Demand for Cathode Active Materials (CAM) Market Estimated to Grow to 5.3 Million Tonnes Globally by 2033
Market drivers include EV demand, new mineral sources and Free Trade Agreements
A new report from Guidehouse Insights explores the cathode active materials (CAM) market. Analyses include six key minerals that comprise most of the market, as noted by Guidehouse Insights: lithium, nickel, manganese, cobalt, iron, and phosphate.
The EV market is on an upward trajectory and in some regions, approaching a majority share of the light duty vehicle (LDV) market—most notably in China. The medium and heavy duty vehicle (MHDV) market is also expanding its decarbonization efforts, and battery EVs (BEVs) will likely represent a significant share of zero emissions vehicles in many market segments. According to a new report from Guidehouse Insights, the demand for the six key cathode materials is expected to grow at a compound annual growth rate (CAGR) of 20.9%, from 0.9 million tonnes in 2024 to 5.3 million tonnes in 2033.
“Although the COVID-19 pandemic showed the fragility of global supply chains, between 2024 and 2033 the vehicle market should see a continuing increase of electric options as EV infrastructure is built out and decarbonization incentives take hold in multiple markets,” says Jake Foose, research analyst with Guidehouse Insights. “Investigating key inputs is invaluable, especially in the global battery market, which relies heavily on China and Asia Pacific for its supply.”
The transition from internal combustion engine vehicles to EVs likely seems to have occurred quickly for many observers. Although EV markets have been maturing and diversifying for more than a decade, the increased scale of their production has occurred quickly. As a result, market interest has focused on the input materials needed for EVs—especially the cathode active materials used in the cathode part of the battery that sends electrons to the anode to discharge power. These materials, which include lithium, nickel, and cobalt, have faced increased scrutiny as their markets have heated up with the expansion of the EV battery market, according to the report.
The report, Cathode Active Materials for EV Batteries, analyzes the global markets for EVs, EV batteries, and the component materials for their cathodes. It provides an analysis of market issues, drivers, barriers, evolutions coming to the EV market, and an industry value chain. Market projections for demand, segmented by global region and mineral type, are provided for the period 2024-2033. An executive summary of the report is available for free download on the Guidehouse Insights website.
Contact:
* The information contained in this press release concerning the report, Cathode Active Materials for EV Batteries, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.