Nickel Cobalt Manganese Market to Experience Robust 15.7% CAGR in 2023-2033 Period
In 2023, the Nickel Cobalt Manganese Market is expected to be worth US$ 2.3 billion . The market is expected to reach US$ 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. The ongoing research and development efforts to enhance battery performance, including energy density and cycle life, are driving the demand for advanced cathode materials like NCM. Continuous improvements in battery technology increase the efficiency and competitiveness of NCM cathode materials. Nickel Cobalt Manganese cathode materials also find applications in energy storage systems, such as grid-scale storage and residential energy storage solutions. The growing demand for renewable e...