Nickel Cobalt Manganese Market Overview
The Nickel Cobalt Manganese Market Size was estimated at 36.26 (USD Billion) in 2022. The Nickel Cobalt Manganese Market Industry is expected to grow from 40.72(USD Billion) in 2023 to 115.7 (USD Billion) by 2032. The Nickel Cobalt Manganese Market CAGR (growth rate) is expected to be around 12.3% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Nickel Cobalt Manganese Market Trends Highlighted
The Nickel Cobalt Manganese market is witnessing a surge in demand due to the increasing adoption of electric vehicles and the growing demand for energy storage systems. The environmental concerns associated with traditional fossil fuels are driving the shift toward renewable energy sources, which is further boosting the demand for Nickel Cobalt Manganese batteries.The key market drivers include the rising demand for electric vehicles, the increasing adoption of energy storage systems, and the growing focus on sustainable energy solutions. The opportunities to be explored or captured in this market lie in the development of new and innovative battery technologies, the expansion into emerging markets, and the establishment of strategic partnerships with key players in the industry.
Recent trends in the Nickel Cobalt Manganese market include the development of high-performance batteries with longer life cycles and faster charging capabilities. The increasing demand for portable electronic devices and the growing popularity of electric vehicles are also contributing to the growth of this market. Additionally, the rise of electric buses and trucks is expected to further drive the demand for Nickel Cobalt Manganese batteries in the coming years.
Nickel Cobalt Manganese Market Drivers
Growing Demand for Electric Vehicles
The growing demand for electric vehicles is a major driver of the Nickel Cobalt Manganese Market Industry. Electric vehicles require large batteries, which in turn require significant amounts of nickel, cobalt and manganese. As the adoption of electric vehicles continues to grow, so too will the demand for these metals. In addition, government regulations and incentives in many countries are encouraging the adoption of electric vehicles, further boosting the demand for nickel, cobalt, and manganese.
Increasing Use of Stainless Steel
Stainless steel is another major driver of the Nickel Cobalt Manganese Market Industry. Stainless steel is used in a wide range of applications, including construction, automotive and appliances. The growing demand for stainless steel is driven by the increasing construction activity in emerging markets and the rising popularity of stainless steel appliances. Nickel is a key component of stainless steel, and the increasing demand for stainless steel is expected to drive the demand for nickel.
Expansion of the Aerospace Industry
The aerospace industry is another major driver of the Nickel Cobalt Manganese Market Industry. Nickel, cobalt, and manganese are used in a variety of aerospace applications, including aircraft engines, landing gear and structural components. The growing demand for air travel is expected to drive the demand for aerospace products, which in turn will drive the demand for nickel, cobalt, and manganese.
Nickel Cobalt Manganese Market Segment Insights
Nickel Cobalt Manganese Market Battery Type Insights
The Nickel Cobalt Manganese Market is segmented by Battery Type into Nickel-Cobalt-Manganese (NCM) Batteries, Nickel-Cobalt-Aluminum (NCA) Batteries, Lithium-Manganese-Oxide (LMO) Batteries, Lithium-Nickel-Manganese-Oxide (LNMO) Batteries and Lithium-Iron-Phosphate (LFP) Batteries. Among these, the NCM battery segment held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for electric vehicles, as NCM batteries offer high energy density and power output.The NCA battery segment is expected to witness the highest CAGR during the forecast period. NCA batteries offer higher energy density than NCM batteries, making them suitable for applications where weight and space are critical, such as in electric vehicles and drones. Additionally, NCA batteries have a longer cycle life and better thermal stability compared to NCM batteries. The LMO battery segment is projected to experience steady growth during the forecast period. LMO batteries are known for their low cost and long cycle life, making them suitable for applications such as power tools and energy storage systems.However, the lower energy density of LMO batteries limits their use in high-performance applications. The LNMO battery segment is expected to witness moderate growth during the forecast period. LNMO batteries offer high energy density and good thermal stability, making them suitable for applications such as electric vehicles and grid storage. However, the high cost of LNMO batteries is a major challenge for their widespread adoption. The LFP battery segment is expected to experience significant growth during the forecast period. LFP batteries offer high safety, long cycle life, and low cost, making them suitable for applications such as electric vehicles, energy storage systems, and consumer electronics.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Nickel Cobalt Manganese Market Application Insights
The Nickel Cobalt Manganese Market Segmentation by Application is divided into Electric Vehicles, Consumer Electronics, Energy Storage Systems, Industrial Applications and Others. The Electric Vehicles segment is projected to hold the largest market share in 2023, with a market size of 15.5 billion USD and is expected to reach 45.7 billion USD by 2032, growing at a CAGR of 12.7%. The growth of the Electric Vehicles segment is attributed to the increasing demand for electric vehicles, coupled with government initiatives to promote the adoption of electric vehicles.The Consumer Electronics segment is expected to witness significant growth over the forecast period, owing to the rising demand for smartphones, laptops, and other consumer electronics devices. The Energy Storage Systems segment is also expected to grow at a healthy CAGR, driven by the increasing demand for energy storage systems for renewable energy applications. The Industrial Applications segment is expected to account for a significant share of the Nickel Cobalt Manganese Market, driven by the growing demand for nickel cobalt manganese in industrial applications such as batteries, magnets, and alloys.The Others segment includes applications such as aerospace, medical, and military and is expected to witness moderate growth over the forecast period. The Nickel Cobalt Manganese Market is expected to reach 115.7 billion USD by 2032, growing at a CAGR of 12.3% from 2023 to 2032.
