High Nickel Cathode Materials Market to Reach US$ 10.1 Bn by 2031, TMR Study

WILMINGTON, DE / ACCESSWIRE / February 14, 2023 / Transparency Market Research Inc. - The global high nickel cathode materials market value stood at US$ 1.9 Bn in 2021. The global industry is anticipated to continue growing in the next few years. According to Transparency Market Research, the global market is anticipated to rise at a compound annual growth rate (CAGR) of 20.4% from 2022 to 2031, and reach US$ 10.1 Bn by 2031. Several trends influence the growth of the high nickel cathode materials market. One of the key trends is the rise in adoption of cobalt-free batteries in the electric vehicle (EV) industry, and the low cost of high nickel cathode materials compared to other cathode materials.

Another latest trend is the rise in demand for sustainable battery production. High nickel cathode materials are becoming popular as they are eco-friendlier and have a lower environmental impact than traditional cathode materials. Additionally, high nickel cathode materials are gaining traction in the automotive sector as they are suitable for use in electric vehicles.

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High Nickel Cathode Materials Market: Key Findings of Report

• Rise in Adoption of Cobalt-free Batteries in EV Industry and Low Cost of High Nickel Cathode Materials: Adoption of high nickel cathode materials in the EV industry is being driven by the ability of these materials to produce cobalt-free batteries with high performance. High nickel cathode materials are also more cost-effective than conventional cathode materials, which is driving market growth. Furthermore, the growth in usage of high nickel cathode materials in consumer electronics, especially in smartphones and laptops, is also contributing to the growth of the market.
• Increase in Demand for Sustainable Battery Production and Focus of Companies on Increasing Production Capabilities: The high nickel cathode materials industry is witnessing a surge in demand for sustainable battery production from various end-use sectors such as automotive, consumer electronics, and energy storage systems. This is encouraging companies to focus on increasing production capabilities to meet the rise in demand for eco-friendly and sustainable batteries.

High Nickel Cathode Materials Market: Growth Opportunities

• Market growth is driven by rise in adoption of cobalt-free batteries in the EV industry and low cost of high nickel cathode materials
• Surge in demand for sustainable battery production and focus of companies on increasing production capabilities propels the market
• High nickel cathode materials gaining traction in the automotive sector presents attractive business opportunities for industry stakeholders

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High Nickel Cathode Materials Market: Key Players

The high nickel cathode materials market is highly competitive, with a fragmented competitive landscape. Major players such as POSCO Chemical, BASF Shanshan Battery Materials Co., Ltd., Elcan Industries Inc., Sumitomo Metal Mining Co., Ltd., Huayou Cobalt Co., Ltd., Sichuan Shunying Power Battery Material Co., Ltd., Redwood Materials Inc., Ningbo Ronbay Lithium Battery Materials Co., Ltd., Beijing Easpring Material Technology Co., Ltd., and Meishan Shunying Power Battery Material Co., Ltd., focus on R&D to manufacture eco-friendly products. These players are adopting strategies such as mergers and acquisitions, and expansion of product inventories to increase their market share and stay ahead of the competition.

High Nickel Cathode Materials Market: Regional Growth Assessment

Asia Pacific is expected to lead the global market during the forecast period. It accounted for a market share of 46% in 2021. The market in the region is driven by increase in adoption of electric buses, rapid growth of automotive and consumer electronic sectors, and rise in demand for EVs from India and China. Europe is also expected to hold a significant market share. It held a share of 27.6% in 2021. The regional market is driven by the increase in demand for sustainable battery production and growth in adoption of high nickel cathode materials in the automotive sector.

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High Nickel Cathode Materials Market: Segmentation

High Nickel Cathode Materials Market, by Nickel Content

• Up to 85%
• > 85%-90%
• >90%

High Nickel Cathode Materials Market, by Application

• Lead-acid
• Lithium-ion
• Nickel-cadmium
• Others

High Nickel Cathode Materials Market, by End-use

• Automotive
• Consumer Electronics
• Power Tools
• Energy Storage
• Medical
• Industrial
• Aerospace
• Others

High Nickel Cathode Materials Market, by Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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