Wilmington, Delaware, United States, March 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global cobalt-free battery market is projected to expand at a CAGR of 18.1% from 2023 to 2031, according to the research report by Transparency Market Research.
Usage of high-performing and cost-efficient battery technologies has risen in the last few years among customers from across the globe. Manufacturers of electric vehicles (EVs) are fueling demand for cobalt-free batteries owing to their advantages such as cost-effectiveness and eco-friendly nature. Hence, rise in adoption of EVs across developed and developing countries is likely to fuel global market development during the forecast period.
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Cobalt-free Battery Market: Key Findings
- Utilization of cobalt has increased in the cathodes of nearly all types of lithium-ion batteries owing to its ability to stabilize and boost energy density. However, battery manufacturers across the globe are focusing on usage of cost-effective and eco-friendly alternatives to cobalt, owing to its disadvantages, such as high cost and hazardous nature. Latest cobalt-free chemistries have gained traction in the last few years, as the price of the cathode material can be decreased by up to 60% (in comparison to nickel manganese cobalt, or NCM). Moreover, cost of manufacturing cobalt-free batteries is less, making them a cost-effective option as compared to lithium-ion batteries. Furthermore, cobalt-free batteries deliver increased lifespan and outstanding performance. Therefore, adoption of cobalt-free batteries has increased in various end-use industries, such as healthcare, consumer electronics, transportation and logistics, and smart packaging. This, in turn, is estimated to fuel business growth during the forecast period.
- LNMO (Lithium nickel manganese oxide) has gained popularity as one of the advanced technologies in the cobalt-free family owing to several advantages. For instance, charging/discharging time of LNMO batteries is very low and they can work at high voltages of about 4.7 V, yielding high energy densities of around 650 Wh/kg at cell level. Usage of cobalt-free batteries has risen in mobile and stationary applications in the last few years. Moreover, technological developments in and understanding about cobalt-free batteries have increased in the last few years, thereby augmenting industry growth.
- As per the market trends analysis by TMR, the lithium ferrous (iron) phosphate segment accounted for a leading share of the global industry in 2022. LiFePO 4 battery (Lithium iron phosphate battery), or LFP battery (lithium ferro phosphate battery), refers to a lithium-ion battery type, which has gained traction owing to its important role in utility-scale stationary and vehicle applications due to advantages, such as safety, affordability, durability, sustainability, and low toxicity. Moreover, usage of lithium ferrous phosphate batteries has risen owing to their improved cycle life, aging characteristics, and resource availability.
Cobalt-free Battery Market: Growth Drivers
- Rise in adoption of drones for varied applications is expected to boost the demand for cobalt-free batteries
- Increase in adoption for EVs is propelling the global industry for cobalt-free battery
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Regional Analysis
- Asia Pacific held 45.3% share of the global market in 2022, and it is projected to lead the industry between 2023 and 2031. This can be ascribed to rise in the demand for solar energy and EVs in developing countries, such as India and China.
- Cobalt-free battery manufacturers are anticipated to gain significant business opportunities in Europe and North America in the upcoming years. This can be attributed to increase in usage of cobalt-free batteries in drones.
Cobalt-free Battery Market: Competition Landscape
- Leading manufacturers are increasing their investment in R&D activities to develop eco-friendly products
- These players are also adopting strategies, such as mergers, acquisitions, and product launches, in order to increase their market share
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Cobalt-free Battery Market: Key Players
- Lithium Werks
- Conamix
- SVOLT
- Cobra
- CATL
- SPARKZ
Cobalt-free Battery Market Segmentation
Type
- Lithium Ferrous (Iron) Phosphate Battery
- Lithium Titanate Battery
Capacity
- <10 Ah
- 10 Ah-50 Ah
- 51 Ah-100 Ah
- >100 Ah
End-use
- Consumer Electronics
- Healthcare
- Smart Packaging
- Transportation and Logistics
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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