What Has Been the Growth of the Cobalt Free Batteries Market So Far?
The cobalt free batteries market has seen considerable growth due to a variety of factors.
• The market size for cobalt free batteries has experienced a swift expansion in the past few years. Expected to increase from $1.32 billion in 2024 to $1.51 billion in 2025, the market predicts a compound annual growth rate (CAGR) of 14.0%.
Factors contributing to this enlargement during the historical period include escalating environmental considerations, a rise in the uptake of electric vehicles, a decline in the cost of cobalt, regulatory efforts for curbing environmental damage, enhanced consumer understanding of ethical procurement, and financial input in novel battery technologies.
What Are the Future Growth Projections for the Cobalt Free Batteries Market?
The cobalt free batteries market is expected to maintain its strong growth trajectory in upcoming years.
• In the following years, the market for cobalt-free batteries is projected to experience substantial growth. Forecasted to reach $2.52 billion by 2029, with an annual growth rate of 13.7%.
This growth during the forecast period can be credited to an increase in demand for energy storage capabilities in grid systems, advancements in solid-state battery technology, government incentives promoting green technology, escalating need for energy storage in renewable energy sources, and a heightened focus on diminishing carbon emissions. Significant trends projected during this period include the advent of novel battery chemistries, an expansion in research and development initiatives supported by governments, a growing consumer inclination towards environmentally-friendly goods, development of improved recycling practices, and incorporation with smart grid technologies.
What Are The Core Factors Supporting Growth In The Cobalt Free Batteries Market?
The surging uptake of electric vehicles (EVs) is predicted to drive the expansion of the cobalt-free battery market in the future. EVs, propelled by rechargeable batteries and electric motors, are being increasingly preferred over traditional vehicles that use internal combustion engines. This shift is due to growing environmental consciousness, government incentives, breakthroughs in battery technology, and the proliferation of charging facilities. Cobalt-free batteries, which use alternative chemistries to reduce dependency on cobalt, address ethical sourcing issues and consequently lower the cost of manufacturing EVs. Such innovations enhance both sustainability and performance, thereby making EVs more cost-effective and appealing to environment-friendly consumers. For example, a report by Kelley Blue Book, a well-known vehicle valuation and automotive research firm based in the US, stated in January 2024 that a historic 1.2 million car purchasers in the United States opted for electric vehicles in 2023. This represented 7.6% of the total U.S. vehicle market, a substantial increase from 5.9% in 2022. Hence, the escalating adoption of electric vehicles (EVs) is fueling the growth of the cobalt-free battery market.
What Are The Major Segments Within The Global Cobalt Free Batteries Market?
The cobalt free batteriesmarket covered in this report is segmented –
1) By Type: Lithium Iron Phosphate Batteries, Lithium Manganese Oxide Batteries
2) By Application: Transportation, Solar-Powered Lighting Systems, Other Applications
3) By End-Use: Electronic Vehicles, Energy Storage
Subsegments:
1) By Lithium Iron Phosphate Batteries: LFP Cells, Prismatic LFP Batteries, Cylindrical LFP Batteries, Pouch LFP Batteries
2) By Lithium Manganese Oxide Batteries: LMO Cells, Prismatic LMO Batteries, Cylindrical LMO Batteries, Pouch LMO Batteries
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What Trends Are Shaping The Cobalt Free Batteries Market?
Leading firms in the cobalt-free batteries market are innovating by producing high-power cobalt-free batteries to alleviate environmental concerns raised by conventional battery technologies. These cobalt-free batteries are an advanced method of energy storage, providing a powerful output without needing cobalt in their composition. For instance, Toshiba Corporation, a company based in Japan specializing in electronics, released a novel cobalt-free lithium-ion battery in November 2023. The battery sports a cobalt-free cathode that has strong potential and even includes low levels of nickel, addressing supply chain and price problems. The battery exceeds a 3V output, resulting in remarkable power performance and quick charging; it can charge 80% in just five minutes. This battery works effectively at elevated temperatures, even up to 60 °C, while successfully minimizing gas production through advanced modifications on the cathode's surface. The battery also provides enhanced durability and reduced swelling.
Who Are the Key Players In The Cobalt Free Batteries Market?
Major companies operating in the cobalt free batteries market are:
• Stellantis NV
• BYD Company Ltd.
• Panasonic Corporation
• SK Innovation Co. Ltd.
• Contemporary Amperex Technology Co. Ltd.
• Toshiba Corporation
• LG Energy Solution
• Samsung SDI Co. Ltd.
• Murata Manufacturing Co. Ltd.
• EVE Energy Co. Ltd.
• Northvolt AB
• QuantumScape Battery Inc.
• Sila Nanotechnologies Inc.
• China Aviation Lithium Battery Co. Ltd.
• Solid Power Inc.
• Bharat Power Solutions
• Tianjin Lishen Battery Joint-Stock Co. Ltd.
• Conamix Inc.
• Anda-Olsen AS
• Ufine Battery
• Karacus Energy Pvt. Ltd
What Is The Most Dominant Region In The Cobalt Free Batteries Market?
North America was the largest region in the cobalt-free batteries market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cobalt free batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
