Cobalt Free Batteries Market Report 2024

This Cobalt Free Batteries market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The cobalt-free batteries market size has grown rapidly in recent years. It will grow from $1.16 billion in 2023 to $1.32 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The expansion observed during the historical period is largely due to heightened environmental awareness, an increased uptake of electric vehicles, a decrease in cobalt prices, regulatory demands to minimize environmental impacts, growing consumer consciousness regarding ethical sourcing, and investments in innovative battery technologies.

The cobalt-free batteries market size is expected to see rapid growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The anticipated growth in the forecast period can be linked to a rising demand for energy storage solutions in grid systems, progress in solid-state battery technology, governmental incentives for sustainable technology, increasing energy storage requirements for renewable energy sources, and a stronger emphasis on minimizing carbon footprints. Key trends in this forecast period include the development of new battery chemistries, expansion of government-supported research and development efforts, a growing consumer inclination towards environmentally friendly products, the creation of effective recycling techniques, and the integration of smart grid technologies.

The growing adoption of electric vehicles (EVs) is projected to drive the expansion of the cobalt-free battery market in the near future. EVs are powered by electric motors that use rechargeable batteries instead of traditional internal combustion engines. The rise in EV adoption is fueled by heightened environmental awareness, government incentives, improvements in battery technology, and the development of charging infrastructure. Cobalt-free batteries employ alternative chemistries to reduce reliance on cobalt and address ethical sourcing challenges, ultimately lowering the production costs of EVs. These innovations enhance sustainability and performance, making electric vehicles more appealing to environmentally conscious consumers. For example, a report from Kelley Blue Book in January 2024 indicated that in 2023, a record 1.2 million car buyers in the U.S. opted for electric vehicles, representing 7.6% of the total U.S. vehicle market, an increase from 5.9% in 2022. Thus, the rising adoption of electric vehicles is driving growth in the cobalt-free battery market.

Key companies in the cobalt-free battery sector are focusing on developing advanced products, such as high-power performance cobalt-free batteries, to address the environmental concerns linked to traditional battery technologies. These batteries are advanced energy storage systems designed to provide high power output without cobalt in their composition. For instance, in November 2023, Toshiba Corporation, a Japan-based electronics company, introduced a new cobalt-free lithium-ion battery. This battery features a cobalt-free, 5V-class high-potential cathode with low nickel content, tackling supply chain and cost issues. It offers over 3V of power, enabling rapid charging to 80% in just 5 minutes and operates efficiently at high temperatures, up to 60 °C, while minimizing gas generation through advanced cathode surface modifications. Additionally, it boasts improved durability and reduced battery swelling.

In March 2022, Reliance New Energy Limited, an Indian renewable energy firm, acquired Lithium Werks BV for $61 million. The acquisition includes Lithium Werks' complete patent portfolio, production facilities in China, and key business relationships, along with the ability to retain existing employees. This deal aims to bolster Reliance's market position by leveraging Lithium Werks' expertise in high-performance lithium iron phosphate (LFP) battery solutions. The acquisition highlights Reliance's commitment to advancing cell chemistry technology and accelerating large-scale battery manufacturing. Lithium Werks BV is a Netherlands-based manufacturer specializing in cobalt-free LFP batteries.

Major companies operating in the cobalt free batteries market are Stellantis NV, BYD Company Ltd., Panasonic Corporation, SK Innovation Co. Ltd., Contemporary Amperex 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.

North America was the largest region in the cobalt-free batteries market in 2023. 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.

The countries covered in the cobalt free batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cobalt-free batteries are energy storage systems developed to reduce or eliminate cobalt usage, tackling ethical, environmental, and cost-related issues associated with cobalt mining. These batteries may enhance thermal stability, thereby lowering the chances of overheating and fires, particularly in electric vehicle (EV) applications.

The primary varieties of cobalt-free batteries include lithium iron phosphate (LFP) batteries and lithium manganese oxide batteries. LFP batteries utilize iron phosphate as the cathode, offering safety, longevity, and high-temperature resilience, making them suitable for various applications. They are utilized in multiple areas, including transportation and solar-powered lighting systems. Key users of these batteries include electric vehicles and energy storage solutions.

The cobalt-free batteries market research report is one of a series of new reports that provides cobalt-free batteries market statistics, including cobalt-free batteries industry global market size, regional shares, competitors with a cobalt-free batteries market share, detailed cobalt-free batteries market segments, market trends, and opportunities, and any further data you may need to thrive in the cobalt-free batteries industry. This cobalt-free batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cobalt-free batteries market consists of sales of nickel manganese (NMC) batteries, sodium-ion batteries, and solid-state batteries. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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