Cobalt Free Cathode Market Trends

Growth Drivers

• Growing Sales of Electric Vehicles Across the World with Rising Disposable Income – The increasing price of fossil fuels and rising consumption of petroleum products in the combustion is estimated to drive the market growth as per the market analysis. According to an IEA org report published in 2022, electric car sales attained an all-time high in 2021. Revenues roughly doubled to 6.6 million (a selling proportion of nearly 9%) in comparison to 2020, bringing the overall number of electric vehicles on the road to 16.5 million in the U.S. The growing number of electric vehicles across the world with rising disposable income of people as well as increasing economic standards is also estimated to propel the market growth in the coming years. The rising concern regarding environmental pollution caused by the combustion of fossil fuels is also anticipated to drive market growth during the forecast period.

• Rising Adoption of Technology across the Globe – Customers all over the world are increasingly turning to high-performance, low-cost battery technologies in recent years. The battery market is expected to more than quadruple between 2021 and 2030. Thus, technological advancements are anticipated to further evolve battery development, which is projected to add to industry growth.

• Rising Concern among People on Environmental Pollution created by Cobalt – Cobalt is estimated to cause global warming and eutrophication by emitting large amounts of carbon dioxide and nitrogen dioxide. The emissions from cobalt production were estimated to be over 1.5 Mt as of 2021 worldwide.

• Increasing Utilization of Electronics and Electronic Goods by People Across the World – Worldwide electronic products are estimated to have a value of about USD 1,200 billion by the end of 2020.

Challenges

• Lower Driving Range of Cobalt Free Batteries
• Lack of Public Awareness regarding the Product
• Side Effects of Cobalt on the Environment - Cobalt may cause eye, skin, heart, and lung irritation and disorders when exposed for a longer time. Continuous exposure may also cause cancer in the people working in these situations. Cobalt causes hypersensitivity, and inflammation leading to respiratory disorders such as asthma and shortness of breath. These factors are estimated to hamper the market growth during the forecast period.