New York, United States , July 09, 2024 (GLOBE NEWSWIRE) -- The Global Lithium Cobalt Oxide Market Size is Expected to Grow from USD 4.80 Billion in 2023 to USD 12.23 Billion by 2033, at a CAGR of 9.80% during the forecast period 2023-2033.
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Lithium cobalt dioxide has the chemical formula LiCoO2. It is also known as lithium cobalt mixed oxide or lithium cobaltite. This bluish-grey crystalline solid is commonly used in rechargeable lithium-ion batteries. Cobalt, when utilized in positive electrodes in lamellar form, improves the stability and power of lithium-ion (Li-Ion) batteries due to its high conductivity. The Lithium Cobalt Oxide (LiCoO2) market is the global economic ecology that surrounds the manufacturing, distribution, and consumption of LiCoO2. The lithium cobalt oxide (LiCoO2) market is primarily driven by its vital role in lithium-ion batteries, which power a wide range of consumer electronics, electric vehicles (EVs), and energy storage systems. Technological advancements and regulatory support are propelling the lithium cobalt oxide market. Population growth, urbanization, and changing consumer preferences all contribute to increased demand for lithium cobalt oxide products and services. The need for lithium cobalt is notably visible in the portable electronics industry, where lithium cobalt oxide batteries are often used due to their high energy density and long cycle life. However, the lithium cobalt oxide market has challenges due to the high operational expenses of maintaining temperature-controlled facilities and meeting tight regulatory criteria.
Browse key industry insights spread across 230 pages with 100 Market data tables and figures & charts from the report on the "Global Lithium Cobalt Oxide Market Size, Share, and COVID-19 Impact Analysis, By Grade (Industrial, Battery), By Application (Consumer electronics, Electric vehic les, Medical Devices, Energy store systems, Telecommunication), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The battery segment is predicted to hold the largest market share through the forecast period.
Based on the grade, the lithium cobalt oxide market is classified into industrial and battery. Among these, the battery segment is predicted to hold the largest market share through the forecast period. The battery-grade segment emerges as the dominant force, accounting for a substantial market share due to its vital role in lithium-ion battery production. Battery-grade lithium cobalt oxide is engineered to fulfill high-quality standards, ensuring optimal electrochemical performance, stability, and safety in batteries. This grade primarily targets the increasing demand for high-performance batteries in consumer products, electric vehicles, and energy storage systems.
The electric vehicles segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the lithium cobalt oxide market is categorized into consumer electronics, electric vehicles, medical devices, energy store systems, and telecommunication. Among these, the electric vehicles segment is anticipated to hold the highest market share during the projected timeframe. The battery-grade sector emerges as the leading force, accounting for a sizable market share owing to its critical function in lithium-ion battery manufacturing. Battery-grade lithium cobalt oxide is designed to meet high-quality criteria, assuring the best electrochemical performance, stability, and safety in batteries. This grade is largely aimed at the growing demand for high-performance batteries in consumer devices, electric automobiles, and energy storage systems.
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Asia Pacific is estimated to hold the largest share of the lithium cobalt oxide market over the forecast period.
Asia Pacific is estimated to hold the largest share of the lithium cobalt oxide market over the forecast period. The Asia-Pacific region emerges as the market leader, propelled by rapid industrial growth, technological innovation, and increased demand for lithium-ion batteries. China, South Korea, and Japan are global leaders in battery manufacturing, thanks to strong manufacturing capabilities and huge supply chains.
North America is predicted to have the highest CAGR growth in the lithium cobalt oxide market over the forecast period. The rising demand for lithium-ion batteries in the automotive and defense sectors has fueled market growth in this region. The US is the primary market for lithium cobalt oxide in North America.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the lithium cobalt oxide market include Elcan Industries Inc., Horiba Scientific, Huayou New Energy Technology Co. Ltd., NIPPON CHEMICAL INDUSTRIAL CO., LTD., Targray, Otto Chemie Pvt. Ltd., Merck, Nicheia Corporation, Stanford Advanced Material, Tokyo Chemical Materials, LG Chem, BYD Company Ltd., Tragray, and Others.
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Recent Developments
- In September 2023, Blue Whale Materials, a Washington-based recycler of lithium-ion batteries, announced the launch of its first processing facility in Bartlesville, Oklahoma.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the lithium cobalt oxide market based on the below-mentioned segments:
Global Lithium Cobalt Oxide Market, By Grade
- Industrial
- Battery
Global Lithium Cobalt Oxide Market, By Application
- Consumer electronics
- Electric vehicles
- Medical Devices
- Energy store systems
- Telecommunication
Global Lithium Cobalt Oxide Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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