Cadmium Market

Cadmium Market Analysis

The Cadmium Market size is estimated at 24.47 kilotons in 2025, and is expected to reach 29.88 kilotons by 2030, at a CAGR of 4.07% during the forecast period (2025-2030).

Due to the COVID-19 pandemic, many cadmium manufacturers were forced to halt operations to comply with government regulations, which disrupted revenue streams, caused supply chain disruptions and increased logistics cost.

• Growing demand for Nickel-Cadmium batteries and increasing demand for efficient energy storage solutions in EVs, might drive the market forward.
• Stricter laws on cadmium usage, driven by toxicity concerns, could hinder market growth. For example, specific OSHA standards like General Industry (29 CFR 1910) and Maritime (29 CFR 1915, 1917, 1918), address cadmium exposure protections across various sectors, including general industry, maritime, construction, and agriculture.
• The growing popularity of green energy solutions and sustainable practices are poised to provide new opportunities for cadmium market.
• Asia-Pacific region dominates the market and is expected to witness the highest growth during the forecast period.

Cadmium Market Trends

Battery Application Segment to Dominate the Market

• Nickel-cadmium batteries play a pivotal role in driving the market for cadmium.
• Nickel-cadmium batteries are known for their resilience to electrical abuse, high cycle life, and reliability. Their versatility and availability in various constructions, sizes, capacities, and shapes make them suitable for diverse applications, with the choice depending on the intended use and load requirements.
• Industrial nickel-cadmium batteries, available in vented and semi-sealed types, are used in railway operations, standby power systems, military communications, and aeronautics.
• Batteries are emerging as pivotal players in the clean electrification movement in the journey towards decarbonization. Projections indicate a surge in global manufacturing capacity, escalating from two terawatt-hours in 2023 to a robust seven terawatt-hours by 2030, with China poised to dominate, holding a 60 percent share.
• According to IEA reports, Electric vehicle (EV) battery deployment increased by 40% in 2023, with 14 million new electric cars accounting for the vast majority of batteries used in the energy sector.
• IEA reported that, on the trajectory to net zero emissions, the global battery market is poised to quadruple its value by 2030. Presently valued at USD 120 billion, the market for battery packs in electric vehicles (EVs) and storage applications is projected to soar to nearly USD 500 billion by 2030 under the net zero emissions (NZE) scenario.
• In 2023, Asia was home to the top ten global players in electric vehicle battery manufacturing, with a notable concentration of six in China, with China's Contemporary Amperex Technology Co. Limited (CATL) taking the lead.
• Consequently, these factors are likely to influence the market during the forecast period, leading to a surge in demand for cadmium in the battery application segment.

The Asia-Pacific Region to Dominate the Market

• Asia-Pacific, led by China, is set to dominate the global market, driven by its vast manufacturing base and rapid industrial growth, especially in battery production. The region's burgeoning industrial landscape underscores its pivotal role in cadmium consumption.
• Asia houses the entire NiCd battery industry, with major players like BYD Co., Ltd. from China and Japan's Panasonic Corp. and Sanyo Electric Co., Ltd.
• According to the Battery Association of Japan, in 2023, Japan's export value for secondary nickel-metal-hydride batteries reached approximately JPY 146.3 billion (~USD 989 million), up from JPY 129.1 billion (~USD 873 million) in the previous year.
• As per PlasticsEurope (PEMRG), Asia-Pacific has emerged as a leader in global plastic materials production. The rising demand for cadmium pigments is largely attributed to the growing use of heat-resistant plastics across various applications.
• In 2023, mainland China's total solar cell production capacity hit 929.9 GW, marking an impressive 84% year-on-year surge, as reported by IEA and CPIA. The output reached approximately 591.3 GW, reflecting a robust 78.9% annual growth. Furthermore, China's total production capacity for PV modules in 2023 reached 920GW, with an output of 518.1GW, showcasing impressive year-on-year growth rates of 66.7% and 75.8%, respectively.
• As reported by IEA and CPIA, in 2023, centralized PV installations in China surged to 120.01 GW, a staggering 230.7% increase from the previous year, constituting 55.5% of the nation's new PV installations. Meanwhile, distributed PV installations reached 96.29GW, up 88.4% year-on-year, making up the remaining 44.5% of the new capacity. Breaking it down further, commercial and industrial PV installations accounted for 52.81 GW (a 104.1% increase), representing 24.4% of the new installations. Residential PVs contributed 43.48GW, marking a 72.2% rise and 20.1% of the total new installations.
• Japan's government, under its new Strategic Energy Plan, has set an ambitious target of 38% renewable energy share by 2030, aiming for complete carbon neutrality by 2050.
• Meanwhile, India bolstered its solar PV module manufacturing capacity by 11.3 gigawatts in the first half of 2024, bringing its total to 77.2 gigawatts.
• Therefore, the demand for cadmium is estimated to increase at the fastest rate in the Asia-Pacific region over the forecast period.

Cadmium Industry Overview

The Cadmium Market is consolidated, with the presence of major players like Dalian Rich Fortune Chemical Co., Ltd, Huntsman Corporation, JX Nippon Mining and Metals, Korea Zinc and Stanford Advanced Materials, among others.

Cadmium Market Leaders

Cadmium Market News

• November 2024: JX Advanced Metals USA, Inc. (JX USA), formerly known as JX Nippon Mining & Metals USA, Inc., a semiconductor materials company, celebrated the grand opening of its manufacturing plant southeast of Phoenix-Mesa Gateway Airport. The facility, currently in test production, will begin full-scale production of sputtering targets for the semiconductor industry in early 2025, serving customers in North America and Europe.
• November 2024: Young Poong, has been ordered to close down its refinery facility for two months for discharging polluted wastewater without authorization, posing a possible setback in its attempt to take ownership control of Korea Zinc, its affiliate and the world’s largest zinc producer.