The global Nickel Manganese Cobalt (NMC) market size is predicted to grow from US$ million in 2025 to US$ million in 2031; it is expected to grow at a CAGR of %from 2025 to 2031.

The impact of the latest U.S. tariff measures and the corresponding policy responses from countries worldwide on market competitiveness, regional economic performance, and supply chain configurations will be comprehensively evaluated in this report.

Nickel-manganese-cobalt (NMC) is a ternary composite system with nickel (Ni), manganese (Mn) and cobalt (Co) as the core components. Its chemical expression is usually LiNi?Mn?Co_zO? (x+y+z=1), which is a key component of lithium-ion battery positive electrode materials. This material can balance the energy density, cycle life, safety and cost of the battery by regulating the atomic ratio of the three metals (such as the common NMC 111, 523, 622, 811 and other models): nickel (Ni) improves capacity and energy density, cobalt (Co) stabilizes the crystal structure and improves rate performance, and manganese (Mn) reduces costs and enhances material safety and structural stability.

NMC positive electrode materials are widely used in new energy vehicle power batteries, consumer electronic batteries and energy storage systems, and are one of the core materials driving the global electrification transformation. With the dual carbon goal drive and the explosive growth of the new energy vehicle market, NMC has a dominant position in the mid-to-high-end power field with its high energy density advantage (theoretical specific capacity can reach 160-200mAh/g). In 2025, the global NMC market size will continue to expand with the iteration of battery technology, and high nickel (such as NMC 811 and above) will become the mainstream of technological development, aiming to further improve energy density and reduce the use of cobalt to alleviate resource scarcity and cost pressure. However, the material still faces challenges such as insufficient high-temperature stability and structural degradation during the cycle. The industry is optimizing its comprehensive performance through technologies such as nano-coating, single crystalization, and solid electrolyte adaptation.

As a strategic material supporting the new energy industry, the technological breakthroughs and large-scale applications of NMC not only directly affect the endurance and manufacturing costs of electric vehicles, but also deeply relate to the global metal resource supply chain (such as the mining and processing of nickel and cobalt) and the construction of a green manufacturing system. It is an important material basis for achieving the goal of carbon peak and carbon neutrality.

Market Development Opportunities & Main Driving Factors

Nickel manganese cobalt (NMC), as a core material for high-energy-density lithium batteries, benefits from the global dual carbon goal and the increased penetration of new energy vehicles. In 2025, global electric vehicle sales are expected to exceed 30 million. The demand for power batteries drives the NMC market to expand at a compound annual growth rate of 12%. Technology is iterating towards high nickel (such as NMC 811), energy density is increased by 20% and cobalt usage is reduced, alleviating resource dependence. China accounts for more than 70% of the global precursor production capacity, forming a complete industrial chain. The energy storage market has become a new growth pole. In 2025, global energy storage battery demand may exceed 500GWh, and NMCs penetration rate in long-cycle scenarios will reach 35%.

Market Challenges, Risks, & Restraints

The raw material supply chain fluctuates violently due to geopolitical influences. The fluctuations in nickel and cobalt prices, Indonesias export policies, and Congos ESG compliance costs have increased procurement risks. Lithium iron phosphate (LFP) is rapidly penetrating the low-end market due to its cost advantage. In 2025, the installed capacity of LFP batteries in Europe may reach 40%, squeezing NMC space. Solid-state batteries are accelerating commercialization (such as small-scale production of all-solid-state batteries in 2027), which may subvert the existing technology route in the long term. In addition, high-nickel materials are not stable at high temperatures, and stricter environmental regulations force companies to increase investment in coating, single crystal and other technologies, pushing up costs.

Downstream Demand Trends

New energy vehicles are the core demand side, and mid-to-high-end models drive the penetration rate of high-nickel NMC to 82.6%; the energy storage field has become the second growth curve, and the proportion of NMC applications in long-cycle scenarios of grid energy storage has increased from 15% to 30%, but it needs to compete with LFP for cost-sensitive projects. Consumer electronics demand is stabilizing, and emerging scenarios such as wearable devices support NMC 622, accounting for 25%. Regional differentiation is significant, with China as the largest market, Europe growing fastest, and North America relying on local supply chains. Teslas 4680 battery mass production drives demand.

Infinity Market Research newest research report, the Nickel Manganese Cobalt (NMC) Industry Forecast looks at past sales and reviews total world Nickel Manganese Cobalt (NMC) sales in 2024, providing a comprehensive analysis by region and market sector of projected Nickel Manganese Cobalt (NMC) sales for 2025 through 2031. With Nickel Manganese Cobalt (NMC) sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Nickel Manganese Cobalt (NMC) industry.

This Insight Report provides a comprehensive analysis of the global Nickel Manganese Cobalt (NMC) landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Nickel Manganese Cobalt (NMC) portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms unique position in an accelerating global Nickel Manganese Cobalt (NMC) market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Nickel Manganese Cobalt (NMC) and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Nickel Manganese Cobalt (NMC).

This report presents a comprehensive overview, market shares, and growth opportunities of Nickel Manganese Cobalt (NMC) market by product type, application, key manufacturers and key regions and countries.

Segmentation by Type:

    Nmc111
    Nmc532
    Nmc442

Segmentation by Application:

    Notebook
    Tablet PC
    Portable Power
    Electric Tool
    Electric Bicycle

This report also splits the market by region:

    Americas
        United States
        Canada
        Mexico
        Brazil
    APAC
        China
        Japan
        Korea
        Southeast Asia
        India
        Australia
    Europe
        Germany
        France
        UK
        Italy
        Russia
    Middle East & Africa
        Egypt
        South Africa
        Israel
        Turkey
        GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the companys coverage, product portfolio, its market penetration.

    Umicore
    Nichia Corporation
    Tanaka Chemical
    L&F
    3M
    Toda Kogyo Corp
    Basf
    Agc Seimi Chemica
    Shanshan Advanced Materials
    Jinhe New Materials
    Cec
    Xiamen Tungsten
    Tianli
    Easpring Material Technology
    Kelong Newenergy
    Tianjiao Technology
    Changyuan Lico
    Stl
    Zhongwei New Energy
    GEM (Green Ecology Material)
    Huayou Cobalt
    Ronbay Technology
    EVE Energy (Dangsheng Technology)
    Samsung SDI

Key Questions Addressed in this Report

What is the 10-year outlook for the global Nickel Manganese Cobalt (NMC) market?
What factors are driving Nickel Manganese Cobalt (NMC) market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Nickel Manganese Cobalt (NMC) market opportunities vary by end market size?
How does Nickel Manganese Cobalt (NMC) break out by Type, by Application?