The global lithium-ion battery cathode market was valued at USD 5.01 billion in 2019 and is expected to grow at a CAGR of 12.4% during the forecast period. The factors contributing to the growth of lithium battery cathode are recent developments in battery technologies, the surge in sales of electric vehicles, and the development of next-generation consumer electronics products & services such as medical wearables.

Despite the introduction of technologically advanced features in modern electronic products, battery life has remained a perennial problem for consumer electronics brands. In addition, high power and energy density have become a crucial criterion for reliable and safe batteries in modern consumer electronics and smart devices. Thereby, the market witness exponential growth with a significant rise in its demand across the consumer electronics sector, as electronic device manufacturers are using li-ion batteries to introduce devices with a longer lifespan. Moreover, a growing need for automation and battery-operated, portable power tools in other industrial applications will power growth for li-ion batteries.

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Growth Drivers

Though their fast charging and lower self-discharge rate have retained the popularity of lithium-ion batteries as compared to other rechargeable batteries, manufacturers are constantly improving the performance characteristics of Li-ion batteries amidst the rising emergence of economical alternatives. The higher cost of these batteries and materials makes them un-reasonable for certain consumers and operations for prolonged usage and introducing competitive prices has remained a major challenge for li-ion battery and cathode material manufacturers.

Thereby, manufacturers and research organizations in the global market are likely to improve their focus on developing innovative ways to improve the cost-efficiency and reliability of Li-ion batteries. For instance, researchers at Dallas University announced that they are developing an innovative lithium-air battery technology to make use of oxygen as an oxidizer, which can improve the life cycle of the battery while reducing its production cost to make it nearly 5 times cheaper. The next area of innovation for the batteries is grid-scale battery installations to improve their energy storage capability. This can lead to improving the energy density of Li-ion batteries in comparison to other rechargeable batteries, which ultimately translates into reduced weight and size and improved energy storing capability of Li-ion batteries.

In addition to this, incorporating innovative materials for the manufacturing of Li-ion batteries to slash the production cost of Li-ion batteries is emerging as a popular trend among manufacturers. Thereby, customization achieved by reducing the quantity of cobalt proportionally inside the cathode is likely to become an integral part of the business strategies of most manufacturers in the li-ion battery cathode market in the upcoming years.

The market is primarily segmented on the basis of chemical composition, cell type, end-use, and region.

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

·         Cylindrical

·         Prismatic

·         Polymer

By End-Use

·         Automotive

·         Consumer Electronics

·         Medical Devices

·         Industrial and Energy Storage

By Region

·         North America (U.S., Canada)

·         Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)

·         Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)

·         Latin America (Brazil, Mexico, Argentina)

·         Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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