BOULDER, Colo., Sept. 5, 2024 ~ Guidehouse Insights, a leading market research firm, has released a new report exploring the growing demand for cathode active materials (CAM) in the electric vehicle (EV) market. The report highlights six key minerals that make up the majority of the CAM market: lithium, nickel, manganese, cobalt, iron, and phosphate.

As the EV market continues to expand globally, with China leading the way in terms of adoption rates, there is a growing focus on decarbonization efforts in the medium and heavy duty vehicle (MHDV) sector. According to Guidehouse Insights' research analyst Jake Foose, this trend is expected to drive significant growth in demand for CAM over the next decade. The report projects a compound annual growth rate (CAGR) of 20.9%, with demand for these key materials reaching 5.3 million tonnes by 2033.

Foose notes that despite disruptions caused by the COVID-19 pandemic, the EV market is expected to continue its upward trajectory as infrastructure improves and decarbonization incentives are implemented in various markets. He emphasizes the importance of understanding key inputs in the global battery market, which heavily relies on China and Asia Pacific for its supply.

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While EVs have been on the market for over a decade, their production has recently scaled up significantly. This has led to increased interest in the materials used in their batteries, particularly CAM which plays a crucial role in powering these vehicles. The report highlights lithium, nickel, and cobalt as minerals that have faced heightened scrutiny due to their use in EV batteries.

Titled "Cathode Active Materials for EV Batteries," Guidehouse Insights' report provides an analysis of global markets for EVs and their batteries, as well as an overview of industry value chains and projections for demand segmented by region and mineral type from 2024-2033. A free executive summary of the report can be downloaded from Guidehouse Insights' website. As the EV market continues to evolve and diversify, understanding the demand for CAM will be crucial for industry players and investors alike.

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