Global Cobalt Free Batteries Market Projected to Grow at 13.3% CAGR, Reaching $2.46 Billion by 2029

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What Will the Cobalt Free Batteries Industry Market Size Be by 2025?
The cobalt free batteries market has grown rapidly in recent years. It will expand from $1.32 billion in 2024 to $1.49 billion in 2025 at a CAGR of 12.7%. Growth in the historic period was fueled by environmental concerns, rising EV adoption, declining cobalt costs, regulatory push to cut impacts, consumer focus on ethical sourcing, and investments in battery innovation.

What's the Long-Term Growth Forecast for the Cobalt Free Batteries Market Size Through 2029?
The market size of cobalt-free batteries is projected to witness substantial growth in the coming years, reaching $2.46 billion in 2029 with a 13.3% compound annual growth rate (CAGR). Reasons pushing this acceleration include higher demand for power storage capabilities within grid frameworks, advancements in solid-state battery mechanisms, incentives by the government for clean technology, surging necessities for power storage from renewable energy sources, and a rising emphasis on reducing carbon footprints. Major trends anticipated during this timeframe include the development of new battery formulations, an increase in government-funded R&D initiatives, greater consumer inclination towards eco-friendly products, the promotion of effective recycling techniques, and synergy with clever grid technologies.

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What Are the Key Growth Drivers Fueling the Cobalt Free Batteries Market Expansion?
The surge in electric vehicle (EV) usage is predicted to boost the cobalt-free battery market in the near future. EVs are progressively being embraced because of environmental sensitivity, government subsidies, battery technology enhancements, and the growth of charging infrastructure. These vehicles run on rechargeable batteries powered by electric motors, rather than conventional internal combustion engines. Cobalt-free batteries use alternative chemical bases to reduce dependence on cobalt, addressing ethical sourcing issues and helping decrease EV manufacturing costs. Such advancements heighten sustainability and efficiency, thereby increasing the affordability and appeal of electric vehicles to environmentally aware buyers. For example, a study conducted by Kelley Blue Book, a U.S.-based company specializing in vehicle valuations and automotive research, revealed that a record 1.2 million car buyers in America selected electric vehicles in 2023. This constituted 7.6% of the whole U.S. vehicle market, a rise from 5.9% in 2022, thus confirming that the climbing usage of EVs is fueling the expansion of the cobalt-free battery market.

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What Are the Key Trends Driving Cobalt Free Batteries Market Growth?
Major firms in the cobalt-free batteries market are innovating with products like high-power performance cobalt-free batteries, in order to reduce the environmental impact associated with traditional battery technologies. These batteries are modern energy storage systems that provide high power output without the need for cobalt. In November 2023, Toshiba Corporation, which has its headquarters in Japan, introduced a new cobalt-free lithium-ion battery. This battery boasts a cobalt-free, 5V-class high-potential cathode with low nickel content, thus tackling supply chain problems and cost concerns. The battery's power output is over 3V, which allows for impressive power performance and fast charging up to 80% in just 5 minutes. This battery functions effectively at temperatures as high as 60 °C and minimises gas generation through advanced modifications of the cathode surface. It also offers increased durability and reduced battery swelling.

How Is the Cobalt Free Batteries Market Segmented?
The cobalt free batteries market 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 Companies Are Leading the Charge in Cobalt Free Batteries Market Innovation?
Major companies operating in the cobalt free batteries market are Stellantis NV, BYD Company Ltd., Panasonic Corporation, SK Innovation Co. Ltd., Contemporary 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

Which Regions Are Leading the Global Cobalt Free Batteries Market in Revenue?
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.

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