The Global Lithium Cobalt Oxide Market Size was Valued at USD 4.80 Billion in 2023 and the Worldwide Lithium Cobalt Oxide Market Size is Expected to Reach USD 12.23 Billion by 2033, according to a research report published by Spherical Insights & Consulting.
The global lithium-ion battery market size was estimated at USD 54.4 billion in 2023 and is projected to register a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030. Automotive sector is expected to witness significant growth owing to the low cost of lithium-ion batteries.
The global lithium-ion battery market was valued at USD 64.84 billion in 2023 and is projected to grow from USD 79.44 billion in 2024 to USD 446.85 billion by 2032, exhibiting a CAGR of 23.33% during the forecast period. Asia-Pacific dominated the lithium-ion battery market with a market share of 48.45% in 2023.
The Lithium Cobalt Oxide (LiCoO2) market is the global economic ecology that surrounds the manufacturing, distribution, and consumption of LiCoO2.
Lithium cobalt dioxide has the chemical formula LiCoO2. It is also known as lithium cobalt mixed oxide or lithium cobaltite. This bluish-grey crystalline solid is commonly used in rechargeable lithium-ion batteries.
In terms of revenue, the LCO segment accounted for the largest market share of over 30.0% in 2023. High demand for LCO batteries in mobile phones, tablets, laptops, and cameras, on account of their high energy density and high safety level, is expected to augment segment growth over the forecast period.