From GlobeNewswire: 2024-07-09 14:00:00

The Global Lithium Cobalt Oxide Market is projected to reach USD 12.23 billion by 2033, with a 9.80% CAGR from 2023. LiCoO2, used in lithium-ion batteries, is driving market growth due to its conductivity. Demand is rising in consumer electronics, electric vehicles, and energy storage systems. Challenges include operational expenses and regulatory requirements.

The battery-grade segment is expected to dominate the lithium cobalt oxide market, meeting demand for high-performance lithium-ion batteries in consumer electronics, EVs, and energy storage systems. The electric vehicles segment is projected to hold the highest market share. Asia Pacific is set to lead the market, driven by industrial growth and battery demand.

Asia Pacific is anticipated to hold the largest share of the lithium cobalt oxide market, propelled by rapid industrial growth and demand for lithium-ion batteries. North America is expected to demonstrate the highest CAGR growth, led by demand in the automotive and defense sectors. Major players in the market include LG Chem, Merck, and NIPPON CHEMICAL INDUSTRIAL CO., LTD.

Recent developments include Blue Whale Materials launching a processing facility in Oklahoma. The study forecasts revenue at global, regional, and country levels from 2023 to 2033, segmented by grade, application, and region. Key segments include consumer electronics, electric vehicles, and medical devices. Spherical Insights offers actionable market research for decision-makers across different industries.



Read more at GlobeNewswire: Global Lithium Cobalt Oxide Market Size To Worth USD 12.23