![]() ![]() The increasing preference towards safety needs for cathode material during activities is inhibiting market growth. Restraint: The inadequate charging infrastructure However, the increasing adoption of green energy among consumers and the raised customer awareness in developed and developing economies are anticipated to propel market growth. Additionally, the increasing technological developments are resulting in the decline in the costs of renewable energy, and the growing competitiveness for battery storage systems is also helping boost the market growth. Moreover, the rising environmental concerns, incentives, tax benefits, and supportive government policies for solar panel installations are also pushing market growth. Further, the increased smart grid installation and a shift toward renewable energy propel market growth. The increasing demand for electric vehicles due to their capability to provide improved performance while decreasing vehicle emissions is the driving factor of the market growth. The lack of raw material availability and safety issuesĭriver: The rise in the adoption of renewable energy The increasing penetration of electric vehicles The increasing need for battery storage systems Key Segments are battery type, type, end-user, and regions The automotive segment is anticipated to dominate the market in the forthcoming years, owing to its extensive usage of the cobalt-free cathode in the automotive industry. The automotive segment is anticipated to dominate the market by 35.08% in 2032 Further, by 2032, the lithium iron phosphate (LFP) segment will likely dominate the market due to the growing environmental apprehensions coupled with the high requirement for lithium iron phosphate (LiFePO4) batteries in battery energy storage systems. Also, the investments by governments to increase battery production is helping to stimulate the segment's market growth. The lithium cobalt oxide (LCO) segment is anticipated to dominate the market over the forecast period owing to the increased demand for lithium-ion batteries in various applications such as mobiles and computers. The lithium cobalt oxide (LCO) segment market size 6.41 billion in 2022 Further, by 2032, the lead acid segment will likely dominate the market due to the general use of lead-acid batteries in emergency lighting, backup power, renewable energy systems, railway backup systems, and security systems. The lithium-ion segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing concentration of government organizations toward greenhouse gas emissions in the environment. The lithium-ion segment is expected to augment the cathode active materials market during the forecast period. However, the increasing middle-class population, cheap internet, and electronic devices are expected to drive market growth in this region. Further, the strict government regulations aimed at reducing CO2 emissions are anticipated to enhance vehicle manufacturers' preference for battery energy over gasoline-based energy, which is expected to drive market growth in this region. Key factors favouring the growth of the cathode active materials market in Asia Pacific include the rising industrialization in emerging economies like Thailand, China, and India, as well as the increase in GDP. Key Insight of the cathode active materials MarketĪsia Pacific to account for the largest market size during the forecast periodĪsia Pacific is expected to have the largest market share in the cathode active materials market. Further, the rising awareness of cathode materials, expanding urbanization, and increasing demand for electric vehicles in emerging countries are also anticipated to drive market growth during the forecast period. In just eight years, the rising usage of batteries in consumer electronic products, as well as the increasing use of industrial robots, are also helping to drive market growth. Newark, J(GLOBE NEWSWIRE) - The Brainy Insights estimates that the cathode active materials market will grow the USD 22.01 billion in 2022 and reach USD 40.56 billion by 2032. ![]()
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