A new research study offering market forecast and analysis has been added to the research repository of Market Research Hub (MRH). According to the study, titled, “Lithium Ion Battery Cathodes: Market Shares, Strategies, and Forecasts, Worldwide, 2018 to 2024”, the global lithium ion battery cathode market was valued at nearly US$ 5.1 billion in 2017, and it is likely to surpass US$ 58 billion in revenues by 2024.
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The research study offers in-depth analysis and insights on the key factors that are driving the growth of the global lithium-ion battery cathode market. An in-depth analysis on the drivers, restraints, opportunities, and threats impacting the marketplace has been offered for the perusal of readers. According to the study, the growing interest in electric vehicles, combined with technological advancements aimed at cost reduction of lithium ion battery cathodes are likely to contribute to widespread adoption of these batteries during the assessment period.
The business intelligence study also offers in-depth analysis and insights on the key developments and advancements in this landscape. The reduction in manufacturing costs through use of efficient manufacturing processes and growth in customization through proportionate reduction of cobalt in cathode are increase the opportunities for application of lithium ion battery cathodes. Owing to these factors, the demand for lithium ion battery cathode is likely to witness a significant uptick during the assessment period.
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According to the research report, automakers around the globe are sensing the opportunities in the electric vehicle landscape. For successful proliferation of electric vehicles, cost-efficient and energy-efficient lithium ion battery cathodes will be required. In a bid to consolidate their position in the market, manufacturers are aiming to develop batteries that cost $100/kWh. A majority of companies in the market are targeting the price range $80/kWh to $100/kWh, however, owing to the continuous advances in the development of these batteries, companies are likely to approach $100/kWh in the near future.
According to the research study, the market is witnessing a shift from LFP to NMC lithium battery cathodes. LFP is mainly used by Chinese manufacturers, and owing to waning interest in these cathodes, it is highly likely that Chinese manufacturers will lose market share during the assessment period. The ratio of nickel to manganese to cobalt is currently at 6:2:2, and it is likely to move to 8:1:1 in the near future.
The research study offers in-depth segmentation and analysis on the basis of product and end-use. The key players operating in the market have also been analyzed in detail in the research report. Stakeholders can gain holistic and accurate insights on the key factors impacting the lithium ion battery cathode market during the assessment period.
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