Cobalt Free Batteries Market is Expected to Reach USD 3,468.61 Million by 2030
As per the report published by Kings Research, the global Cobalt Free Batteries Market was valued at USD 1,227.15 million in 2022 and is projected to reach USD 3,468.61 million by 2030, growing at a CAGR of 14.20% from 2023 to 2030.
Cobalt free batteries help overcome the moral and ethical issues raised by conventional lithium-ion batteries. These batteries do not require cobalt, a material that is frequently obtained from conflict areas and linked to child labor and environmental damage. Thus, manufacturers are finding cobalt free substitutes that are also environmentally friendly, which is essential for a more sustainable future as the demand for electric vehicles and renewable energy storage systems increases.
Cobalt-free batteries, which make use of substitute components including nickel, manganese, and iron, present a possible answer. This lessens the need for cobalt mining because these materials are more plentiful and ethically supplied. Cobalt-free batteries have also demonstrated superior performance in terms of energy density and cycle prowess, which makes them a feasible choice for mass deployment.
- Based on the type, the lithium ferrous (Iron) phosphate battery segment held the largest market share of 63.10% in 2022
- Based on end use, the electronic vehicles segment accounted for 68.70% market share in 2022.
- On the basis of region, North America accounted for the largest market share of 28.70%
Siemens Limited has Acquired the Electric Vehicle (EV) Division of Mumbai-based Mass-Tech Controls Private Limited
May 2023 (Acquisition): Siemens Limited, has acquired the electric vehicle (EV) division of Mumbai-based Mass-Tech Controls Private Limited. The division is engaged in the design, engineering, and manufacturing of a wide range of AC chargers, and 30 to 300kW capacity DC chargers for various end applications for EVs.
Increasing Demand for Electric Vehicles and the Need for Sustainable Energy Storage Solutions is Driving the Growth for Cobalt Free Batteries
Cobalt, a key component in traditional lithium-ion batteries, has been associated with ethical concerns due to its mining practices and its limited availability. As a result, researchers and manufacturers have been exploring alternative materials to create cobalt-free batteries that are both environmentally friendly and economically viable. This shift towards cobalt-free batteries not only addresses ethical concerns but also offers a more sustainable and scalable solution for the future of energy storage.
One such alternative material that has gained attention is nickel. Nickel has shown promise in terms of its potential to replace cobalt in batteries. It is abundantly available and less expensive than cobalt, which makes it a more cost-effective option. Additionally, nickel-based batteries have demonstrated improved energy density and longer lifespan compared to traditional cobalt-based batteries. This makes them an attractive choice for various applications, including electric vehicles among others that drive the growth of the cobalt free batteries market.
Advancements in Cobalt Free Battery Technology is Expected to Drive the Growth of the Market
Advancements in battery technology have made it possible to develop cobalt-free batteries that offer similar or even better performance than their cobalt counterparts. These cobalt-free batteries not only provide a more sustainable and ethical alternative, but they also reduce the risk of supply chain disruptions caused by the limited availability of cobalt. Additionally, the elimination of cobalt from battery production decreases the overall cost, making these batteries more accessible to a wider consumer base. With these advancements, the future of battery technology looks promising, as it moves towards a more eco-friendly and efficient direction.
Furthermore, cobalt-free batteries are safer to use as they eliminate the risk of cobalt-related health hazards for workers involved in the battery production process. This not only ensures the well-being of workers but also contributes to a more socially responsible and ethical approach to battery manufacturing. Additionally, cobalt-free batteries also reduce the dependence on cobalt mining, which is associated with environmental degradation and human rights issues in certain regions. By opting for cobalt-free batteries, companies can contribute to sustainable practices and support a cleaner and more responsible supply chain. As technology continues to evolve, the development of cobalt-free batteries will likely become more widespread, leading to a greener and more sustainable future for battery technology.
Increased Focus on Sustainability and a Well-Established Battery Manufacturing Structure is Expected to Dominate North America Region
In 2022, North America dominated the overall industry in terms of revenue, accounting for USD 352.19 billion and a 28.70% share of the global value. As the region has a strong focus on sustainability and reducing the reliance on rare earth metals that increases the demand for cobalt free batteries which has led to significant investments in research and development of cobalt-free battery technologies.
In addition, North America has a well-established manufacturing infrastructure for battery production, allowing companies to quickly scale up production and meet the growing demand for cobalt-free batteries. Furthermore, the region has a robust supply chain for critical battery materials, such as lithium and nickel, which gives it a competitive advantage in the market. Overall, these factors have contributed to North America's dominance in the cobalt-free batteries market.
Companies are Focusing on Expansion, New Launches, and Other Marketing Strategies in Order to Fulfill Market Demand.
The global cobalt free batteries market study is fragmented with significant players in the market, such as Conamix, Cobra, Vision Group, OptimumNano Energy Co., Ltd., Sunwoda Electronic Co., Ltd., Panasonic, LITHIUMWERKS, SVOLT, CATL, and SPARKZ, among others are concentrated on expanding their business through collaboration and partnership strategies.