Cobalt Free Cathode Market revenue to exceed USD 5000 Million by 2035, says Research Nester

Major Cobalt Free Cathode Market players include Targray Technology International Inc., 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.

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New York, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global Cobalt Free Cathode market size is projected to expand at ~ 18% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 5000 Million by the end of 2035, up from a revenue of ~USD 7 Million in the year 2022., owing to the growing adoption of cobalt-free cathodes in electric vehicles and the push towards increasing sales and manufacturing of EVs. International Energy Agency (IEA) data indicate that 2.1 million EVs were sold worldwide in 2019, a 6% increase over 2018. A total of 7.2 million electric vehicles are currently in use across the globe, according to data from 2019. Cobalt-free cathodes are used in electric vehicles because they are more efficient and generate less heat, which helps to improve the overall range of the vehicle and reduce the risk of battery failure.

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Additionally, cobalt is a rare and expensive material, so using cobalt-free cathodes helps to reduce the cost of producing electric vehicles. Further, the rising demand for electric vehicles, owing to the various initiatives taken by governments across the world to reduce carbon emissions, is fueling market growth. With the rising focus on electric vehicles, the demand for cobalt-free cathodes is also expected to grow, since these cathodes offer higher energy density and are cheaper than traditional cathodes.

Global Cobalt Free Cathode Market: Key Takeaways

  • Market in Asia Pacific to grow at highest rate
  • The cathode binders segment to grow at a larger rate
  • Market in North America to witness substantial growth over the next few years

Rise in Development of Cobalt-Free Cathodes for Lithium-Ion Batteries to Boost Market Growth

The development of cobalt-free cathode market for lithium-ion batteries is expected to reduce the automotive industry's dependence on cobalt, which is a scarce and expensive material. This is expected to significantly boost the demand for cobalt-free cathode materials in the automotive industry and drive the global cobalt free cathode market. For instance, a research team at the University of California, Irvine, and four national laboratories has developed a method for creating lithium-ion battery cathodes without the addition of cobalt, which is subject to price instability and geopolitical restrictions. The cobalt-free cathode features an innovative nanostructured material that is composed of non-toxic and environmentally friendly elements, making it a preferable alternative to traditional cobalt-based cathodes. The cobalt-free cathode is also more cost-effective and offers longer-term stability and higher power output, further driving the market for cobalt-free cathodes. Additionally, the growing demand for energy-dense and high-performance lithium-ion batteries in consumer electronics, along with the increasing demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs), is further expected to fuel the demand for cobalt-free cathode materials as they can help to reduce the cost of EVs and HEVs.

Global Cobalt Free Cathode Market: Regional Overview

The global cobalt free cathode market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region. 

Increased Demand for Electric Passenger and Hybrid Vehicles to Drive Market Growth in Asia Pacific
The cobalt free cathode market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035, as the region is home to some of the largest and most advanced battery manufacturers. These manufacturers have increased their focus on developing cobalt-free cathode batteries, which are more sustainable and cost-effective. Additionally, the increasing sales of passenger vehicles are driven by the rise in disposable incomes and the availability of more affordable vehicles in the region. Additionally, the rise in the number of people living in cities who require personal transportation is another factor boosting the sales of passenger vehicles in the region. There were 3.23 million passenger electric vehicles sold in China in 2021, of which 2.53 million were battery-only electric vehicles (BEVs) and 0.7 million were plug-in hybrid electric vehicles (PHEVs). The number of plug-in hybrid electric vehicles sold in China in 2021 accounted for 2.3% of the country's automobile sales. With the increased demand for electric vehicles, there is a need for longer-lasting, more efficient, and more environmentally friendly batteries. Cobalt-free cathode batteries have been developed to meet this need, as they are more cost-effective and do not require the mining of cobalt, which can be damaging to the environment.

Increasing Portable Consumer Electronics Sales to Drive Market Growth in North America
The cobalt free cathode market in the North America region is estimated to garner the highest CAGR by the end of 2035 owing to the increasing demand for renewable energy sources such as electric vehicles and portable electronic devices such as smartphones, laptops, and tablets, which use cobalt-free cathode materials. For instance, consumer electronics sales were expected to reach approximately 500 billion U.S. dollars by 2022 in the United States. In addition, in the fourth quarter of 2022, the number of PCs shipped in the United States surpassed 17 million. Lithium-ion batteries are lightweight, powerful, and rechargeable, making them the perfect choice for portable electronics like cell phones and laptops as they are smaller in size, have a higher energy density, and have a longer life cycle. They are also environmentally friendly, making them an increasingly popular choice for consumers. The increasing demand for these batteries has driven the need for efficient and safe alternatives to traditional cobalt cathode materials, thus driving the growth of the cobalt free cathode market in the region. Furthermore, the regional governments are encouraging the use of cobalt-free cathodes, owing to the environmental and health-related hazards associated with cobalt. This is expected to create immense opportunities for the cobalt free cathode market in the region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity 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). 

Global Cobalt Free Cathode, Segmentation by End User

  • Automotive
  • Consumer Electronics
  • Others

The automotive segment is anticipated to hold the largest revenue by the end of 2035. The increased focus on sustainability and reducing carbon emissions has prompted increased investment in the automotive industry, which is expected to drive segment growth. For instance, an Indian government notification issued in September 2021 announced a USD 3 billion production-linked incentive program for automobiles and auto components. A total of USD 5 billion is expected to be invested by 2026 under this scheme. Cobalt-free cathode is an emerging technology in the automotive industry that has the potential to reduce the cost of electric vehicle batteries, improve their performance, and reduce their environmental impact. As a result, cobalt-free cathode technology is more energy-efficient and can extend the range of electric vehicles. Moreover, advancements in technology, increased consumer demand, and the availability of financing options are encouraging people to buy automobiles, resulting in increased vehicle production. Additionally, the introduction of hybrid and intelligent vehicles has increased the popularity of the automotive sector and made it more accessible to a wider range of consumers.

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Global Cobalt Free Cathode , Segmentation by Type

  • Cathode Binders
  • Aluminum Foils
  • Cathode Active Materials

The cathode binders segment is anticipated to hold the largest revenue by the end of 2035, as cathode binders are used in the production of cathode materials to increase the mechanical strength and electrical conductivity of the cell and are therefore essential for the long-term performance of the battery. Moreover, the increasing demand for lithium-ion batteries is projected to augment segment growth, as cathode binder material is a key component of lithium-ion batteries, as it helps to hold the active material in the electrode together. Lithium-ion batteries are expected to be in high demand between 2020 and 2030, with a demand of over two terawatt-hours. It also helps to increase the battery's energy density, cycle life, and rate capability, which makes it ideal for use in high-performance applications. Additionally, advancements in the production of cathode binders have reduced the cost of production, making them even more desirable, which is expected to drive segment growth.

Few of the well-known market leaders in the global cobalt free cathode market that are profiled by Research Nester are Targray Technology International Inc., 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, TÜV Nord Group, and other key market players.

Recent Development in the Global Cobalt Free Cathode Market

  • SVOLT Energy Technology Co., Ltd has announced the commencement of mass production of its cobalt-free cathode material for its NMX battery cells in Jintan, China. This is an important step towards SVOLT's goal of providing a sustainable, cost-effective and safe energy storage solution.
  • The Cobalt-Free Battery of Texpower was featured in the WIRE journal for its environmental and human rights friendly attributes.

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