According to Future Market Insights, the nickel cobalt manganese (NCM) market in global reached US$ 1.5 billion in 2018. Demand for nickel cobalt manganese saw a 9.0% year-on-year growth in 2022, suggesting an expansion of the global market to US$ 2.3 billion in 2023. Projections for the period between 2023 and 2033 indicate a 15.7% compound annual growth rate (CAGR) for NCM sales in the region, resulting in a market size of US$ 10.0 billion by the end of 2033.
Nickel Cobalt Manganese (NCM), also known as Lithium Nickel Manganese Cobalt (NMC) is a key ternary cathode material for lithium-ion batteries. Cathode materials for lithium ion batteries are used in manufacturing of batteries for electric vehicles or hybrids vehicles.
Lithium ion batteries with NCM cathode materials have high density, good cycle performance, excellent cycle stability, high voltage platform, good thermal stability and long life cycle. These cathode materials find applications in power batteries, polymer batteries, aluminum shell batteries cylindrical batteries, tool batteries, etc. The global NCM market will account nearly 5.0% of the global lithium ion battery market in 2033.
Drivers Propelling the Demand for Market Growth include:
Challenges for Companies /Manufacturers in the Nickel Cobalt Manganese Market:
Opportunities in the Nickel Cobalt Manganese Industry
Latest Trends in the Nickel Cobalt Manganese Market:
| Attribute | Details |
|---|---|
| Market Size (2023) | US$ 2.3 billion |
| Market Projected Size (2033) | US$ 10.0 billion |
| Value CAGR (2023 to 2033) | 15.7% |
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From 2018 to 2022, the market has experienced a CAGR of 9.8%, reaching a market size of US$ 2.3 billion in 2023. The increasing popularity of electric vehicles has significantly boosted the market for nickel, cobalt, and manganese. The lithium-ion batteries used in electric vehicles require these materials. With the growing shift towards more eco-friendly and sustainable transportation, demand for these materials has increased along with EV manufacturing and adoption across the globe.
The global shift to renewable energy has also increased demand for nickel, cobalt, and manganese over the past few years. These materials are critical elements in energy storage systems such as grid-scale batteries and stationary storage solutions. As governments attempt to incorporate more renewable energy into their power grids, demand for storage systems and the materials associated with them has increased.
Looking ahead, the market is expected to rise at a CAGR of 15.7% from 2023 to 2033. During the forecast period, the market size is expected to reach US$ 10.0 billion. The growing technological advancements in the development of advanced battery technologies, especially in the energy storage sector is anticipated to propel the demand for NCM materials during the forecast period.
These cathode materials significantly enhance the performance, energy density, and general efficiency of lithium ion batteries. The growing demand for lithium ion batteries are estimated to drive the demand for higher quality and more durable components, such nickel cobalt manganese across the globe.
The industry is witnessing a transition towards high-nickel NCM cathodes, such as NCM 811 (8 parts nickel, 1 part cobalt, 1 part manganese), which offer higher energy density and improved performance. This shift presents opportunities for manufacturers to develop and commercialize advanced NCM cathode materials with higher nickel content.
Principal Consultant
| Country | The United States |
|---|---|
| Market Size (US$ billion) by End of Forecast Period (2033) | US$ 1.0 billion |
| CAGR % 2023 to End of Forecast (2033) | 14.2% |
The Nickel Cobalt Manganese industry in the United States is expected to reach a market value of US$ 1.0 billion by 2033, expanding at a CAGR of 14.2%. Significant increase in the production and sales of electric vehicles is anticipated to drive the demand for NCM materials in the automotive sector. The increasing demand for lithium ion batteries from marine and power sector is another key factor bolstering the sales of NCM materials in the country.
Several government supportive initiatives for the development of raw materials processing plants for lithium battery materials, such as cathodes, anodes, and electrolytes is also one of the prominent factors driving the sales of nickel cobalt manganese market in the United States.
| Country | Germany |
|---|---|
| Market Size (US$ billion) by End of Forecast Period (2033) | US$ 0.3 billion |
| CAGR % 2023 to End of Forecast (2033) | 15.4% |
The nickel cobalt manganese industry in Germany is expected to reach a market value of US$ 0.3 billion by the end of the forecast period, experiencing a CAGR of 15.4%. NCM cathode materials are used in energy storage systems like as grid-scale storage and home energy storage.
