global cathode materials industry are Advanced Lithium Electrochemistry Co., Ltd., BASF SE, Targray, NEI Corporation, 3M Company, Mitsubishi Chemical Holdings, Hitachi Chemical, Sumitomo Corporation, Hunan Shanshan New Material Co., Ltd., Hunan Reshine New Material Co Ltd Ltd., Pulead Technology Industry Co., and Umicore.