Definition
Lithium Nickel Cobalt Manganese Oxide (LiNiCoMnO₂ or NCM) is a class of lithium-ion battery cathode materials known for their high energy density, balanced performance, and cost-effectiveness. These compounds combine nickel (Ni), cobalt (Co), and manganese (Mn) in varying ratios to deliver optimal battery performance—where nickel enhances energy density, cobalt stabilizes the structure, and manganese improves safety and thermal stability.
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Market Size
Global Lithium Nickel Cobalt Manganese Oxide market was valued at USD 1,330 million in 2024 and is projected to decline from USD 1,289 million in 2025 to USD 1,078 million by 2032, exhibiting a negative CAGR of -3.0% during the forecast period.
The downward trend is primarily attributed to the growing adoption of LFP (Lithium Iron Phosphate) batteries, which are cheaper, safer, and increasingly used by electric vehicle (EV) manufacturers such as Tesla, BYD, and CATL. As LFP technology advances in energy density, many automakers are gradually phasing out NCM-based chemistries, especially for mass-market EV models.
Despite the decline, NCM batteries will continue to play a critical role in premium EV segments and high-performance applications requiring high energy density and power output. Government incentives supporting advanced battery research, along with the development of recycling technologies for NCM cathodes, may provide partial market stabilization through 2032.
Regional Analysis
North America
North America remains a key player in the NCM market due to its established EV ecosystem and presence of major battery manufacturers such as Panasonic Energy, LG Energy Solution, and SK On. The United States government’s efforts to localize battery supply chains under the Inflation Reduction Act (IRA) are promoting NCM material production, though the region is simultaneously investing in LFP and solid-state battery alternatives. Demand for NCM cathodes persists in high-performance EVs and grid storage applications requiring higher energy density.
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Asia-Pacific
Asia-Pacific dominates global NCM production, with China, Japan, and South Korea leading the supply chain. China’s transition toward LFP has affected local NCM producers such as CATL and EVE Energy, but high-nickel variants (NCM811) remain in demand for export-oriented applications. South Korean companies—LG Energy Solution, Samsung SDI, and SK On—are global leaders in advanced NCM technology, focusing on EV batteries with high capacity and improved thermal stability. Japan’s focus on hybrid vehicles continues to sustain a moderate but stable demand for NCM-based batteries.
Latin America
Latin America’s NCM market remains relatively small but strategically important due to abundant lithium resources in Chile, Argentina, and Bolivia. Regional governments are encouraging local value addition through the establishment of cathode and cell manufacturing facilities. However, given the dominance of upstream raw material exports and limited downstream capacity, growth in NCM production remains slow.
Middle East & Africa
This region’s role in the NCM market primarily lies in cobalt and nickel mining, particularly in the Democratic Republic of Congo (DRC), which supplies over 70% of global cobalt. African mining operations are central to the NCM supply chain, though geopolitical instability and environmental issues may constrain long-term output. The Middle East, especially the UAE and Saudi Arabia, is exploring downstream battery investments, potentially creating future demand for NCM materials.
Competitor Analysis
The global NCM market is moderately consolidated, dominated by a few large-scale chemical and battery material manufacturers. Key companies include Umicore (Belgium), BASF (Germany), LG Chem (South Korea), Sumitomo Metal Mining (Japan), Ningbo Shanshan (China), and Nichia Corporation (Japan).
The market is witnessing increasing R&D toward next-generation compositions like NCM9½½ and core-shell NCM materials, aiming to reduce cobalt content while maintaining high energy performance.
Global Lithium Nickel Cobalt Manganese Oxide Market: Segmentation Analysis
This report provides a comprehensive overview of the global Lithium Nickel Cobalt Manganese Oxide (NCM) Market, offering in-depth insights into market dynamics, size, trends, and the competitive landscape. It covers macroeconomic factors, key drivers, restraints, and the impact of technological innovation.
Market Segmentation (by Application)
- Electric Vehicles (EVs)
- Hybrid Electric Vehicles (HEVs)
- Consumer Electronics (Smartphones, Laptops, Power Tools)
- Energy Storage Systems (ESS)
- Aerospace and Defense Applications
- Industrial Equipment and Robotics
Market Segmentation (by Type)
- NCM111 (1:1:1 Ratio)
- NCM523 (5:2:3 Ratio)
- NCM622 (6:2:2 Ratio)
- NCM811 (8:1:1 Ratio)
- Others (High-Nickel and Modified Compositions)
Key Company
- Umicore (Belgium)
- BASF (Germany)
- LG Chem / LG Energy Solution (South Korea)
- Samsung SDI (South Korea)
- Sumitomo Metal Mining (Japan)
- Nichia Corporation (Japan)
- Ningbo Shanshan (China)
- Easpring Material Technology (China)
- CATL (China)
- L&F Co., Ltd. (South Korea)
- TODA KOGYO CORP. (Japan)
- POSCO Future M (South Korea)
Geographic Segmentation
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
FAQ Section
- What is the current market size of the Lithium Nickel Cobalt Manganese Oxide (NCM) Market?
The global NCM market was valued at USD 1,330 million in 2024 and is projected to reach USD 1,078 million by 2032, registering a negative CAGR of -3.0% during the forecast period. - Why is the NCM market declining?
The decline is primarily due to the rapid adoption of LFP batteries, which are more cost-effective and environmentally sustainable. Rising cobalt prices and efforts to reduce dependency on cobalt-based materials have also contributed to the decline. - Which regions are most affected by this market decline?
Asia-Pacific, particularly China and South Korea, will experience the largest impact as battery manufacturers pivot toward LFP and other next-generation chemistries. - What are the emerging opportunities in the NCM market?
Opportunities lie in high-nickel, low-cobalt formulations, NCM recycling technologies, and premium EV segments where energy density is prioritized over cost. - Who are the key players in the NCM market?
Major players include Umicore, BASF, LG Chem, Samsung SDI, Sumitomo Metal Mining, and Ningbo Shanshan.
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