The increased demand for renewable energy integration and grid stabilization is driving the demand for improved energy storage technologies, providing growth opportunities in the country for NCM materials.
| Country | China |
|---|---|
| Market Size (US$ billion) by End of Forecast Period (2033) | US$ 1.2 billion |
| CAGR % 2023 to End of Forecast (2033) | 18.1% |
The nickel cobalt manganese market in China is anticipated to reach a market share of US$ 1.2 billion, moving at a CAGR of 18.1% during the forecast period. The increasing adoption of electric vehicles is a key factor driving the NCM cathode materials market in the country. 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. There are a few other factors expected to drive the demand for NCM market in the country are:
| Country | Japan |
|---|---|
| Market Size (US$ billion) by End of Forecast Period (2033) | US$ 0.2 billion |
| CAGR % 2023 to End of Forecast (2033) | 13.3% |
The product market in Japan is estimated to reach a market share of US$ 0.2 billion by 2033, thriving at a CAGR of 13.3%. The market in Japan is predicted to grow because of the increasing adoption of lithium ion batteries in industries such as power, automotive and aerospace, and others. Robust expansion of marine industry along with the increasing need for energy storage in marine is anticipated to propel the growth of nickel cobalt manganese market in the country.
| Country | India |
|---|---|
| Market Size (US$ billion) by End of Forecast Period (2033) | US$ 0.4 billion |
| CAGR % 2023 to End of Forecast (2033) | 16.7% |
The nickel cobalt manganese industry in India is anticipated to grow at a CAGR of 16.7% during the projected period, and is estimated to reach a value of US$ 0.4 billion at the end of 2033. Around 80% of India's demand for lithium ion batteries comes from the automotive industry. The robust growth of the Indian automotive sector, coupled with a shift in preference towards electric vehicles, is expected to boost NCM market sales through the forecast period.
Several government initiatives to promote electric vehicle and cell manufacturing are expected to provide lucrative opportunities for the manufacturers operating in battery materials. By 2030, the Indian government aims to electrify 80% of two- and three-wheelers, 30% of passenger cars, 40% of public vehicles, and 70% of commercial vehicles. This shift towards adoption of electric vehicles will drive the sales of NCM materials in the country.
The NMC622 (60% nickel, 20% manganese and 20% cobalt) segment is expected to dominate the nickel cobalt manganese industry with a significant growth rate of 14.9% from 2023 to 2033. This segment captures a significant market share in 2023 and is estimated to create billion dollar opportunity during the forecast period.
The NMC955 (90% nickel, 5% manganese and 5% cobalt) segment is anticipated to register highest CAGR of 17.1% during the forecast period. The growing focus and increasing demand for cobalt free batteries is one of the key factors bolstering the sales of this segment across the globe. With their advantages in energy density, high-nickel and cobalt-free ternary batteries have been a popular development goal for battery manufacturers and OEMs across the globe.
The automotive segment is one of the prominent segment in the growth of the NCM market across the globe. The robust increase in the production and sales of electric vehicles to mitigate climate change is one of the key factors bolstering the sales of these materials in automotive segment. Regulatory bodies around the world are focusing and implementing regulations for greener and pollution-free transportations, which is anticipated to increase the demand for lithium ion batteries during the forecast period.
The increasing adoption of lithium ion batteries in energy storage and power grid systems plays a key role in bolstering the sales of NCM materials in power sector. The growing focus in power sector to develop renewable energy and store it for the future and various advantages associated with these systems, such as low self-discharge rate, low cost, and small installation area are some of the key factors encouraging the adoption of Li-ion batteries in smart grid and energy storage systems.
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The nickel cobalt manganese industry is consolidated market with the presence of significant players holding considerable market share. Key players are actively engaged in expansion, acquisitions, and new product launch activities to enhance their global positions along with product portfolio.
Manufacturers are significantly investing in the development of novel materials with low environment impact and enhanced performance. Market leaders are developing cobalt-free batteries to achieve sustainability and to improve battery performance.
Key Strategies Adopted by the Players
Companies invest hugely in research and development to introduce innovative products that offer enhanced efficiency, reliability, and cost-effectiveness. Product innovation enables companies to differentiate themselves from their competitors and cater to the evolving needs of customers.
Key players in the industry often form strategic partnerships and collaborations with other companies to leverage their strengths and expand their reach in the market. Such collaborations also allow companies to gain access to new technologies and markets.
The nickel cobalt manganese industry is witnessing significant growth in emerging markets such as China and India. Key players are expanding their presence in these markets by establishing local manufacturing facilities and strengthening their distribution networks.
Key players in the nickel cobalt manganese industry often engage in mergers and acquisitions to consolidate their market position, expand their product portfolio, and gain access to new markets.
