Nickel Cobalt Manganese Market projected to reach USD 4.5 Billion by 2030, growing at a CAGR of 8.3% during the forecast period of 2023-2030 – claims by MarketDigits in its recent study
The Global Nickel Cobalt Manganese Market was valued USD 2.6 Billion in 2023 and projected to reach USD 4.5 Billion by 2030, growing at a CAGR of 8.3% during the forecast period of 2023-2030
Richmond, Feb. 01, 2024 (GLOBE NEWSWIRE) — According to a research report “Nickel Cobalt Manganese Market”, by Type (NCM 811, NCM 622, NCM 523, NMC 955), Grade (High Purity, Low Purity), Component (Cathode, Anode, Electrolyte), Application (New Energy Vehicles, 3C Electronics, Consumer Electronics, Aerospace, Marine, Medical, Industrial Power and Others) and Region – Global Forecast to 2030.
Global Nickel Cobalt Manganese Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 2.6 Billion |
| Market size value in 2030 | USD 4.5 Billion |
| CAGR (2023-2030) | 8.3% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Component, Grade, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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TOC Covers in Depth & Breath on Nickel Cobalt Manganese Market
170 – Market Data Tables
65 – List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Application Product Types / Mapping), Application Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Application Humanoid Robot, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Nickel Cobalt Manganese market has gained traction in recent years as the demand for reliable and long-lasting energy storage solutions continues to grow. Nickel Hydrogen (NiH2) batteries are a type of rechargeable battery that utilizes nickel and hydrogen as the active materials for the positive and negative electrodes, respectively.
One of the driving factors behind the increasing popularity of Nickel Cobalt Manganese is their high energy density and long cycle life. These batteries are known for their ability to store a significant amount of energy in a compact space and maintain their performance over a large number of charge and discharge cycles. This makes them particularly suitable for applications that require consistent and durable power sources.
Space exploration and satellite missions have been significant contributors to the adoption of Nickel Cobalt Manganese. These batteries are well-suited for the harsh conditions of space, offering a reliable and stable power supply for extended periods. The aerospace industry’s reliance on Nickel Cobalt Manganese has, in turn, spurred advancements in battery technology, making them more efficient and cost-effective for terrestrial applications as well.
Another key driver for the Nickel Cobalt Manganese market is the increasing interest in renewable energy and grid energy storage. As the world shifts towards cleaner and sustainable energy sources, there is a growing need for efficient energy storage solutions to address the intermittent nature of renewable power generation. Nickel Cobalt Manganese, with their high energy density and durability, are emerging as a viable option for grid-scale energy storage applications.
Despite the positive momentum, challenges such as cost and competition from other battery technologies persist. However, ongoing research and development efforts are focused on improving the cost-effectiveness and performance of Nickel Cobalt Manganese, ensuring their continued relevance in a rapidly evolving energy storage landscape.
Major Vendors in the Global Nickel Cobalt Manganese Market:
Asahi Kasei, Evonik Industries, Johnson Matthey, LG Chem, Mitsubishi Chemical Corporation, Nichia Corporation, POSCO Future M Co., Ltd., Tanaka Chemical Corporation, The 3M Company, Umicore, Xiamen TOB New Energy Technology Co., Ltd and others.
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The rise in number of electronic vehicle adoption is a promising factor for nickel cobalt manganese (NCM).
The increasing adoption of electric vehicles (EVs) worldwide is a pivotal driver for the nickel cobalt manganese (NCM) market. As governments worldwide implement stringent regulations to reduce carbon emissions and combat climate change, the automotive industry is undergoing a significant shift towards electrification. This transition is fueled by a growing awareness of environmental concerns and the need to reduce dependence on fossil fuels.
NCM batteries, known for their high energy density, long cycle life, and stability, are the preferred choice for powering electric vehicles. These batteries offer superior performance compared to traditional lead-acid batteries, making them ideal for EV applications where energy density and range are critical factors.
The increasing demand for electric vehicles, coupled with advancements in battery technology that improve energy density and reduce costs, has propelled the growth of the NCM market. Automotive manufacturers are investing heavily in research and development to enhance the performance and affordability of NCM batteries, driving economies of scale and further accelerating the adoption of electric vehicles.
As the electric vehicle market continues to expand globally, driven by supportive government policies, technological advancements, and changing consumer preferences, the demand for NCM batteries is expected to soar, creating significant opportunities for growth in the nickel cobalt manganese market.
Market Dynamics
Drivers:
- Increasing demand for electric vehicles (EVs) and rechargeable batteries.
- Growing demand for energy storage systems (ESS) for renewable energy integration and grid stabilization.
- Continuous advancements in battery technology, including improvements in NCM cathode materials.
- Increasing investments in research and development to improve battery technology and reduce costs.
- Rising awareness and adoption of energy-efficient appliances and devices.