Nickel Cobalt Manganese Market End-User Industry Insights
The Nickel Cobalt Manganese Market segmentation by End-User Industry includes Automotive, Electronics, Energy, Industrial and Others. The Automotive segment held the largest share of the market in 2022 and is expected to continue its dominance through 2029, owing to the rising demand for electric vehicles and the increasing use of nickel-cobalt-manganese (NCM) batteries in these vehicles. The Electronics segment is also expected to witness significant growth over the forecast period, driven by the growing demand for smartphones, laptops, and other electronic devices that utilize NCM batteries.The Energy segment is projected to expand at a steady pace, primarily due to the increasing adoption of renewable energy sources such as solar and wind power, which utilize NCM batteries for energy storage. The Industrial segment is anticipated to contribute significantly to the market growth, owing to the rising demand for NCM batteries in power tools, industrial machinery and other industrial applications. The Others segment, which includes applications such as aerospace and defense, is also expected to experience moderate growth over the forecast period.
Nickel Cobalt Manganese Market Capacity Insights
The Nickel Cobalt Manganese Market is segmented by capacity into Below 250 mAh, 250 mAh - 1000 mAh, 1000 mAh - 5000 mAh, 5000 mAh - 10000 mAh and Above 10000 mAh. The 1000 mAh - 5000 mAh segment is expected to hold the largest market share in 2023 due to the increasing demand for smartphones and other portable devices. The Below 250 mAh segment is expected to grow at the highest CAGR during the forecast period due to the increasing popularity of wireless earbuds and other small electronic devices. The Nickel Cobalt Manganese Market segmentation data provides valuable insights into the market dynamics and helps identify potential growth opportunities.
Nickel Cobalt Manganese Market Voltage Insights
Voltage Segment The voltage segment is a crucial aspect of the Nickel Cobalt Manganese Market, influencing battery performance and applications. The market is categorized into five voltage ranges Below 3.6V, 3.6V - 4.2V, 4.2V - 4.8V, 4.8V - 5.4V and Above 5.4V. In 2023, the 3.6V - 4.2V range held the dominant market share, accounting for approximately 45% of the Nickel Cobalt Manganese Market revenue. This dominance is attributed to the widespread adoption of this voltage range in consumer electronics, such as smartphones and laptops.The 4.2V - 4.8V range is projected to experience significant growth in the coming years, driven by the increasing demand for electric vehicles and energy storage systems. The Below 3.6V range is expected to witness moderate growth, primarily driven by applications in portable devices and IoT devices. The 4.8V - 5.4V range is anticipated to gain traction in the industrial and automotive sectors. The Above 5.4V range is still in its early stages of development but has the potential for high-power applications in the future. Overall, the voltage segment of the Nickel Cobalt Manganese Market is highly dynamic, with each range catering to specific application requirements.The market growth is influenced by technological advancements, regulatory policies, and the evolving energy landscape.
Nickel Cobalt Manganese Market Regional Insights
The regional segmentation of the Nickel Cobalt Manganese Market presents diverse market dynamics and growth opportunities. North America holds a significant market share due to the presence of major automotive and battery industries. Europe follows closely, driven by stringent environmental regulations and increasing demand for electric vehicles. The APAC region is anticipated to witness the highest growth rate during the forecast period, attributed to the rising demand for electric vehicles and consumer electronics in countries like China and India.South America and MEA, while having smaller market shares, are expected to contribute to the overall market growth due to increasing urbanization and industrialization. By leveraging regional insights, market players can tailor their strategies to capture growth opportunities and cater to specific regional needs.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Nickel Cobalt Manganese Market Key Players And Competitive Insights
Major players in Nickel Cobalt Manganese Market industry are focusing on expanding their production capacities and increasing their market share. For instance, in July 2023, Glencore announced plans to invest $1 billion in a new nickel-cobalt mine in Australia. Leading Nickel Cobalt Manganese Market players are also investing in research and development to improve their products and processes. For instance, in June 2023, BASF announced the development of a new cathode material for lithium-ion batteries that uses nickel, cobalt, and manganese. Nickel Cobalt Manganese Market development is being driven by the increasing demand for electric vehicles. Electric vehicles require large amounts of batteries, which in turn require nickel, cobalt, and manganese. The growing demand for electric vehicles is expected to drive the growth of Nickel Cobalt Manganese Market Competitive Landscape.Contemporary Amperex Technology Co., Limited (CATL), Sumitomo Metal Mining Co., Ltd., Glencore, Umicore, Vale S.A., Sherritt International Corporation, Eramet SA, BHP, Huayou Cobalt Co., Ltd., and Jinchuan Group Co., Ltd. are some of the key players in the Nickel Cobalt Manganese Market industry. These players are focusing on expanding their production capacities and increasing their market share. For instance, in July 2023, Glencore announced plans to invest $1 billion in a new nickel-cobalt mine in Australia.Glencore is a major player in the Nickel Cobalt Manganese Market industry. The company has a strong presence in the mining and production of nickel, cobalt, and manganese. Glencore is also involved in the recycling of these metals. The company has a network of operations and a diverse customer base. Glencore is well-positioned to benefit from the growing demand for nickel, cobalt, and manganese. Huayou Cobalt Co., Ltd. is a leading producer of cobalt and nickel. The company has a presence and a diverse customer base. Huayou Cobalt is investing in new production capacity and is expanding its operations in the Democratic Republic of Congo. The company is well-positioned to benefit from the growing demand for cobalt and nickel.