Key Players in the Nickel Cobalt Manganese Industry
Key Developments in the Nickel Cobalt Manganese Market:
The Asia Pacific region generated 35% of the global demand for Nickel Cobalt Manganese in 2022.
The Asia Pacific market is projected to grow at a CAGR of 15.7% through 2033.
The nickel manganese cobalt (NMC) segment contributes 60% of total production.
The cathode segment holds 65% of the global market share.
The Nickel Cobalt Manganese market has been growing at a CAGR of 9.8% from 2018 to 2022.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product Innovation and Diversification
4.3. Marketing and Brand Management
4.4. Supply Chain Management
5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033
5.1. Historical Market Volume (Tons) Analysis, 2018 to 2022
5.2. Current and Future Market Volume (Tons) Projections, 2023 to 2033
5.3. Y-o-Y Growth Trend Analysis
6. Global Market to Pricing Analysis
6.1. Regional Pricing Analysis By Derivative
6.2. Pricing Analysis by Regions
7. Global Market Demand (in Value or Size in US$ Billion) Analysis 2018 to 2022 and Forecast, 2023 to 2033
7.1. Historical Market Value (US$ Billion) Analysis, 2018 to 2022
7.2. Current and Future Market Value (US$ Billion) Projections, 2023 to 2033
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Market Background
8.1. Macro-Economic Factors
8.2. Forecast Factors to Relevance and Impact
8.3. Supply-Demand Analysis
8.4. Value Chain
8.5. Production Process Overview
8.6. Market Dynamics
8.7. Impact of COVID to 19 Crisis
9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ Billion) and Volume Analysis By Product Type, 2018 to 2022
9.3. Current and Future Market Size (US$ Billion) and Volume Analysis and Forecast By Product Type, 2023 to 2033
9.3.1. NMC333
9.3.2. NMC622
9.3.3. NMC955
9.3.4. Others
9.4. Market Attractiveness Analysis By Product Type
10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use Industry
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ Billion) and Volume Analysis By End Use Industry, 2018 to 2022
