Lithium Nickel Cobalt Aluminum Oxide Market Introduction
- Lithium nickel cobalt aluminum oxide (NCA) is a group of substances comprising metal oxides. Some of them are important due to their application in lithium-ion batteries.
- Lithium nickel cobalt aluminum oxides are mixed oxides comprising cations of the chemical elements lithium, nickel, cobalt, and aluminum. Lithium nickel cobalt aluminum oxides are used as active materials on the positive pole.
- In terms of application, the global lithium nickel cobalt aluminum oxide market can be segmented into electric automobile battery, consumer battery, and electronics appliances. The electric automobile battery application segment is expected to expand at a significant pace during the forecast period owing to growth in utilization of lithium nickel cobalt aluminum oxide in the fabrication of lithium-ion batteries for hybrid electric vehicles.
Key Drivers of Global Lithium Nickel Cobalt Aluminum Oxide Market
- Increase in usage of lithium nickel cobalt aluminum oxide in the preparation of lithium-ion batteries is expected to propel the lithium nickel cobalt aluminum oxide market during the forecast period. Demand for lithium-ion batteries has been increasing in electric vehicles and grid storage, as they offer high-energy density solutions and are light in weight. Increase in the registration of EVs and decrease in the prices of lithium-ion batteries is anticipated to boost the global lithium nickel cobalt aluminum oxide market during the forecast period.
- Growth in sale of Electric Vehicles and change in user preferences are likely to drive the lithium nickel cobalt aluminum oxide market. Implementation of stringent regulations on vehicle emissions has led to the rise in demand for electric vehicles. For instance, the European Union has set itself a target of net-zero greenhouse gas emissions by 2050. Electric vehicles produce lower emissions as compared to conventional vehicles. This has led governments around the world to increase awareness and promote the adoption of electric vehicles to reduce oil consumption, air pollution, and related emissions. Lithium nickel cobalt aluminum oxide belongs to the family of layered transition metal oxides and is used as a cathode in lithium-ion batteries in plug-in electric hybrid vehicles.
Restraints of Global Lithium Nickel Cobalt Aluminum Oxide Market
- Dearth of universal directives pertaining to applications of lithium nickel cobalt aluminum oxide is likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of lithium nickel cobalt aluminum oxide. Companies find it difficult to meet these country-wise directives and legislations. This can discourage investment in the lithium nickel cobalt aluminum oxide market, thereby adversely affecting the market.
- Lack of awareness and less adoption of lithium nickel cobalt aluminum oxide in many developed and underdeveloped countries is also projected to restrain the market during forecast period
COVID-19 impact on Global Lithium Nickel Cobalt Aluminum Oxide Market
- The COVID-19 outbreak is hampering the demand for lithium nickel cobalt aluminum oxide in many applications. Many governments across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. These factors are estimated to negatively impact the demand for lithium nickel cobalt aluminum oxide.
- Key players operating in the global lithium nickel cobalt aluminum oxide market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these companies are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials.
Asia Pacific to Hold Major Share of Global Lithium Nickel Cobalt Aluminum Oxide Market
- In terms of region, the global lithium nickel cobalt aluminum oxide market can be split into North America, Asia Pacific, Europe, Middle East Asia& Africa and Latin America
- In terms of consumption, Asia Pacific is projected to hold significant share of the global lithium nickel cobalt aluminum oxide market during the forecast period. End-user industries such as electronics, automobile, and lithium battery are rapidly expanding in the region. Rise in disposable income and improvement in standard of living in many countries in Asia Pacific are boosting the demand for consumer electronics in the region. This, in turn, is augmenting the demand for lithium nickel cobalt aluminum oxide in Asia Pacific.
- Rapid expansion in the consumer electronics industry in China, India, Vietnam, Singapore, and South Korea is expected to boost the consumption of lithium nickel cobalt aluminum oxide, thereby boosting the market in these countries
- The market in North America is also estimated to expand at a significant pace during forecast period owing to the increase in usage of electrical vehicles and presence of major players in the U.S. and Canada.
Prominent Players in Global Lithium Nickel Cobalt Aluminum Oxide Market
Major players operating in the global lithium nickel cobalt aluminum oxide market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include:
- Sumitomo Metal Mining
- GEM Co.
- NEI Corporation
- Nihon Kagaku Sangyo
- AOT Electronics Technology
Lithium Nickel Cobalt Aluminum Oxide Market, by Product Type
- Purity Greater Than or Equal To 98%
- Purity Less than 98%
Lithium Nickel Cobalt Aluminum Oxide Market, by Application
- Electric Automobile Battery
- Consumer Battery
- Electronics Appliances
Lithium Nickel Cobalt Aluminum Oxide Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.