Nickel Cobalt Manganese Market , by Type, Grade, Component (Cathode, Anode, Electrolyte) Application and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits - Forecast 2024-2032

Industry : Chemicals & Materials | Pages : 181 Pages | Published On : May 2024

The Nickel Cobalt Manganese Market is Valued USD 2.6 billion in 2024 and projected to reach USD 4.5 billion by 2030, growing at a CAGR of CAGR of 8.3 % During the Forecast period of 2024-2032.

Market Overview

The Nickel Cobalt Manganese market has gained traction in recent years as the demand for reliable and long-lasting energy storage solutions continues to grow. Nickel Hydrogen (NiH2) batteries are a type of rechargeable battery that utilizes nickel and hydrogen as the active materials for the positive and negative electrodes, respectively.

One of the driving factors behind the increasing popularity of Nickel Cobalt Manganese is their high energy density and long cycle life. These batteries are known for their ability to store a significant amount of energy in a compact space and maintain their performance over a large number of charge and discharge cycles. This makes them particularly suitable for applications that require consistent and durable power sources.

Space exploration and satellite missions have been significant contributors to the adoption of Nickel Cobalt Manganese. These batteries are well-suited for the harsh conditions of space, offering a reliable and stable power supply for extended periods. The aerospace industry's reliance on Nickel Cobalt Manganese has, in turn, spurred advancements in battery technology, making them more efficient and cost-effective for terrestrial applications as well.

Nickel Cobalt Manganese Market Size

Market Size ValueUSD 2.6 billion in 2024
Market Size ValueUSD 4.5 billion by 2030
CAGRCAGR of 8.3 %
Forecast Period2024-2032
Base Year 2023
Historic Data2020
Segments CoveredType, Component, Grade, Application and Region
Geographics CoveredNorth America, Europe, Asia Pacific, and RoW

Another key driver for the Nickel Cobalt Manganese market is the increasing interest in renewable energy and grid energy storage. As the world shifts towards cleaner and sustainable energy sources, there is a growing need for efficient energy storage solutions to address the intermittent nature of renewable power generation. Nickel Cobalt Manganese, with their high energy density and durability, are emerging as a viable option for grid-scale energy storage applications.

Despite the positive momentum, challenges such as cost and competition from other battery technologies persist. However, ongoing research and development efforts are focused on improving the cost-effectiveness and performance of Nickel Cobalt Manganese, ensuring their continued relevance in a rapidly evolving energy storage landscape.

Major vendors in the global Nickel Cobalt Manganese market are Asahi Kasei, Evonik Industries, Johnson Matthey, LG Chem, Mitsubishi Chemical Corporation, Nichia Corporation, POSCO Future M Co., Ltd., Tanaka Chemical Corporation, The 3M Company, Umicore, Xiamen TOB New Energy Technology Co., Ltd and others.

The rise in number of electronic vehicle adoption is a promising factor for nickel cobalt manganese (NCM).

The increasing adoption of electric vehicles (EVs) worldwide is a pivotal driver for the nickel cobalt manganese (NCM) market. As governments worldwide implement stringent regulations to reduce carbon emissions and combat climate change, the automotive industry is undergoing a significant shift towards electrification. This transition is fueled by a growing awareness of environmental concerns and the need to reduce dependence on fossil fuels.

NCM batteries, known for their high energy density, long cycle life, and stability, are the preferred choice for powering electric vehicles. These batteries offer superior performance compared to traditional lead-acid batteries, making them ideal for EV applications where energy density and range are critical factors.

The increasing demand for electric vehicles, coupled with advancements in battery technology that improve energy density and reduce costs, has propelled the growth of the NCM market. Automotive manufacturers are investing heavily in research and development to enhance the performance and affordability of NCM batteries, driving economies of scale and further accelerating the adoption of electric vehicles.

As the electric vehicle market continues to expand globally, driven by supportive government policies, technological advancements, and changing consumer preferences, the demand for NCM batteries is expected to soar, creating significant opportunities for growth in the nickel cobalt manganese market.

Market Dynamics


  • Increasing demand for electric vehicles (EVs) and rechargeable batteries.
  • Growing demand for energy storage systems (ESS) for renewable energy integration and grid stabilization.
  • Continuous advancements in battery technology, including improvements in NCM cathode materials.
  • Increasing investments in research and development to improve battery technology and reduce costs.
  • Rising awareness and adoption of energy-efficient appliances and devices.