10.3. Current and Future Market Size (US$ Billion) and Volume Analysis and Forecast By End Use Industry, 2023 to 2033
10.3.1. Consumer Electronics
10.3.1.1. Smartphones
10.3.1.2. UPS
10.3.1.3. Laptops
10.3.1.4. Others
10.3.2. Automotive
10.3.3. Aerospace
10.3.4. Marine
10.3.5. Medical
10.3.6. Industrial
10.3.7. Power
10.3.8. Others
10.4. Market Attractiveness Analysis By End Use Industry
11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region
11.1. Introduction
11.2. Historical Market Size (US$ Billion) and Volume Analysis By Region, 2018 to 2022
11.3. Current Market Size (US$ Billion) and Volume Analysis and Forecast By Region, 2023 to 2033
11.3.1. North America
11.3.2. Latin America
11.3.3. Western Europe
11.3.4. Eastern Europe
11.3.5. East Asia
11.3.6. South Asia and Pacific
11.3.7. Middle East and Africa
11.4. Market Attractiveness Analysis By Region
12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
12.1. Introduction
12.2. Pricing Analysis
12.3. Historical Market Size (US$ Billion) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022
12.4. Market Size (US$ Billion) and Volume Forecast By Market Taxonomy, 2023 to 2033
12.4.1. By Product Type
12.4.2. End Use Industry
12.4.3. By Country
12.4.3.1. U.S.
12.4.3.2. Canada
12.5. Market Attractiveness Analysis
12.5.1. By Product Type
12.5.2. End Use Industry
12.5.3. By Country
12.6. Market Trends
12.7. Drivers and Restraints Impact Analysis
13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
13.1. Introduction
13.2. Pricing Analysis
13.3. Historical Market Size (US$ Billion) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022
13.4. Market Size (US$ Billion) and Volume Forecast By Market Taxonomy, 2023 to 2033
13.4.1. By Product Type
13.4.2. By End Use Industry
13.4.3. By Country
13.4.3.1. Brazil
13.4.3.2. Mexico
13.4.3.3. Argentina
13.4.3.4. Rest of Latin America
13.5. Market Attractiveness Analysis
13.5.1. By Product Type
13.5.2. By End Use Industry
13.5.3. By Country
13.6. Market Trends
13.7. Drivers and Restraints Impact Analysis
14. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
14.1. Introduction
14.2. Pricing Analysis
14.3. Historical Market Size (US$ Billion) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022
14.4. Market Size (US$ Billion) and Volume Forecast By Market Taxonomy, 2023 to 2033
14.4.1. By Product Type
14.4.2. By End Use Industry
14.4.3. By Country
14.4.3.1. Germany
14.4.3.2. Italy
14.4.3.3. France
14.4.3.4. U.K.
14.4.3.5. Spain
14.4.3.6. BENELUX
14.4.3.7. NORDICS
14.4.3.8. Rest of Western Europe
14.5. Market Attractiveness Analysis
14.5.1. By Product Type
14.5.2. By End Use Industry
14.5.3. By Country
14.6. Market Trends
14.7. Drivers and Restraints Impact Analysis
15. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
15.1. Introduction
15.2. Pricing Analysis
15.3. Historical Market Size (US$ Billion) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022
15.4. Market Size (US$ Billion) and Volume Forecast By Market Taxonomy, 2023 to 2033
15.4.1. By Product Type
15.4.2. By End Use Industry
15.4.3. By Country
15.4.3.1. Poland
15.4.3.2. Hungary
15.4.3.3. Romania
15.4.3.4. Czech Republic
15.4.3.5. Rest of Eastern Europe
15.5. Market Attractiveness Analysis
15.5.1. By Product Type
15.5.2. By End Use Industry
15.5.3. By Country
15.6. Market Trends
15.7. Drivers and Restraints Impact Analysis
16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
16.1. Introduction
16.2. Pricing Analysis
16.3. Historical Market Size (US$ Billion) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022
16.4. Market Size (US$ Billion) and Volume Forecast By Market Taxonomy, 2023 to 2033
16.4.1. By Product Type
16.4.2. By End Use Industry
16.4.3. By Country
16.4.3.1. China
16.4.3.2. Japan
16.4.3.3. South Korea
16.5. Market Attractiveness Analysis
16.5.1. By Product Type
16.5.2. By End Use Industry
16.5.3. By Country
16.6. Market Trends
16.7. Drivers and Restraints Impact Analysis
17. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033
17.1. Introduction
17.2. Pricing Analysis
17.3. Historical Market Size (US$ Billion) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022
17.4. Market Size (US$ Billion) and Volume Forecast By Market Taxonomy, 2023 to 2033
17.4.1. By Product Type
17.4.2. By End Use Industry
17.4.3. By Country
17.4.3.1. India
17.4.3.2. Association of Southeast Asian Nations
17.4.3.3. Australia and New Zealand
17.4.3.4. Rest of South Asia and Pacific
17.5. Market Attractiveness Analysis
17.5.1. By Product Type
17.5.2. By End Use Industry
17.5.3. By Country
17.6. Market Trends
17.7. Drivers and Restraints Impact Analysis
18. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033
18.1. Introduction
18.2. Pricing Analysis
18.3. Historical Market Size (US$ Billion) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022
