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Description
Cathode Materials Market size was valued at USD 15.8 billion in 2021 and is expected to grow at a CAGR of 6.4% during the forecast period 2022-2028. The increasing demand for electric vehicles, the increased use of lithium-ion batteries in energy storage systems, and governmental regulations to increase vehicle fuel efficiency globally are all factors that are contributing to the growth of the global cathode materials market. The market is anticipated to expand at a good rate as a result of the increased use of cathode materials across sectors and expanding investments in the renewable energy sector. A cathode is an electrode that is negatively charged and permits regular current to exit a polarised electrical device. A positive charge travelling in one direction is what is meant by the term “conventional current.” Since they have a negative charge, electrons move against the direction of typical current flow. Cathode current deposits are created when an external circuit sends electrons into a device’s cathode (CCD). Examples of cathode materials that are typically used as voltage- or energy-limiting electrodes include lithium manganese oxide, lithium cobalt oxide, lithium nickel cobalt aluminium oxide, lithium iron phosphate, lithium nickel manganese cobalt oxide, oxyhydroxide, lead dioxide, graphite cathode, and sodium iron phosphate. Consumer goods including power tools, laptop computers, and smartphones contain cathode materials. Electric vehicles, energy storage, power tools, forklifts, telephony, UPS, and transportation are just a few of the industrial uses for lithium-ion batteries that have emerged in recent years. Government subsidies and changes in policy have also contributed to the market expansion for cathode materials during the past few years. Due to an anticipated increase in the consumption of cathode materials to produce batteries for automobile production, the automotive sector is anticipated to contribute the most to the global market for cathode materials in the future. Due to the rising demand for lithium-ion batteries across a variety of worldwide industries, the lithium-ion cathode material is anticipated to make the largest contribution to the market for cathode materials overall. But over the period, cathode materials market growth is anticipated to be constrained by stringent government safety rules for batteries during production, transportation, and storage.
Critical Developments in Cathode Materials Market
Aug 2022 – RecycLiCo Battery Materials Advances to Lithium Recovery Stage of Demonstration Plant Project.
Oct 2022 – Freyr & Aleees sign agreement for LFP cathode materials
