Lithium Cobalt Oxide Market Size

Lithium Cobalt Oxide Market size is estimated at USD 5.5 billion in 2024 and is poised to exceed USD 16.2 billion by the end of 2037, witnessing over 9.3% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of lithium cobalt oxide is evaluated at USD 6.1 billion. The market is skyrocketing due to the growing adoption of electric vehicles (EVs) and the requirement for batteries with increasing energy densities. The International Energy Agency (IEA) reported that 14 million electric cars were sold in 2023. In terms of overall sales, the proportion of electric vehicles has grown from 4% in 2020 to 18% in 2023.

Also, its range of uses, from laptops and smartphones to grid-scale energy storage solutions, attests to its significance and versatility in driving contemporary technologies. The need for lithium cobalt oxide is increasing due to the rapid rise of electric mobility, integration of renewable energy, and portable devices. This is propelling advancements in battery technology and sustainable energy solutions.