Cathode Material for Automotive Lithium-Ion Battery Market Upcoming Demands & Growth Analysis 2030

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A cathode combination of one-third nickel, one-third manganese, and one-third cobalt, also known as 1–1–1, is used in a nickel-manganese-cobalt (NMC) battery due to its high energy density. Apart from NMC batteries, nickel-cobalt-aluminum (NCA) batteries are being preferred by original equipment manufacturers (OEMs) in the automobile sector because of their 1:1:1 proportion of elements, which results in a lower material cost. This is an outcome of the rapid electrification of automobiles and battery technology development, which have significantly elevated the usage of automotive lithium-ion (Li-ion) batteries.

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This will, in turn, increase the size of the cathode material for automotive lithium-ion battery market from $1,744.9 million in 2019 to $3,777.8 million by 2030, at a CAGR of 6.9% during 2020–2030. Currently, one of the key restraints in the adoption of electric vehicles (EVs) is their high cost, which is majorly owed to the battery price; therefore, it is necessary to make batteries cheaper. Cathode material at present accounts for about 25–30% production cost of a Li-ion battery. The price of cathode materials is affected by the demand for them from downstream battery manufacturers and the raw material prices charged by upstream suppliers.


Furthermore, P&S Intelligence projects that the Latin America, Middle East, and Africa (LAMEA) region will showcase the fastest growth in the cathode material for automotive lithium-ion battery market in the future. In terms of capacity, the total consumption of automotive lithium-ion batteries in the LAMEA region stood at 1.6 Gigawatt-hours (GWh) in 2019, and it is expected to reach around 7.6 GWh in 2024. The rise will be due to the growing adoption of electric cars in Colombia, South Africa, Mexico, the U.A.E., Brazil, and Israel.

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Therefore, high energy density and low cost will be the key factors propelling the demand for cathode materials for Li-ion batteries for automobiles.


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