  • Expansion of Electric Vehicle (EV) Market.
  • Rapid industrialization and urbanization in emerging markets increase demand for consumer electronics.
  • Strategic partnerships and investments along the supply chain, from mining to battery manufacturing, offer opportunities to optimize production processes.
  • Supportive government policies and incentives promoting clean energy and electric vehicle adoption stimulate market growth.
  • Strategic partnerships and investments along the supply chain, from mining to battery manufacturing

Usage In Renewable Energy Storage

The world transitions towards renewable energy sources like solar and wind power, the need for efficient energy storage solutions becomes paramount to address intermittency issues. Nickel cobalt manganese (NCM) batteries offer a compelling solution due to their high energy density, long cycle life, and relatively low cost compared to other battery chemistries. These batteries can store excess energy generated during peak production periods and release it during times of high demand or when renewable sources are not actively generating power.

One significant opportunity within the renewable energy storage sector lies in grid-scale energy storage projects. These projects involve deploying large-scale battery systems to store surplus energy from renewable sources, such as solar and wind farms, and release it when needed to stabilize the grid or meet demand peaks. NCM batteries, with their high energy density and scalability, are well-suited for such applications.

By leveraging the opportunities in renewable energy storage, the nickel cobalt manganese market can not only support the integration of renewable energy into the grid but also capitalize on the growing demand for energy storage solutions worldwide. Additionally, advancements in battery technology and manufacturing processes further enhance the competitiveness of NCM batteries in this sector, paving the way for continued market growth and adoption.

North America dominates the market for Nickel Cobalt Manganese.

North America stands out as a dominant force in the sustainable packaging market due to several key factors that contribute to its leadership position. Firstly, North America has witnessed a significant rise in environmental consciousness among consumers, businesses, and policymakers. Concerns about plastic pollution, climate change, and the depletion of natural resources have spurred a growing demand for sustainable packaging solutions across various industries. This heightened awareness has translated into proactive measures by companies to adopt eco-friendly packaging alternatives and meet consumer preferences for environmentally responsible products.

Secondly, stringent regulations and policies enacted at both the federal and state levels have played a crucial role in driving the adoption of sustainable packaging practices in North America. Legislative measures such as bans on single-use plastics, mandates for recyclable or compostable packaging, and extended producer responsibility (EPR) programs have incentivized companies to invest in sustainable packaging solutions to comply with regulatory requirements and mitigate environmental impacts.

Moreover, North America boasts a robust infrastructure for recycling and waste management, providing a conducive environment for the development and adoption of sustainable packaging technologies. The region's well-established recycling facilities, coupled with initiatives to improve recycling rates and promote circular economy principles, facilitate the integration of recycled materials into packaging products, thereby reducing reliance on virgin resources and minimizing environmental footprint.

Additionally, North America's dynamic retail landscape, characterized by the presence of major players in the food and beverage, consumer goods, and e-commerce sectors, drives demand for innovative packaging solutions that align with sustainability goals. Large corporations and retailers in the region have increasingly embraced sustainable packaging initiatives as part of their corporate social responsibility (CSR) strategies, fueling market growth and innovation in sustainable packaging offerings.

Overall, North America's leadership in the sustainable packaging market is underpinned by a combination of factors including heightened environmental awareness, regulatory support, robust recycling infrastructure, and market-driven demand for eco-friendly packaging solutions. These factors collectively position the region as a key driver of innovation and growth in the global sustainable packaging market. U.S.A dominates the market for Nickel Cobalt Manganese followed by Canada.

The Application Segment is anticipated to hold the Largest Market Share during the Forecast Period.

The nickel cobalt manganese (NCM) market is predominantly influenced by its diverse applications, with the application segment playing a pivotal role in shaping its demand dynamics. NCM is a crucial component in the manufacturing of lithium-ion batteries, and its widespread use is evident across various sectors. The dominant applications contributing to the robust performance of the NCM market include New Energy Vehicles (NEVs), 3C Electronics, Consumer Electronics, Aerospace, Marine, Medical, Industrial Power, and other sectors.

New Energy Vehicles (NEVs) represent a primary application, showcasing the increasing integration of NCM batteries in electric vehicles, hybrid electric vehicles, and other sustainable transport solutions. The automotive industry's shift toward cleaner and more energy-efficient options has fueled the demand for NCM in this segment.