18.4. Market Size (US$ Billion) and Volume Forecast By Market Taxonomy, 2023 to 2033
18.4.1. By Product Type
18.4.2. By End Use Industry
18.4.3. By Country
18.4.3.1. Gulf Cooperation Council Countries
18.4.3.2. Türkiye
18.4.3.3. Northern Africa
18.4.3.4. South Africa
18.4.3.5. Rest of Middle East and Africa
18.5. Market Attractiveness Analysis
18.5.1. By Product Type
18.5.2. By End Use Industry
18.5.3. By Country
18.6. Market Trends
18.7. Drivers and Restraints Impact Analysis
19. Key Countries Market Analysis
19.1. U.S. Market Analysis
19.1.1. By Product Type
19.1.2. By End Use Industry
19.2. Canada Market Analysis
19.2.1. By Product Type
19.2.2. By End Use Industry
19.3. Mexico Market Analysis
19.3.1. By Product Type
19.3.2. By End Use Industry
19.4. Brazil Market Analysis
19.4.1. By Product Type
19.4.2. By End Use Industry
19.5. Argentina Market Analysis
19.5.1. By Product Type
19.5.2. By End Use Industry
19.6. Germany Market Analysis
19.6.1. By Product Type
19.6.2. By End Use Industry
19.7. Italy Market Analysis
19.7.1. By Product Type
19.7.2. By End Use Industry
19.8. France Market Analysis
19.8.1. By Product Type
19.8.2. By End Use Industry
19.9. U.K. Market Analysis
19.9.1. By Product Type
19.9.2. By End Use Industry
19.10. Spain Market Analysis
19.10.1. By Product Type
19.10.2. By End Use Industry
19.11. BENELUX Market Analysis
19.11.1. By Product Type
19.11.2. By End Use Industry
19.12. China Market Analysis
19.12.1. By Product Type
19.12.2. By End Use Industry
19.13. Japan Market Analysis
19.13.1. By Product Type
19.13.2. By End Use Industry
19.14. S. Korea Market Analysis
19.14.1. By Product Type
19.14.2. By End Use Industry
19.15. India Market Analysis
19.15.1. By Product Type
19.15.2. By End Use Industry
19.16. Association of Southeast Asian Nations Market Analysis
19.16.1. By Product Type
19.16.2. By End Use Industry
19.17. Gulf Cooperation Council Countries Market Analysis
19.17.1. By Product Type
19.17.2. By End Use Industry
19.18. Türkiye Market Analysis
19.18.1. By Product Type
19.18.2. By End Use Industry
19.19. South Africa Market Analysis
19.19.1. By Product Type
19.19.2. By End Use Industry
20. Market Structure Analysis
20.1. Market Analysis by Tier of Companies
20.2. Market Concentration
20.3. Market Share Analysis of Top Players
20.4. Production Capacity Estimates of Top Players
20.5. Market Presence Analysis
21. Competition Analysis
21.1. Competition Dashboard
21.2. Primary Survey Analysis
21.3. Competition Deep Dive
21.3.1. BASF SE
21.3.1.1. Overview
21.3.1.2. Product Portfolio
21.3.1.3. Key Financials
21.3.1.4. Sales Footprint
21.3.1.5. Strategy Overview
21.3.2. Sumitomo Metal Mining Co., Ltd.
21.3.2.1. Overview
21.3.2.2. Product Portfolio
21.3.2.3. Key Financials
21.3.2.4. Sales Footprint
21.3.2.5. Strategy Overview
21.3.3. Xiamen TOB New Energy Technology Co.,Ltd
21.3.3.1. Overview
21.3.3.2. Product Portfolio
21.3.3.3. Key Financials
21.3.3.4. Sales Footprint
21.3.3.5. Strategy Overview
21.3.4. Umicore
21.3.4.1. Overview
21.3.4.2. Product Portfolio
21.3.4.3. Key Financials
21.3.4.4. Sales Footprint
21.3.4.5. Strategy Overview
21.3.5. Asahi Kasei
21.3.5.1. Overview
21.3.5.2. Product Portfolio
21.3.5.3. Key Financials
21.3.5.4. Sales Footprint
21.3.5.5. Strategy Overview
21.3.6. Mitsubishi Chemical Corporation
21.3.6.1. Overview
21.3.6.2. Product Portfolio
21.3.6.3. Key Financials
21.3.6.4. Sales Footprint
21.3.6.5. Strategy Overview
21.3.7. POSCO Future M Co., Ltd.
21.3.7.1. Overview
21.3.7.2. Product Portfolio
21.3.7.3. Key Financials
21.3.7.4. Sales Footprint
21.3.7.5. Strategy Overview
21.3.8. Johnson Matthey
21.3.8.1. Overview
21.3.8.2. Product Portfolio
21.3.8.3. Key Financials
21.3.8.4. Sales Footprint
21.3.8.5. Strategy Overview
21.3.9. The 3M Company
21.3.9.1. Overview
21.3.9.2. Product Portfolio
21.3.9.3. Key Financials
21.3.9.4. Sales Footprint
21.3.9.5. Strategy Overview
21.3.10. Evonik Industries
21.3.10.1. Overview
21.3.10.2. Product Portfolio
21.3.10.3. Key Financials
21.3.10.4. Sales Footprint
21.3.10.5. Strategy Overview
21.3.11. Nichia Corporation
21.3.11.1. Overview
21.3.11.2. Product Portfolio
21.3.11.3. Key Financials
21.3.11.4. Sales Footprint
21.3.11.5. Strategy Overview
21.3.12. LG Chem
21.3.12.1. Overview
21.3.12.2. Product Portfolio
21.3.12.3. Key Financials
21.3.12.4. Sales Footprint
21.3.12.5. Strategy Overview
21.3.13. Tanaka Chemical Corporation
21.3.13.1. Overview
21.3.13.2. Product Portfolio
21.3.13.3. Key Financials
21.3.13.4. Sales Footprint
21.3.13.5. Strategy Overview
21.3.14. Others
21.3.14.1. Overview
21.3.14.2. Product Portfolio
21.3.14.3. Key Financials
21.3.14.4. Sales Footprint
21.3.14.5. Strategy Overview
22. Assumptions and Acronyms Used
23. Research Methodology
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Nickel Cobalt Manganese Market
