Fact.MR, in its latest study, tracks the growth trajectory of the global lithium-ion battery cathode market. The report suggests that lithium-ion battery cathode sales reached the volume of 235,439 tons in 2018, equivalent to the revenues worth ~US$ 4 Bn.
Prominently fueled by the climbing sales of electric vehicles, the demand for Li-ion battery cathode will also be upheld by the emergence of new lithium-ion generation and convergence of cathode & lithium-ion battery across the globe.
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Gains in market are likely to be driven by the undercurrents of numerous end-use industries and widening application base. Over the recent past, there has been a significant stride in the research & development activities for battery materials, including cathode, anode, electrolyte and separators.
Significant increment in R&D investments have led cathode material for lithium-ion battery towards the increasing production and expanded sales, particularly among the automakers and consumer electronics manufacturers.
However, in the backdrop of expeditious depletion of mineral reserves, followed by the emergence of new alternatives, it is highly likely that the lithium-ion sulfur batteries will account for the imbalance between opportunities and sales scale.
The report opines that the solar home systems powered by lithium-ion batteries have been constantly gaining traction in developing countries of Asia Pacific and the Middle East & Africa, which will lubricate the infiltration of lithium-ion battery cathode in these markets over the coming years.
Moreover, the study finds that a handful of countries – India, Philippines, Indonesia, Vietnam, Mexico, and Argentina – have been encountering challenges apropos of the raw material’s demand-supply mismatch, which has engendered the novel trend of ‘recycling’.
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As a sizeable pie of the manufacturing community continues to follow suit, recycling of lithium-ion batteries remains an influential trend aiding in securing the seamless raw material supply, while reducing the reliance on extraction and mining activities for mineral requisites.
Opportunities for lithium-ion battery cathode manufacturers are also likely to remain influenced by the tightening regulatory scenario facing the automotive industry, which prominently includes fuel emission norms. As identified by the Fact.MR report, a notable surge in automotive production and sales will continue to work in favor of leading market players in the lithium-ion battery cathode space.
Developing Regional Markets Reflect High Growth Potential
Lithium-ion battery cathode sales are expected to remain concentrated in the legacy markets, i.e. China, Japan, South Korea, and the U.S., attributing to strong production footprint of industry giants in these countries.
While this is being perceived to be an instrumental factor for manufacturers seeking to build their production and channelization strategies, Fact.MR’s conclusive analysis says that it will help companies widen their end user base and thereby expand the business footprint as well as the overall value chain at a global level.
As per the report findings, lithium-ion battery cathode is likely to spectate a higher rate of adoption in the consumer electronics segment. As consumers’ quest for improved battery life remains open, manufacturers of consumer electronics operate under the stress to integrate batteries with compact size and increased lifespan.
With the trends of ‘portability’ further infiltrating into the consumers’ space, adoption of lithium-ion battery cathode is more likely to grow at an exponential pace in the consumer electronics industry.
Regional assessment of the lithium-ion battery cathode market reveals that East Asia will lead the way over the course of forthcoming years, on account of the high concentration of market players in China and Japan, expending their efforts towards innovating the landscape.
Of late, there has been a substantial rise in the demand for lithium-ion battery cathode materials, especially from the fast-growing economies, such as China, Mexico, and India.
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South Korea, being one of the world’s leading lithium battery producing countries, is expected to emerge lucrative in the near future, driven by the country’s whopping investments in lithium resource projects. The government’s declaration of lithium as the country’s ‘strategic commodity’ will augur well for the li-ion battery manufacturers based in South Korea.
Key players operating in the lithium-ion battery cathode market have been striving to consolidate their position by gaining reciprocal advantage from their equivalents through M&A activities. In addition, since efficiency remains an attractive proposition for lithium-ion battery cathode, manufacturers continue to leverage the prowess of technology to boost product lifespan.
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