Lithium Cobalt Oxide Market Analysis

Grade (Industrial, Battery)

Battery segment is set to dominate lithium cobalt oxide market share of around 86.7% by the end of 2037. The segment growth can be attributed to the surging demand for high-performance batteries in consumer electronics, EVs, and energy storage systems. According to the IEA, the demand for automotive lithium-ion (Li-ion) batteries grew by almost 65% to 550 GWh in 2022 from around 330 GWh in 2021, mostly due to a rise in the sales of electric passenger cars, with new registrations rising by 55% in 2022 compared to 2021.

The battery-grade segment of the lithium cobalt oxide market takes on a dominant role due to its critical involvement in the production of lithium-ion batteries, holding a significant share. Lithium cobalt oxide designed specifically for batteries must adhere to strict quality criteria to provide the best possible electrochemical performance, stability, and safety. To satisfy the increasing demands of these quickly growing sectors, manufacturers prioritize producing battery-grade lithium cobalt oxide, which fuels its dominance and steady expansion in the market.

Application (Consumer Electronics, Electric Vehicles, Medical Devices, Energy Storage Systems, Telecommunication)

In lithium cobalt oxide market, consumer electronics segment is expected to account for revenue share of around 41.5% by 2037. The segment growth can be attributed to the growing technological innovations and the introduction of new electronic gadgets. Lithium cobalt oxide batteries continue to be essential due to the constant need for wearables, laptops, tablets, and smartphones, among other portable electronics. For instance, the first quarter of 2024 saw a growth spurt in the wearables sector, with global shipments of wearable devices growing 8.8% year over year to 113.1 million units.

These batteries satisfy the demanding specifications of contemporary consumer devices with their high energy density, steady performance, and extended cycle life. The market for lithium cobalt oxide is still growing as consumers look for gadgets with faster charging times and longer battery lives.

Our in-depth analysis of the global market includes the following segments: