Cobalt Free Cathode Market Size

Cobalt Free Cathode Market size was valued at USD 7.2 Million in 2023 and is set to cross USD 52.6 Million by the end of 2036, expanding at more than 17.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of cobalt free cathode is estimated at USD 8.15 Million. The growth of the market can be attributed to the increasing use of cobalt-free cathode in 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 the 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 from the International Energy Agency (IEA), 2.1 million EVs were sold globally in 2019, registering a 6% growth from 2018. As of 2019, the total number of electric vehicles running across the world amounted to 7.2 million vehicles. 

Moreover, the sales of battery-powered vehicles are also growing across the globe, including commercial and personal cars, backed by the surge in environmental awareness amongst people. As per the IEA report, the total sale of battery-powered electric vehicles (BEV) reached 2,008,024 units in 2020, up from 1,542,867 units in 2019 across the world. Additionally, the advancement in technology and growing R&D activities are estimated to boost the market growth. The increasing disposable income of people across the world and rising preference for eco-friendly vehicles such as electric vehicles is estimated to drive market growth in the coming years. The government initiatives to reduce pollution and the high cost of fossil fuels are anticipated to drive market growth during the forecast period.