The 3C Electronics segment, encompassing products like laptops, smartphones, and tablets, relies significantly on NCM batteries due to their high energy density and efficiency. Consumer Electronics, which includes a broad range of electronic devices used by individuals, also contributes substantially to the NCM market's growth.

Aerospace and Marine applications leverage NCM batteries for their energy storage needs, ensuring reliable and high-performance solutions for these demanding environments. In the Medical sector, NCM finds application in various medical devices and equipment, benefitting from its stable and efficient energy storage capabilities.

The Industrial Power segment involves the use of NCM batteries for powering machinery, equipment, and industrial applications, emphasizing the versatility of NCM across diverse industrial settings. In summary, the comprehensive range of applications, from powering electric vehicles to enabling advanced electronics and supporting critical industries, positions NCM as a vital material in the pursuit of sustainable and technologically advanced solutions across multiple sectors. This broad applicability underscores the significant role that nickel cobalt manganese plays in advancing modern technologies and addressing environmental concerns.

Major Segmentations Are Distributed as follows:

By Type

  • NCM 811
  • NCM 622
  • NCM 523
  • NMC 955

By Grade

  • High Purity
  • Low Purity

By Component

  • Cathode
  • Anode
  • Electrolyte

By Application

  • New Energy Vehicles
  • 3C Electronics
  • Consumer Electronics
  • Aerospace
  • Marine
  • Medical
  • Others

By Region

    • North America
      • US
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Thailand
      • Indonesia
      • Malaysia
      • Vietnam
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Nigeria
      • Egypt
      • Israel
      • Turkey
      • Rest of Middle East & Africa

Recent Developments

  • May 2022  AGL, Umicore has recently opened a new global R&D center for cathode materials adjacent to its existing facilities in Cheonan, Korea. Operational since April, the 30,000 m2 complex focuses on next-generation battery materials like high-nickel NMC, low-cobalt NMC, manganese-rich chemistries, and solid-state battery materials. The center includes a significant battery cell laboratory for testing purposes.
  • December, 2023 BMZ Group, headquartered in Germany, has introduced an outdoor commercial battery energy storage solution that is plug-and-play, AC-coupled, and capable of storing between 68 kWh to 204 kWh of energy. Housed within a 10-foot container, it features an integrated inverter and comes with a 10-year warranty.

Nickel Cobalt Manganese Market Report Gives Answers to Following Key Questions:

  • What will be the Nickel Cobalt Manganese Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of Nickel Cobalt Manganese Market?
  • What are the main forces behind the worldwide Nickel Cobalt Manganese Market? Which companies dominate the Nickel Cobalt Manganese Market?
  • Which companies dominate the Nickel Cobalt Manganese Market? Which business possibilities, dangers, and tactics did they embrace in the market?
  • What are the global Nickel Cobalt Manganese On-premises's suppliers' opportunities and dangers in Nickel Cobalt Manganese Market?
  • What is the Nickel Cobalt Manganese On-premises's regional sales, income, and pricing analysis? In the Nickel Cobalt Manganese Market, who are the distributors, traders, and resellers?
  • What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Nickel Cobalt Manganese Market?
  • What are the main geographical areas for various industries that are anticipated to observe an astounding expansion in Nickel Cobalt Manganese Market?
  • What are the dominant revenue-generating regions for Nickel Cobalt Manganese Market, as well as regional growth trends?
  • By the end of the forecast period, what will the market size and growth rate be?
  • What are the main Nickel Cobalt Manganese Market trends that are influencing the market's expansion?
  • Which key Applicationcategories dominate the Nickel Cobalt Manganese Market? What are the Nickel Cobalt Manganese Market’s main Deployments?
  • In the coming years, which Nickel Cobalt Manganese Market Applicationwill dominate the market?

Reason to purchase this Nickel Cobalt Manganese Market Report:

  • Determine prospective investment areas based on a detailed trend analysis of the global Nickel Cobalt Manganese Market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different Nickel Cobalt Manganese Market segments in the top spending countries across the world and identify the opportunities each offers.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global Nickel Cobalt Manganese Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Nickel Cobalt Manganese Market.
  • Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Nickel Cobalt Manganese Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.


Table and Figures


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