The global lithium-ion battery cathode market size is expected to reach USD 12.77 billion by 2027 according to a new study by Polaris Market Research. The report “Lithium-Ion Battery Cathode Market Share, Size, Trends, Industry Analysis Report, By Chemical Composition (Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Nickel Manganese Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Cobalt Aluminum Oxide); By Cell Type; By End Use; By Regions; Segment Forecast, 2020 - 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Cathode materials in lithium-ion batteries use lithium transition metal oxide compounds where lithium and transition metals act as positive ions while oxide acts as negative ions. The five primary cathode materials for Li-ion battery includes Li Co oxide, Li Fe phosphate, Li Mg oxide, Li Mg Co oxide, and Li Ni-Co oxide to determine the quality (output voltage & capacity) and performance of Li-ion batteries.
The improved reliability and compatibility of lithium-ion batteries across the application industries is expected to drive the demand for lithium-ion cathodes over the forecast period. Furthermore, increasing demand for batteries in consumer electronics including smartphones, tablets, etc. owing to the long battery life and high-performance characteristics is expected to drive the demand for cathodes over the projected period.
The overall penetration of lithium-ion batteries with environment-friendly materials in the automotive and consumer electronics industry is expected to increase in the upcoming years due to rising concern for global warming and rising demand for vehicles and electronic products with improved performance. Therefore, the global market for cathode materials for lithium-ion batteries with continuous innovations for environmental sustainability is likely to witness promising growth during the forecast period due to a significant reduction in CO2 content.
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Furthermore, lithium batteries are also being used in modern wearable devices, such as healthcare bands, tech tags, and smartwatches. Thereby, the development of energy storage technologies is enabling battery manufacturers to introduce advanced li-ion batteries that are compatible with the next-generation battery-operated and electronic products. Currently, various types of batteries such as li-manganese oxide, lithium phosphate battery, li-nickel manganese cobalt oxide battery, and li-cobalt oxide battery are witnessing high demand as technologically advanced batteries across a wide range of end-use industries.
The next area of innovation for li-ion batteries is grid-scale battery installations to improve their energy storage capability. This can lead to improving the energy density of lithium batteries in comparison to other rechargeable batteries, which ultimately translates into reduced weight and size and improved energy storing capability of the batteries. Companies such as BASF SE, Umicore SA, Sumitomo Chemicals, 3M Company, Hitachi Chemical Co., Ltd., LG Chem Ltd., Samsung SDI, Mitsubishi Chemical Holdings Corp, NICHIA Corporation, Fujitsu Limited, NEI Corporation, and Targray Technology International Inc. are few key players operating in the market.
Polaris Market Research has segmented the lithium-ion battery cathode market report on the basis of chemical composition, cell type, end-use, and region
Lithium-ion Battery Cathode by Chemical Composition Outlook (Revenue - USD Million, 2016 - 2027)
Lithium-ion Battery Cathode by Cell Type Outlook (Revenue - USD Million, 2016 - 2027)
Lithium-ion Battery Cathode by End-Use Outlook (Revenue - USD Million, 2016 - 2027)
Lithium-ion Battery Cathode by Regional Outlook (Revenue - USD Million, 2016 - 2027)