Press release
Global Cobalt Free Batteries Market Projected to Surpass $2.5 Billion by 2029 with 13.7% Annual Growth
Cobalt Free Batteries
The growing adoption of electric vehicles (EVs) is expected to propel the cobalt-free battery market. As the shift towards sustainable and environmentally friendly transportation grows, cobalt-free batteries are becoming more popular due to their cost-effectiveness and sustainability. These batteries, which use alternative chemistries to minimize cobalt usage, align with the rising demand for EVs, which were increasingly adopted in 2023.
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What is the projected compound annual growth rate (CAGR) of the cobalt free batteries market from 2025 to 2034, and what factors influence it?
The cobalt-free batteries market has grown rapidly. It is expected to rise from $1.32 billion in 2024 to $1.51 billion in 2025 at a CAGR of 14.0%. Key historical growth drivers include rising environmental concerns, increased adoption of electric vehicles, declining cobalt prices, regulatory pressures to reduce environmental impact, growing consumer awareness about ethical sourcing, and advancements in new battery technologies.
The cobalt-free batteries market is forecasted to experience rapid growth, reaching $2.52 billion by 2029 at a CAGR of 13.7%. Growth factors include the rising need for increased energy storage in grid systems, advancements in solid-state battery technology, government incentives for green energy, the growing energy storage demands of renewable sources, and an increasing focus on reducing carbon footprints. Key market trends include the emergence of new battery chemistries, government-supported research and development initiatives, a shift in consumer preferences towards eco-friendly products, the development of efficient battery recycling methods, and the integration of cobalt-free batteries into smart grid technologies.
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How are the latest trends influencing the growth of the cobalt free batteries market?
In the cobalt-free batteries market, companies are developing high-performance cobalt-free batteries to address environmental concerns and improve energy storage. For example, in November 2023, Toshiba Corporation launched a new cobalt-free lithium-ion battery with a 5V-class high-potential cathode. This battery provides fast charging, lasting up to 80% charge in just 5 minutes, and operates efficiently at high temperatures. It reduces environmental impact by eliminating cobalt and offering improved durability.
What are the major segments of the cobalt free batteries market and their role in driving growth?
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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Which regions are key players in the growth of 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.
Who are the key firms paving the way for growth 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 Amp 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
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What Is Covered In The Cobalt Free Batteries Global Market Report?
•Market Size Forecast: Examine the cobalt free batteries market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cobalt free batteries market for a structured understanding.
•Key Players Overview: Analyze major players in the cobalt free batteries market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cobalt free batteries market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cobalt free batteries market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cobalt free batteries market.
•Industry Challenges: Identify potential risks and obstacles affecting the cobalt free batteries market.
•Competitive Landscape: Review strategic developments in the cobalt free batteries market, including expansions, agreements, and new product launches.
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