The global cobalt free cathode market is estimated to grow at a moderate CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing use of cobalt free cathode in the electric vehicles. Cobalt is a costly and rare metal, which makes the production of lithium-ion batteries expensive. This in turn, surges the cost of electric vehicles, which is why, developers are focusing on mass production of cobalt free cathode to be used in batteries. The growing demand for electric vehicles is estimated to primarily drive the market growth. According to the data by the International Energy Agency (IEA), 2.1 million EVs were sold globally in 2019, registering 6% growth from 2018. As per 2019, the total number of electric vehicles running across the world amounted to 7.2 million vehicles. Additionally, the advancement in technology and growing R&D activities are estimated to boost the market growth.
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Moreover, the sales of battery powered vehicles is also growing across the globe, including commercial and personal cars, backed by the surge in environment awareness amongst people. As per the IEA report, the total sale of battery-powered electric vehicle (BEV) reached 2,008,024 units in 2020, up from 1,542,867 units in 2019.
The market is segmented by end-user into automotive, consumer electronics, and others, out of which, the automotive segment is anticipated to hold a substantial share in the global cobalt free cathode market over the forecast period on account of increasing demand for cobalt free cathodes for batteries of EVs. Furthermore, the increasing demand for electric vehicles, backed by rising environment awareness amongst the global population, is projected to fuel the segment growth.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global cobalt free cathode market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of presence of major automobile manufacturers in the region. Moreover, increasing sales of electric vehicles, backed by increasing disposable income in the region, and growing environmental awareness among the people are anticipated to encourage the regional market growth. According to the data by the IEA, 47% of the total EVs running across the globe, were in China, 2019.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing adoption of electric vehicles in developed countries, such as, the U.S. and Canada. According to the report by IEA, over 231,088 battery-powered electric vehicles were sold in the US in 2020.
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The global cobalt free cathode market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global cobalt free cathode market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing demand for electric vehicles is estimated to boost the market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022 – 2031.
The major players in the market are Texpower EV Technologies, Inc., Metso Outotec Corporation, Nichia Corporation, SVOLT Energy Technology Co., Ltd., Lithium Australia NL, and TÜV Nord Group.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end-user, and by region.
The automotive segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
Lower driving range of cobalt free batteries is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing sales of EVs in the region.
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