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The growing usage of batteries in electric vehicles are expected to drive innovation in cathode materials manufacturing, thus driving the market during the forecast period.

The global cathode materials market is expected to grow from $18.57 billion in 2022 to $20.43 billion in 2023 at a compound annual growth rate (CAGR) of 10.0%. The cathode materials market size is expected to grow to $27.91 billion in 2027 at a CAGR of 8.1%.

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Global Cathode Materials Market Segments Include:

• By Material: Lithium Cobalt Oxide or Lithium Cobaltate, Lithium Manganese Oxide or Spinel or Lithium Manganate, Lithium Iron Phosphate or Lithium Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide, Sulfur Cathodes, Sodium Cobalt Oxide, Other Materials
• By Battery Type: Lead-Acid, Lithium-Ion, Other Battery Types
• By Application: Portable Gadgets, Medical Devices (Cardiac Pacemakers, Implantable Cardiac Defibrillators (ICDs), and Others), Power Tools, Wireless Peripherals or Cordless Devices, Power Storage Systems, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global cathode materials market in 2021.

Major Market Players in the cathode materials market include 3M, BASF SE, Johnson Matthey plc, Kureha Corporation, LG Chem Ltd., Mitsubishi Chemical Corporation, Mitsui Mining & Smelting Co.Ltd., NEI Corporation.

Technological innovations have emerged as the key trend gaining popularity in the cathode materials market. Major companies operating in the cathode materials sector are focused on introducing new technological innovations to sustain their position in the market. For instance, in April 2022, Ascend Elements, a US-based company that produces cathode active materials, launched Hydro-to-Cathode process technology. This technology helps to transform critical elements from recycled lithium-ion batteries into new cathode materials. This is an advanced technology for producing cathode materials by using recycled batteries.

The Cathode Materials Global Market Report 2023  provides a cathode materials market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cathode materials market forecast analyzes cathode materials market size, cathode materials market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Cathode materials refer to batteries that include a variety of products that cater to different user needs for high energy density and high load capacity. These materials are comprised of cobalt, nickel, and multi-metal oxide materials to which lithium is added. It is used to identify the capacity and power of a battery.

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