Lithium Cobalt Oxide Market: Introduction
- Lithium cobalt oxide, also called lithium cobaltate or lithium cobaltite, is a dark blue or bluish-gray crystalline solid. It is commonly used in the positive electrodes of lithium-ion batteries. The compound is now being used as cathode in some rechargeable lithium-ion batteries.
Key Drivers of Global Lithium Cobalt Oxide Market
- The global lithium cobalt oxide market is expected to expand significantly due to an increase in demand for lithium cobalt oxide in battery applications
- Li-cobalt is used in mobile phones, laptops, and digital cameras owing to high specific energy of lithium cobalt oxide. Batteries consist of cobalt oxide cathode and graphite carbon anode.
- Increase in demand for lithium-ion batteries in various applications such as mobiles and computers is expected to drive the lithium cobalt oxide market during the forecast period
Battery Application Segment to Dominate Global Market
- In terms of application, the battery segment accounted for major share of the market in 2019. Currently, the most popular lithium-ion technology in battery is the lithium-cobalt oxide (LCO) battery, which has a cathode composed of LiCoO2.
- The main feature of the LCO battery is high energy density, which translates into a long run-time for portable devices such as cell phones, tablets, laptops, and cameras. The cathode material contains 60% cobalt and accounts for 50% of the weight of the cathode.
Asia Pacific to Hold Significant Share of Global Lithium Cobalt Oxide Market
- In terms of region, the global lithium cobalt oxide market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is a major consumer of lithium cobalt oxide across the globe. China and India possess significant potential for many application areas of lithium cobalt oxide. Being a major manufacturing hub for electronic products, China holds immense potential for the growth of the lithium cobalt oxide market. Increase in production of lithium-ion batteries in smart phones and electric vehicles is driving the lithium cobalt oxide market in China.
- Europe accounted for key share of the global market in 2019. Key associations in Europe, such as the Association of European Automotive Industrial Battery Manufacturers and PRBA, are promoting the usage of lithium-ion batteries in different applications. This, in turn, is likely to boost the demand for lithium cobalt oxide in the near future.
- Significant investment in R&D of battery production, presence of a well-established automotive sector, high production of electric vehicles, and investments by governments to increase battery production in North America and Europe are key factors driving the lithium cobalt oxide market in these regions
- Significant expansion of the battery sector in Germany, France, Italy, South Korea, Japan, India, and China is projected to boost the demand for lithium cobalt oxide in these countries in the near future
Key Players Operating in Global Market
High initial capital investments are estimated to hamper the entry of new players in the market. The lithium cobalt oxide market is driven by mergers and acquisitions. Key players operating in the global lithium cobalt oxide market include:
- Tianjin B&M
- ShanShan Co.
- Hunan Rui Xiang New Material
Global Lithium Cobalt Oxide Market: Research Scope
Global Lithium Cobalt Oxide Market, by Application
Global Lithium Cobalt Oxide Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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