Analysis of Lithium Cobalt Oxide Market Size by Research Nester Reveals the Market to Grow with a CAGR of 9.3% during 2025-2037 and Attain USD 16.2 billion by 2037
Research Nester’s recent market research analysis on “Lithium Cobalt Oxide Market: Global Demand Analysis & Opportunity Outlook 2037” delivers a detailed competitor’s analysis and a detailed overview of the global lithium cobalt oxide market in terms of market segmentation by grade, application, and by region.
Increasing Production of Thin-film Lithium Battery to Promote Global Market Share of Lithium Cobalt Oxide
The global lithium cobalt oxide market is estimated to grow majorly due to the increased demand for micro-electromechanical systems (MEMS) and smart wearables in recent years. The first quarter of 2024 saw a growth spurt in the wearables industry, with global shipments of wearable devices growing 8.8% year over year to 113.1 million units. Power sources for intelligent systems with micron or nanoscale structures, such as integrated circuits and smart security cards, need to be small, light, durable, safe and have a high energy density. Consequently, there has been a notable surge in the investigation of thin-film and micro-sized lithium-ion batteries (LIBs).
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One of the most advanced cathode materials available these days is lithium cobalt oxide (LCO), which has a tiny enough volumetric change to avoid film breaking during cycling in addition to a high volumetric capacity and operating potential. Furthermore, the great conductivity of the LCO cathode can match the electron transport property without the requirement for conductive additives.
Some of the major growth factors and challenges that are associated with the growth of the global lithium cobalt oxide market are:
Growth Drivers:
• High investments in R&D activities
• Growing emphasis on energy density and high-performance
Challenges:
The cobalt supply chain must consider environmental and ethical challenges, such as labor violations, violations of human rights, and environmental degradation in cobalt mining locations. To solve these issues, transparent supply chains, environmentally friendly sourcing practices, and advocacy efforts for moral cobalt mining practices are required. If cobalt price volatility and supply chain vulnerabilities are not addressed along with ethical and environmental concerns, the market's viability and growth may be at risk.
By grade, the global lithium cobalt oxide market is segmented into industrial and battery. The battery segment is poised to garner the highest revenue by the end of 2037 by growing at a significant CAGR over the forecast period. The increasing need for high-performance batteries in consumer electronics, electric vehicles, and energy storage systems is responsible for the segment's rise. Due to its crucial function in the production of lithium-ion batteries, the battery-grade segment of the market assumes a leading position, holding a large share. Strict quality standards must be met by lithium cobalt oxide made especially for batteries to offer the optimum electrochemical performance, stability, and safety. Manufacturers prioritize creating battery-grade lithium cobalt oxide to meet the growing demands of these rapidly expanding sectors, which supports its supremacy and stable market expansion.
By region, the Europe lithium cobalt oxide market is to generate the highest revenue by the end of 2036. The primary driver is the growing need for electric vehicles in the region. The need for lithium cobalt oxide is anticipated to rise sharply as EV usage keeps expanding. Additionally, the region is working to build a more extensive domestic lithium-ion battery production chain, demonstrating its dedication to fostering the expansion of the domestic market. Furthermore, to encourage the adoption of EVs, the UK government has put in place programs like the Plug-In Van Grant scheme, which is increasing demand for LCO.
This report also provides the existing competitive scenario of some of the key players that includes, Cosmo Advanced Materials & Technology Co., Ltd., Elcan Industries Inc., Cabot Corporation, BASF SE, GS Yuasa Corporation Ltd., Stanford Advanced Materials, Beijing Easpring Material Technology Co., Ltd., LG Chem Ltd., BYD Company Limited, Samsung SDI Co., Ltd., and others.
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