The United States Nickel Cobalt Manganese (NCM) market is projected to reach a value of USD 1.0 billion by 2033, growing at a 14.2% CAGR. This growth is primarily driven by the rising production and sales of electric vehicles, which are boosting demand for NCM materials in the automotive sector. Additionally, increasing demand for lithium-ion batteries in the marine and power sectors is further supporting NCM sales across the country.
NEWARK, DE / ACCESSWIRE / November 12, 2024 / In 2023, the nickel cobalt manganese market is expected to be worth USD 2.3 billion. The market is expected to reach USD 10.0 billion by 2033, expanding at a 15.7% CAGR throughout the forecast period. The increasing sales and production of electric vehicles is a key driver for the NCM cathode materials market. NCM cathodes are widely used in lithium-ion batteries for EVs due to their high energy density, improved thermal stability, and longer lifespan compared to other cathode materials.
Key Drivers Propelling Nickel Cobalt Manganese Market Growth
Rising demand for lithium batteries in Electric Vehicles (EVs) is boosting global sales of Nickel Cobalt Manganese (NCM) materials.
Ongoing research and development (R&D) efforts are focused on enhancing battery performance, driving demand for advanced cathode materials like NCM.
Increasing preference for NCM batteries over lithium iron phosphate (LFP) batteries due to performance advantages is accelerating NCM market growth.
Expanding applications of NCM batteries in automotive and transportation sectors is a significant growth driver for the NCM market.
Key Takeaways from the Nickel Cobalt Manganese Market:
The Nickel Cobalt Manganese industry in the United States is predicted to reach USD 1.0 billion by 2033, increasing at a 14.2% CAGR.
During the forecast period, the Nickel Cobalt Manganese industry in China is expected to reach a market share of USD 1.2 billion, securing a 16.7% CAGR.
The Nickel Cobalt Manganese industry in Japan is predicted to reach USD 0.2 billion by 2033, increasing at a 13.3% CAGR.
Germany's Nickel Cobalt Manganese industry is predicted to achieve a market share of USD 0.3 billion, rising at a 15.4% CAGR during the forecast period.
The Nickel Cobalt Manganese industry in India is estimated to reach a market share of USD 0.4 billion, expanding at a CAGR of 16.7% by 2033.
With a CAGR of 17.1% from 2022 to 2033, the NMC955 (90% nickel, 5% manganese and 5% cobalt) segment is expected to dominate the Nickel Cobalt Manganese industry.
The automotive and power sector are projected to create billion dollar market at the end of forecast period.
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Challenges for Nickel Cobalt Manganese Market Participants
Intense competition from substitute materials, including lithium iron phosphate (LFP), lithium cobalt oxide (LCO), and lithium manganese oxide (LMO), poses challenges.
Environmental concerns related to cobalt usage may limit the market's expansion due to sustainability and regulatory pressures.
Limited availability and high costs of raw materials, particularly in emerging economies, impact market growth and accessibility.
Latest Trends in the Nickel Cobalt Manganese Market
Increasing focus on developing innovative cathode materials, including high-nickel and cobalt-free options for lithium batteries.
Emergence of new materials, such as lithium-rich manganese-based cathode materials, tailored for advanced lithium-ion batteries.
Adoption of recycling technologies for lithium-ion batteries to support a sustainable and circular economy is gaining momentum in the NCM market.
Growing replacement of LFP batteries with NCM batteries due to superior performance characteristics is driving market dynamics.
Regional Analysis of the Nickel Cobalt Manganese Market
Country |
CAGR % 2023 to End of Forecast (2033) |
United States |
14.2% |
Germany |
15.4% |
China |
18.1% |
Japan |
13.3% |
India |
16.7% |
How Does the Competition Look in the Nickel Cobalt Manganese Market?
The Nickel Cobalt Manganese industry has a highly consolidated market, with a significant number of players holding more than 50% market share. Several significant participants in this industry comprise BASF SE, Sumitomo Metal Mining Co., Ltd., Xiamen TOB New Energy Technology Co., Ltd., Umicore, Asahi Kasei, Mitsubishi Chemical Corporation, POSCO Future M Co., Ltd., Johnson Matthey, The 3M Company, Evonik Industries, Nichia Corporation, LG Chem, Tanaka Chemical Corporation, and among other companies.
The key market participants are significantly investing in research and development endeavors to create novel and innovative products that are cost-effective, less harmful, and provide excellent performance. They are focusing on the development of more eco-friendly and sustainable products by reducing toxic content. Manufacturers are increasingly developing high nickel and cobalt free battery materials with enhanced performance.
Key players have also entered into long-term agreements with small players and technology providers to enhance their product performance and to develop new manufacturing technologies to meet their sustainability goals.
The global market for nickel cobalt manganese is a consolidated market and a number of prominent players participate in mergers and acquisitions to increase profitability, reduce cost and increase market share.
Key players are expanding their presence in these markets by establishing local manufacturing facilities and strengthening their distribution networks. They are also focusing on offering cost-effective solutions to customers in these markets to gain a competitive edge.
Key Players in the Nickel Cobalt Manganese Industry
BASF SE
Sumitomo Metal Mining Co., Ltd.
Xiamen TOB New Energy Technology Co., Ltd
Umicore
Asahi Kasei
Mitsubishi Chemical Corporation
POSCO Future M Co., Ltd.
Johnson Matthey
The 3M Company
Evonik Industries
Nichia Corporation
LG Chem
Tanaka Chemical Corporation
Others
Segmentation Analysis of the Nickel Cobalt Manganese Market
By Product Type:
NMC333 (33% nickel, 33% manganese and 33% cobalt)
NMC622 (60% nickel, 20% manganese and 20% cobalt)
NMC955 (90% nickel, 5% manganese and 5% cobalt)
Others
By End Use:
-
Consumer Electronics
Smartphones
UPS
Laptops
Others
Automotive
Aerospace
Marine
Medical
Industrial
Power
Others
By Region:
North America
Latin America
Western Europe
Eastern Europe
East Asia
South Asia Pacific
The Middle East & Africa
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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