Key Companies in the Nickel Cobalt Manganese Market Include
- Vale
- Rio Tinto
- Glencore
- ERG
- Umicore
- Tesla
- Samsung SDI
- BHP Group
- Sumitomo Metal Mining
- Panasonic
- Sherritt International
- LG Chem
Nickel Cobalt Manganese Market Industry Developments
The Nickel Cobalt Manganese market is expected to witness significant growth in the coming years, driven by increasing demand for electric vehicles and batteries. The market is currently valued at USD 40.72 billion in 2023 and is projected to reach USD 115.7 billion by 2032, exhibiting a CAGR of 12.3% during the forecast period.Recent news developments in the market include the announcement by BHP, the world's largest mining company, of a new nickel mine in Western Australia. The mine is expected to produce 80,000 tonnes of nickel per year, which will help to meet the growing demand for the metal. Additionally, the Indonesian government has announced plans to ban the export of nickel ore in 2024, which is expected to further tighten the supply of nickel.
Nickel Cobalt Manganese Market Segmentation Insights
Nickel Cobalt Manganese Market Battery Type Outlook
- Nickel-Cobalt-Manganese (NCM) Batteries
- Nickel-Cobalt-Aluminum (NCA) Batteries
- Lithium-Manganese-Oxide (LMO) Batteries
- Lithium-Nickel-Manganese-Oxide (LNMO) Batteries
- Lithium-Iron-Phosphate (LFP) Batteries
Nickel Cobalt Manganese Market Application Outlook
- Electric Vehicles
- Consumer Electronics
- Energy Storage Systems
- Industrial Applications
- Others
Nickel Cobalt Manganese Market End-User Industry Outlook
- Automotive
- Electronics
- Energy
- Industrial
- Others
Nickel Cobalt Manganese Market Capacity Outlook
- Below 250 mAh
- 250 mAh - 1000 mAh
- 1000 mAh - 5000 mAh
- 5000 mAh - 10000 mAh
- Above 10000 mAh
Nickel Cobalt Manganese Market Voltage Outlook
Below 3.6V
- 6V - 4.2V
- 2V - 4.8V
- 8V - 5.4V
- Above 5.4V
Nickel Cobalt Manganese Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
36.26(USD Billion) |
| Market Size 2023 |
40.72(USD Billion) |
| Market Size 2032 |
115.7(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
12.3% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Vale, Rio Tinto, Glencore, ERG, Umicore, Tesla, Samsung SDI, BHP Group, Sumitomo Metal Mining, Panasonic, Sherritt International, LG Chem |
| Segments Covered |
Battery Type, Application, End-User Industry, Capacity, Voltage, Regional |
| Key Market Opportunities |
1.      Growing electric vehicle production 2.      Rising demand for lithium ion batteries 3.      Increasing need for energy storage systems 4.      Expanding superalloy applications 5.      Technological advancements in battery manufacturing |
| Key Market Dynamics |
1 Rising demand from the EV industry2 Increasing production of lithium ion batteries3 Government incentives for electric vehicles4 Fluctuating prices of raw materials5 Technological advancements in battery technology |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Nickel Cobalt Manganese Market was valued at USD 40.72 billion in 2023 and is expected to grow at a CAGR of 12.3% to reach USD 115.7 billion by 2032.
The Asia-Pacific region held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. North America and Europe are also significant markets for nickel cobalt manganese.
The primary applications of nickel cobalt manganese include electric vehicles, consumer electronics and industrial machinery.
Some of the key players in the Nickel Cobalt Manganese Market include BHP Group, Glencore, Vale S.A., ERG and Jinchuan Group.
The rising demand for electric vehicles and the increasing adoption of renewable energy sources are major growth factors for the Nickel Cobalt Manganese Market.
Fluctuations in raw material prices and geopolitical factors can pose challenges to the growth of the Nickel Cobalt Manganese Market.
Technological advancements in battery technology and the development of new applications are key trends shaping the Nickel Cobalt Manganese Market.
Government regulations aimed at reducing carbon emissions and promoting sustainable practices can positively impact the growth of the Nickel Cobalt Manganese Market.
Expanding applications in emerging industries and the growing adoption of energy-efficient technologies present significant opportunities for the Nickel Cobalt Manganese Market.
The Nickel Cobalt Manganese Market is projected to exhibit a steady growth trajectory, driven by the increasing demand for electric vehicles and the ongoing energy transition.
