Cobalt Free Cathode Market Growth and Development (2023-2035)
Research Nester published a report titled “Cobalt Free Cathode Market: Global Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of the global cobalt free cathode market in terms of market segmentation by type, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global cobalt free cathode market is estimated to garner a revenue of USD 5000 million by the end of 2035 by growing at a CAGR of ~18% over the forecast period, i.e., 2023 – 2035. The market is segmented based on end-user into automotive, consumer electronics, and others. Out of these sub-segments, the automotive segment is anticipated to hold a substantial share in the market over the forecast period owing to the growing demand for cobalt free cathodes for the lithium-ion batteries, which are used in electric vehicles.
The global cobalt free cathode market is estimated to grow on the back of increasing need to eliminate the use of cobalt in batteries, as cobalt is extremely expensive, involves dangerous mining process, and is toxic if not disposed carefully. Owing to these factors, researchers have developed cobalt free cathode for lithium-ion batteries, which are used in smartphones, electric vehicles, and other battery-powered appliances. As a result, the growing demand for lithium-ion batteries, backed by the surging sales of EVs, is projected to boost the market growth. According to the data by the International Energy Agency (IEA), 2.1 million EVs were sold globally in 2019.
On the basis of geographical analysis, the global cobalt free cathode market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share during the forecast period on account of the escalating adoption of electric vehicles in the region. According to the report by IEA, over 231,088 battery-powered electric vehicles were sold in the US in 2020. Moreover, the higher implementation of advanced technologies across various sectors, in the developed countries, is predicted to boost the market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Demand for Batteries in EVs to Boost the Market Growth
Cobalt is used as cathode for the lithium-ion batteries, which are used in electric vehicles. As the demand for EVs is rapidly increasing, researchers are focusing on limiting the use of cobalt in batteries, and making cobalt free cathodes. Several major car manufacturing companies are anticipated to adopt cobalt free batteries. These factors are estimated to boost the market growth.
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However, lower driving range of cobalt free batteries is expected to operate as key restraint to the growth of global cobalt free cathode market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global cobalt free cathode market which includes company profiling of Texpower EV Technologies, Inc., Metso Outotec Corporation, Nichia Corporation, SVOLT Energy Technology Co., Ltd., Lithium Australia NL, German Raw Materials Agency (DERA), Morrow Batteries GmbH, Umicore, and TÜV Nord Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cobalt free cathode market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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