Li-Ion Battery Ternary Precursor Market Report Overview
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The global li-ion battery ternary precursor market size was USD 3690.8 million in 2021 and is projected to touch USD 9660.4 by 2031, exhibiting a CAGR 10.1% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.
The global li-ion battery ternary precursor is also known as, nickel-manganese-cobalt. It is a type of material that is used as a cathode in lithium-ion batteries. It is called a ternary precursor because it is made up of three different elements, usually including nickel, manganese, and cobalt. NMC is a common type of cathode material used in many lithium-ion batteries due to its high energy density, good cycle life, and relative safety compared to other cathode materials. NMC cathodes are used in a wide range of applications, including electric vehicles, portable electronic devices, and renewable energy storage systems. Growing demand for electric vehicles is driving the market.
The global li-ion battery ternary precursor market progression can be credited to the upsurge in the demand due to increasing demand for consumer electronics. It is widely used in consumer electronics such as smartphones, laptops, and tablets. The growing demand for these devices is driving demand for power and energy materials. In addition to their role as a cathode material, Li-ion battery ternary precursor materials also play a critical role in determining the performance characteristics of the battery.
COVID-19 Impact: Pandemic led to decrease demand for electronics and electric vehicles
The effects of the COVID-19 pandemic are already being felt on a global level, the market was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The pandemic had a significant impact on the power and energy as well. The pandemic has caused a global economic slowdown, leading to reduced demand for consumer electronics and electric vehicles, two major markets for Li-ion battery ternary precursor materials. This has led to a decrease in the demand for these materials, causing a slowdown in production and a reduction in prices. The long-term trend towards renewable energy and sustainable transportation is expected to drive continued growth in the industry in the coming years.
Latest Trends:
"Growing investment in recycling to attract major growth in the global market"
As the Li-ion battery industry continues to grow, there is a growing focus on developing recycling technologies to recover valuable materials from used batteries. This is particularly important for Li-ion battery ternary precursor materials, which contain valuable metals such as nickel, manganese, and cobalt. Several companies and organizations are investing in research and development of recycling technologies to recover these materials and reduce the environmental impact of the industry.
Li-Ion Battery Ternary Precursor Market SEGMENTATION
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- By Type
Based on type, the global li-ion battery ternary precursor market is divided into NCM type and NCA type.
- By Application
Based on application, the market is divided into new energy vehicles and 3D electronics.
Driving Factors
"Increasing demand for electric vehicles to drive growth in the market"
The demand for electric vehicles is increasing globally due to concerns over air pollution and the need for cleaner transportation options. Li-ion batteries are a popular choice for electric vehicles, and the demand for these materials is therefore also increasing.
"Increasing growth of renewable energy to offer lucrative growth opportunities"
The growth of renewable energy sources such as wind and solar power is also driving the demand for li-ion batteries, which are used to store energy for later use. This is particularly true in regions with high renewable energy penetration, such as Europe and North America.
"Increasing support of government to boost the product adoption"
Many governments around the world are offering incentives and subsidies for the production and use of li-ion batteries, particularly in the context of electric vehicles and renewable energy storage. This is driving demand for li-ion battery ternary precursor materials as manufacturers seek to take advantage of these incentives.
RESTRAINING FACTORS
"High cost and limited availability of raw materials to hinder market progress"
The production of these materials involves complex chemical processes and requires expensive equipment and raw materials. This results in higher production costs, which can make the final product more expensive for end-users. Some of the raw materials used in the production of li-ion battery ternary precursor materials, such as lithium and cobalt, are relatively scarce and expensive. This can constrain the supply chain and increase production costs.
Li-Ion Battery Ternary Precursor Market Regional Insights
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"China to dominate the market owing to the regions access to excess supplies of raw materials"
China captured the largest share. China has access to abundant supplies of raw materials needed to produce ternary precursors, such as lithium, nickel, and cobalt. The country also has a strong presence in the rare earth elements market, which are critical for the production of some types of ternary precursors. China is the world's largest market for electric vehicles, and the demand for these vehicles is expected to continue to grow in the coming years. Ternary precursors are a critical component of high-performance li-ion batteries used in electric vehicles, which creates a large market for Chinese companies producing these materials.
Unites State is likely to hold the second-largest share in the market. Like many countries around the world, the United States is seeing a growing demand for electric vehicles. Li-ion batteries are a critical component of these vehicles, and ternary precursors are necessary for high-performance batteries. As the demand for electric vehicles increases, so too does the demand for ternary precursors. It has a strong research and development infrastructure and a significant investment in battery technology. This investment has led to several breakthroughs in the development of high-performance batteries, including ternary precursors.
Key Industry Players
"Market Players adopting various strategies to gain competitive edge in the market"
The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- GEM Co., Ltd (HQ: China)
- Umicore (HQ: Belgium)
- CNGR Corporation (HQ: China)
- Brunp Recycling (HQ: China)
- Tanaka Chemical Corporation (HQ: Japan)
- Kelong New Energy (HQ: China)
- Zhejiang Huayou Cobalt (HQ: China)
- Fangyuan (HQ: Taiwan)
- Greatpower Technology (HQ: China)
- Ronbay Technology (HQ: China)
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 3690.8 Million in 2021 |
Market Size Value By |
US$ 9660.4 Million by 2031 |
Growth Rate |
CAGR of 10.1% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What Value is the Li-Ion Battery Ternary Precursor market expected to touch by 2031?
The Li-Ion Battery Ternary Precursor market is expected to touch 9660.4 million by 2031.
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What CAGR is the Li-Ion Battery Ternary Precursor market expected to exhibit by 2031?
The Li-Ion Battery Ternary Precursor market is expected to exhibit a CAGR of 10.1% by 2031.
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Which are the top companies operating in the Li-Ion Battery Ternary Precursor market?
GEM Co., Ltd, Umicore, CNGR Corporation, Brunp Recycling, Tanaka Chemical Corporation, Kelong New Energy, Zhejiang Huayou Cobalt, Fangyuan, Greatpower Technology and Ronbay Technology are the top companies operating in the Li-Ion Battery Ternary Precursor market.
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Which are the driving factors of the Li-Ion Battery Ternary Precursor market?
Drivers of this Li-Ion Battery Ternary Precursor market are rising demand for electric vehicles, renewable energy and support of government.