According to a new report from Intel Market Research, the global NCM for Aviation Batteries market was valued at USD 2,707 million in 2024 and is projected to reach USD 7,199 million by 2032, growing at a robust CAGR of 15.2% during the forecast period (2025β2032). This remarkable growth is propelled by the accelerating electrification of aviation, increasing demand for high-energy-density power sources, and advancements in lithium-ion battery technology for aerospace applications.
NCM (Nickel Cobalt Manganese) is a ternary cathode material for lithium-ion batteries, composed of three metal oxidesβnickel (Ni), cobalt (Co), and manganese (Mn)βcombined with lithium. By precisely adjusting the ratio of these elements, manufacturers can optimize the electrochemical properties of the battery, achieving an ideal balance of high energy density, excellent cycle stability, and relatively low cost. This makes NCM chemistry particularly well-suited for the demanding requirements of aviation applications, where weight, safety, and performance are critical factors.
These advanced batteries are increasingly being deployed across various aviation segments, from powering the next generation of electric Vertical Take-Off and Landing (eVTOL) aircraft to providing auxiliary power and supporting more electric aircraft (MEA) systems in commercial airliners, military aircraft, and spacecraft.
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1. Surge in Electric Aviation and eVTOL Development
The global push toward sustainable aviation is a primary catalyst. The burgeoning eVTOL market, often termed the 'urban air mobility' revolution, is creating unprecedented demand for high-performance, safe, and reliable batteries. Major aviation and automotive players, along with numerous startups, are pouring investments into developing electric aircraft. For instance, projects by companies like Joby Aviation, Archer Aviation, and Lilium are progressing toward certification, directly fueling the need for advanced NCM batteries that can meet rigorous safety standards and provide sufficient range.
2. Advancements in More Electric Aircraft (MEA) Initiatives
Traditional aviation is also undergoing a significant transformation. There is a strong industry-wide initiative to replace hydraulic and pneumatic systems with electrical ones to improve efficiency, reduce maintenance costs, and lower emissions. This 'More Electric Aircraft' trend, evident in new platforms like the Airbus A350 and Boeing 787, increases the demand for robust electrical power systems, where advanced NCM batteries play a crucial role in providing backup power and supporting peak load demands.
3. Military Modernization and Space Exploration
Defense sectors globally are modernizing their fleets with advanced electronic warfare systems, unmanned aerial vehicles (UAVs), and sophisticated avionics, all requiring high-density energy storage. Furthermore, the resurgence in space exploration, led by both national agencies and private companies like SpaceX and Blue Origin, utilizes NCM batteries for various spacecraft systems, from launch vehicles to satellites and landers, due to their excellent performance in extreme environments.
Stringent Safety and Certification Requirements: Aviation applications demand the highest levels of safety. Certifying a new battery chemistry or cell design with aviation authorities like the FAA (Federal Aviation Administration) and EASA (European Union Aviation Safety Agency) is a complex, time-consuming, and costly process, often acting as a significant barrier to entry.
Supply Chain Volatility for Raw Materials: The NCM chemistry relies heavily on nickel and cobalt, whose prices and availability can be volatile. Geopolitical factors and ethical sourcing concerns, particularly around cobalt, can disrupt supply chains and impact production costs.
Thermal Management and Performance at Scale: While NCM offers high energy density, managing heat generation during rapid charging and discharging at the scales required for aviation remains a critical engineering challenge. Ensuring thermal runaway prevention is paramount for widespread adoption.
The outlook for the NCM aviation battery market is exceptionally bright, driven by technological convergence and strong policy support. Key opportunities include:
Development of Cobalt-Free or Low-Cobalt Formulations: Intense R&D is focused on NCMA (Nickel Cobalt Manganese Aluminum) and other derivatives to reduce or eliminate cobalt content, mitigating cost and supply chain risks while maintaining performance.
Integration with Advanced Battery Management Systems (BMS): Smart BMS that can precisely monitor cell health, state of charge, and predict failures will be critical for aviation safety, opening avenues for high-value software and hardware integration.
Expansion into Regional Air Mobility: Beyond urban eVTOLs, there is growing interest in electric propulsion for regional aircraft (e.g., 9-19 seaters), which represents a much larger addressable market for high-capacity NCM battery packs.
Notably, leading manufacturers like Xiamen Tungsten and Umicore are expanding production capacity and announcing partnerships with airframe manufacturers to co-develop bespoke battery solutions tailored for specific aircraft programs, signaling deep market confidence.
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North America: Dominates the market, driven by strong presence of eVTOL developers, major aerospace OEMs (Boeing, Lockheed Martin), and significant defense R&D expenditure. The U.S. FAA's evolving regulatory framework for electric aircraft is setting a global benchmark.
Europe: A key innovator with strong support from the European Union's Clean Aviation initiative. Companies like Airbus are investing heavily in electrification, and countries like Germany and France have a robust ecosystem of battery and aviation research institutes.
Asia-Pacific: Expected to be the fastest-growing region, led by China's massive investments in electric aviation and its dominance in the battery material supply chain. Japan and South Korea, home to technology giants like TODA KOGYO and LG Chem, are also major contributors.
Rest of the World: Markets in the Middle East (e.g., UAE, Israel) and Latin America are beginning to explore urban air mobility and modernize their aviation infrastructure, presenting long-term growth potential.
By Type
NCM 5:2:3 Ratio (Lower Nickel, Higher Stability)
NCM 6:2:2 Ratio (Balanced Performance)
NCM 8:1:1 Ratio (High Nickel, Maximum Energy Density)
By Application
eVTOL (Urban Air Mobility)
Commercial Airliner (Auxiliary Power, More Electric Aircraft)
Military Aircraft (UAVs, Advanced Avionics)
Spacecraft (Satellites, Launch Vehicles, Landers)
By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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The market features a mix of established battery material giants and specialized chemical companies. The competitive environment is characterized by intense R&D efforts to develop higher-energy-density and safer chemistries, as well as strategic vertical integration to secure supply chains.
The report provides in-depth competitive profiling of key players, including:
Xiamen Tungsten Co., Ltd
Zhenhua New Material
BRNE Technology
TODA KOGYO CROP
Umicore
L & F
These companies are focusing on long-term contracts with aviation OEMs, scaling up production capacity, and innovating in material science to maintain a competitive edge.
Global and regional market forecasts from 2025 to 2032 in value (USD Million) and volume (Tons)
Strategic insights into technological advancements, regulatory landscape, and supply chain dynamics
Market share analysis and SWOT assessments of key players
Pricing trend analysis and raw material cost breakdown
Comprehensive segmentation by type, application, and geography
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