Northbrook, IL -- (SBWIRE) -- 03/06/2022 -- The report "Cathode Materials Market by Battery Type (Lead-Acid, Lithium-ion), Material (Lithium-Ion (LFP, LCO, NMC, NCA, LMO), Lead-Acid (Lead Dioxide)), and Region (Asia Pacific, North America, Europe, and Row) - Global Forecast to 2023", The cathode materials market is projected to grow from USD 16.43 Billion in 2018 to USD 22.17 Billion by 2023, at a CAGR of 6.2% between 2018 and 2023. The rising availability of electricity and connectivity around the world has considerably increased the average person's dependency on technology. Batteries are used in various consumer electronic devices, such as smartphones, laptops, fitness bands, smartwatches, Bluetooth headsets, gardening tools, and UPS systems. With respect to technology, batteries also offer huge energy capacity and can be shaped to fit into the electronic devices to be powered. The growing demand for consumer electronics, including demand for thinner and sleeker devices, and continuous developments in these devices have resulted in the increased consumption of batteries, thus increasing the demand for cathode materials.
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Browse 125 market data Tables and 38 Figures spread through 141 Pages and in-depth TOC on "Cathode Materials Market by Battery Type (Lead-Acid, Lithium-ion), Material (Lithium-Ion (LFP, LCO, NMC, NCA, LMO), Lead-Acid (Lead Dioxide)), and Region (Asia Pacific, North America, Europe, and Row) - Global Forecast to 2023"
The lead-acid segment is projected to lead the cathode materials market during the forecast period.
Based on battery type, the lead-acid segment is estimated to account for the larger share of the cathode materials market than the lithium-ion segment in 2018. This large share can be attributed to the renewability of lead-acid and its increasing use in backup power, emergency lighting, utilities, security systems, railway backup systems, renewable energy systems, and other applications. Batteries reduce carbon emissions and provide energy that is renewable and recyclable.
Based on material, the lead dioxide segment is estimated to be the largest material segment during the forecast period.
Lead dioxide is the preferred cathode material in the manufacturing of lead-acid batteries. It forms the largest portion of any lead-acid battery. Increasing investments in R&D by cathode material manufacturers to create a balance between high quality and low cost will drive the lead dioxide cathode materials market during the forecast period.
Asia Pacific is expected to lead the cathode materials market during the forecast period.
The Asia Pacific region is expected to be the largest market for cathode materials during the forecast period. The Asia Pacific cathode materials market is majorly driven by the growing demand for cathode materials in China. Heavy investments in automotive, electronics, and ESS are key factors driving the cathode materials market in China. Government support, the presence of strong manufacturing base, and growing investments in electric vehicles by automotive companies are major factors driving the Asia Pacific cathode materials market.
Some of the key companies in the cathode materials market include Umicore (Belgium), 3M (US), Mitsubishi Chemical Holdings (Japan), POSCO (South Korea), Johnson Matthey (UK), Hitachi Chemical (Japan), Kureha (Japan), Sumitomo (Japan), Toda Kogyo (Japan), and Mitsui Mining & Smelting (Japan).