Opportunities:
- Expansion of Electric Vehicle (EV) Market.
- Rapid industrialization and urbanization in emerging markets increase demand for consumer electronics.
- Strategic partnerships and investments along the supply chain, from mining to battery manufacturing, offer opportunities to optimize production processes.
- Supportive government policies and incentives promoting clean energy and electric vehicle adoption stimulate market growth.
- Strategic partnerships and investments along the supply chain, from mining to battery manufacturing
Usage In Renewable Energy Storage
The world transitions towards renewable energy sources like solar and wind power, the need for efficient energy storage solutions becomes paramount to address intermittency issues. Nickel cobalt manganese (NCM) batteries offer a compelling solution due to their high energy density, long cycle life, and relatively low cost compared to other battery chemistries. These batteries can store excess energy generated during peak production periods and release it during times of high demand or when renewable sources are not actively generating power.
One significant opportunity within the renewable energy storage sector lies in grid-scale energy storage projects. These projects involve deploying large-scale battery systems to store surplus energy from renewable sources, such as solar and wind farms, and release it when needed to stabilize the grid or meet demand peaks. NCM batteries, with their high energy density and scalability, are well-suited for such applications.
By leveraging the opportunities in renewable energy storage, the nickel cobalt manganese market can not only support the integration of renewable energy into the grid but also capitalize on the growing demand for energy storage solutions worldwide. Additionally, advancements in battery technology and manufacturing processes further enhance the competitiveness of NCM batteries in this sector, paving the way for continued market growth and adoption.
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North America dominates the market for Nickel Cobalt Manganese.
North America stands out as a dominant force in the sustainable packaging market due to several key factors that contribute to its leadership position. Firstly, North America has witnessed a significant rise in environmental consciousness among consumers, businesses, and policymakers. Concerns about plastic pollution, climate change, and the depletion of natural resources have spurred a growing demand for sustainable packaging solutions across various industries. This heightened awareness has translated into proactive measures by companies to adopt eco-friendly packaging alternatives and meet consumer preferences for environmentally responsible products.
Secondly, stringent regulations and policies enacted at both the federal and state levels have played a crucial role in driving the adoption of sustainable packaging practices in North America. Legislative measures such as bans on single-use plastics, mandates for recyclable or compostable packaging, and extended producer responsibility (EPR) programs have incentivized companies to invest in sustainable packaging solutions to comply with regulatory requirements and mitigate environmental impacts.
Moreover, North America boasts a robust infrastructure for recycling and waste management, providing a conducive environment for the development and adoption of sustainable packaging technologies. The region’s well-established recycling facilities, coupled with initiatives to improve recycling rates and promote circular economy principles, facilitate the integration of recycled materials into packaging products, thereby reducing reliance on virgin resources and minimizing environmental footprint.
Additionally, North America’s dynamic retail landscape, characterized by the presence of major players in the food and beverage, consumer goods, and e-commerce sectors, drives demand for innovative packaging solutions that align with sustainability goals. Large corporations and retailers in the region have increasingly embraced sustainable packaging initiatives as part of their corporate social responsibility (CSR) strategies, fueling market growth and innovation in sustainable packaging offerings.
Overall, North America’s leadership in the sustainable packaging market is underpinned by a combination of factors including heightened environmental awareness, regulatory support, robust recycling infrastructure, and market-driven demand for eco-friendly packaging solutions. These factors collectively position the region as a key driver of innovation and growth in the global sustainable packaging market. U.S.A dominates the market for Nickel Cobalt Manganese followed by Canada.
The Application Segment is anticipated to hold the Largest Market Share during the Forecast Period.
The nickel cobalt manganese (NCM) market is predominantly influenced by its diverse applications, with the application segment playing a pivotal role in shaping its demand dynamics. NCM is a crucial component in the manufacturing of lithium-ion batteries, and its widespread use is evident across various sectors. The dominant applications contributing to the robust performance of the NCM market include New Energy Vehicles (NEVs), 3C Electronics, Consumer Electronics, Aerospace, Marine, Medical, Industrial Power, and other sectors.
New Energy Vehicles (NEVs) represent a primary application, showcasing the increasing integration of NCM batteries in electric vehicles, hybrid electric vehicles, and other sustainable transport solutions. The automotive industry’s shift toward cleaner and more energy-efficient options has fueled the demand for NCM in this segment.
The 3C Electronics segment, encompassing products like laptops, smartphones, and tablets, relies significantly on NCM batteries due to their high energy density and efficiency. Consumer Electronics, which includes a broad range of electronic devices used by individuals, also contributes substantially to the NCM market’s growth.
Aerospace and Marine applications leverage NCM batteries for their energy storage needs, ensuring reliable and high-performance solutions for these demanding environments. In the Medical sector, NCM finds application in various medical devices and equipment, benefitting from its stable and efficient energy storage capabilities.
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