Global Cobalt Free Batteries Market Size Insights Forecasts to 2033

• The Global Cobalt Free Batteries Market Size was Valued at USD 273.5 Million in 2023.
• The Market Size is Growing at a CAGR of 17.55% from 2023 to 2033
• The Worldwide Cobalt Free Batteries Market Size is Expected to Reach USD 1378.3 Million by 2033
• Asia Pacific expected to grow the fastest during the forecast period

The Global Cobalt Free Batteries Market Size is Anticipated to Exceed USD 1378.3 Million by 2033, Growing at a CAGR of 17.55% from 2023 to 2033.

Market Overview

Rechargeable batteries without cobalt in their composition are known as cobalt-free batteries. Alternative elements like nickel, manganese, or iron are commonly used in cobalt-free batteries, which not only diminishes the impact on the environment as well as helps to address supply chain concerns related to cobalt sourcing. However, because of the moral ambiguities surrounding cobalt mining, battery manufacturers are favouring cobalt-free materials. Compared to lithium-ion batteries, cobalt-free batteries are a more affordable choice due to their lower production costs. Moreover, cobalt-free batteries offer superior performance and a longer lifespan. In addition, instead of using cathodes containing cobalt, the lithium-ion battery industry utilizes a variety of chemistries. Their energy density and performance can be attributed to this; cobalt is especially crucial for stability and safety. Furthermore, research and development into the creation of lithium-ion batteries that use manganese or iron phosphate in place of cobalt would address the moral and environmental concerns associated with cobalt mining. As a result, more end-use sectors, including healthcare, consumer electronics, logistics and transportation, and smart packaging, are adopting cobalt-free batteries. It is therefore anticipated that throughout the projection period, this will support market growth.

Report Coverage

This research report categorizes the market for the global cobalt-free batteries market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global cobalt-free batteries market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global cobalt-free batteries market.

Driving Factors

The demand for cobalt-free batteries is mostly driven by rising knowledge of and concern about the environmental effects of cobalt mining, which sometimes entails unethical activities and adds to pollution and deforestation. As more companies and governments see the financial and environmental advantages of renewable energy, encouraging laws and incentives are being implemented, which is further propelling the market's expansion. The market for cobalt-free batteries is expanding as a result of these developments, which not only reduce prices and offer increased energy density, but also give the energy sector an ecologically responsible option.  

Restraining Factors

The market's growth is being impeded by several obstacles, such as stringent government restrictions, interruptions in the supply chain, and shifting customer preferences. There may be technological obstacles and complexity in developing cobalt-free battery technology. A significant obstacle is to find substitute materials with energy density, stability, and cycle life comparable to or better than cobalt-containing batteries.

Market Segmentation

The Global Cobalt Free Batteries Market share is classified into type and application.

• The lithium iron phosphate batteries segment is expected to hold the largest share of the global cobalt-free batteries market during the forecast period.   

Based on the type, the global cobalt-free batteries market is divided into lithium iron phosphate batteries and lithium manganese oxide batteries. Among these, the lithium iron phosphate batteries segment is expected to hold the largest share of the cobalt-free batteries market during the forecast period. This is because lithium iron phosphate batteries have garnered considerable interest and acceptance, particularly in the domain of electric cars and renewable energy storage. Lithium iron phosphate batteries also offer better thermal stability than typical lithium-ion batteries, which use cobalt as the cathode element and are less prone to overheat or catch fire.

• The transportation segment is expected to grow at the fastest pace in the global cobalt-free batteries market during the forecast period.    

Based on the application, the global cobalt-free batteries market is divided into transportation and solar-powered lighting systems. The transportation segment is expected to grow at the fastest pace in the cobalt-free batteries market during the forecast period. This is because cobalt-free batteries are an appealing alternative for the quickly growing transportation sector after all they have several benefits, including higher energy density, enhanced safety, and reduced prices.

Regional Segment Analysis of the Global Cobalt-Free Batteries Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global cobalt-free batteries market over the predicted timeframe.

North America is anticipated to hold the largest share of the global cobalt-free batteries market over the predicted timeframe. Significant investments have been made in the research and development of cobalt-free battery technologies as a result of the region's strong emphasis on sustainability and lowering dependency on rare earth metals, which raises the need for cobalt-free batteries. Furthermore, North America's long-standing battery-making infrastructure enables manufacturers to swiftly expand production and fulfil the rising demand for cobalt-free batteries. Additionally, the region maintains a competitive edge in the industry because of a strong supply chain for essential battery components like nickel and lithium. All things considered; these elements have helped explain why North America leads the world in cobalt-free battery sales.

Asia Pacific is expected to grow at the fastest pace in the global cobalt-free batteries market during the forecast period. The global cobalt-free batteries market is expanding rapidly in the Asia Pacific region due in part to the push for renewable energy sources and the creation of regulations that encourage them. With nations like China leading the way in the adoption of electric vehicles, Asia-Pacific has been a major contributor to the market's growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global cobalt-free batteries along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Toshiba
• Conamix
• Cobra
• CALB
• CATL
• Conamix
• Ionic Materials
• Lishen
• Panasonic
• LITHIUMWERKS
• SVOLT
• AESC
• BYD
• Murata
• Saft
• Vision Group
• OptimumNano Energy Co., Ltd.
• Sunwoda Electronic Co., Ltd.
• SPARKZ

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2023, The University of California, Irvine created nickel-based batteries that are long-lasting and devoid of cobalt. Electronic cars will make use of these batteries.

• In July 2021, the first cobalt-free NMx battery pack in history was introduced by SVOLT, a well-known EV battery company with headquarters in China. NMx batteries without cobalt are composed of 25% manganese and 75% nickel. These are around 5% less expensive and regarded as more environmentally friendly than traditional high-nickel batteries.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Cobalt Free Batteries Market based on the below-mentioned segments: 

Global Cobalt-Free Batteries Market, By Type

• Lithium Iron Phosphate Batteries
• Lithium Manganese Oxide Batteries

Global Cobalt Free Batteries Market, By Application

• Transportation
• Solar-powered Lighting Systems

Global Cobalt-Free Batteries Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa