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Home » Chemicals and Materials » Lithium Cobalt Oxide (LCO) Market Size, Share Report

Lithium Cobalt Oxide (LCO) Market By Grade (Industrial, Battery); By Application (Consumer Electronics, Electric Vehicles, Medical Devices, Energy Storage Systems, Telecommunication); By Geography, Segment revenue estimation, Forecast, 2024-2032.

Published On: SEP-2024   |   Base Year: 2022   |   No Of Pages: 150   |   Historical Data: 2017-2021   |   Formats: PDF   |   Report ID: 01698094

The lithium cobalt oxide (LCO) market in 2023 was worth USD 5.73 billion and is expected to be worth USD 11.75 billion by 2030, expanding at a CAGR of 9.4% during the forecast period.

 

The key factors affecting the LCO market include the ever-increasing need for rechargeable batteries across various products, including smartphones, laptops, cameras, and other gadgets. LCO is chosen for nearly 200 Wh/kg energy density capacity that is most suitable for compact devices. In 2023, the global lithium-ion battery market, including LCO, was more than $70 billion, with 61% of the products consumed electronics. Some of the recent occurrences encompass enhanced techniques of recycling cobalt through battery recycling because of supply constraints and environmental considerations, such as Tesla Battery recycling. This has helped in stabilizing the supply of cobalt for LCO production.

 

The lithium cobalt oxide (LCO) market has immense potential because the electricity and energy storage industries, which are the key end users, are rapidly moving towards using lithium-ion batteries like EVs. While LCO is employed primarily in electronics, it has recently found more applications in lesser EV batteries and power tools. As of 2023, electric cars are worth more than $450 million globally, thus increasing the need for materials that contain cobalt. One of the newer trends currently being developed is the move to higher energy density versions of LCOs, with companies such as LG Chem actively researching new LCO chemistries to improve battery performance, thus having future applications for LCOs in specific regards.

 

lithium-cobalt-oxide-market-infographics

 

Market Segmentation

By Grade

  • Industrial

  • Battery

 

By Application

  • Consumer electronics

  • Electric vehicles

  • Medical Devices

  • Energy store systems

  • Telecommunication

 

By Region

North America

  • US

  • Mexico

  • Canada

  • Rest of North America

 

Europe

  • Switzerland

  • Russia

  • France

  • Germany

  • U.K

  • Finland

  • Turkey

  • Netherlands

  • Belgium

  • Spain

  • Italy

  • Rest of Europe

 

Asia Pacific

  • India

  • China

  • South Korea

  • Japan

  • Singapore

  • Thailand

  • Indonesia

  • Malaysia

  • Philippines

  • Australia

  • Rest of Asia-Pacific

 

LAMEA

  • Brazil

  • Argentina

  • Uruguay

  • Saudi Arabia

  • Rest of LAMEA

 

Currently, the Asia-Pacific dominates the market because it is the largest producer of batteries for electronics and electric vehicles. China, South Korea, and Japan control over 70% of lithium-ion battery production and over 60% of the global cobalt production needed for LCO. A recent development is that China has been actively exploring battery recycling technologies to recover cobalt for its supply line. Key battery makers like CATL and BYD located in this region continue to ramp up production, thus solidifying the Asia-Pacific region’s position as the world’s biggest importer of LCOs.

 

Key Players

  • Umicore

  • Samsung SDI

  • LG Chem

  • Tianjin B&M Science and Technology Co., Ltd.

  • Sony Corporation

  • Targray Technology International

  • BASF SE

  • Hitachi Chemical Co. Ltd.

  • Nichia Corporation

  • NEI Corporation

Frequently Asked Question About This Report

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Table of Contents

1.    LITHIUM COBALT OXIDE (LCO) MARKET – PRODUCTION VOLUME BY REGION, (2024 – 2030)
1.1. North America
1.2. Europe
1.3. Asia Pacific
1.4. Latin America
1.5. Middle East & Africa
2.    LITHIUM COBALT OXIDE (LCO) MARKET – REVENUE ($MILLION), BY REGION, (2024 – 2030)
2.1. North America
2.2. Europe
2.3. Asia Pacific
2.4. Latin America
2.5. Middle East & Africa
3.    MARKET SHARE ANALYSIS – LITHIUM COBALT OXIDE (LCO) MARKET
3.1. Top 20 Players with Product Mix, Revenue, and Sales Volume
3.2. Market Share, 2023
3.3. Market By  Grade and End Use Outlook Analysis
4.    HISTORIC TRENDS IN LITHIUM COBALT OXIDE (LCO) MARKET
5.    EMERGING MARKET TRENDS
6.    NORTH AMERICA LITHIUM COBALT OXIDE (LCO) MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS)
6.1. North America Lithium cobalt oxide (LCO) Historical Market ($MILLION), (2017 – 2023)
6.2. North America Lithium cobalt oxide (LCO) Market ($MILLION) and Forecasts (2024 – 2030)
6.3. North America Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By  Grade

6.3.1. Industrial
6.3.2. Battery
6.4. North America Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By Application
6.4.1. Consumer electronics
6.4.2. Electric vehicles
6.4.3. Medical Devices
6.4.4. Energy store systems
6.4.5. Telecommunication
6.5. North America Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography
6.5.1. USA
6.5.2. Canada
6.5.3. Rest of North America
7.    USA LITHIUM COBALT OXIDE (LCO) MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS)
8.    EUROPE LITHIUM COBALT OXIDE (LCO) MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS)
8.1. Europe Lithium cobalt oxide (LCO) Historical Market ($MILLION), (2017 – 2023)
8.2. Europe Lithium cobalt oxide (LCO) Market ($MILLION) and Forecasts (2024 – 2030)
8.3. Europe Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By  Grade
8.4. Europe Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By Application
8.5. Europe Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography
8.5.1. Germany
8.5.2. France
8.5.3. UK
8.5.4. Italy
8.5.5. Spain
8.5.6. Rest of Europe
9.    APAC LITHIUM COBALT OXIDE (LCO) MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS)
9.1. APAC Lithium cobalt oxide (LCO) Historical Market ($MILLION), (2017 – 2023)
9.2. APAC Lithium cobalt oxide (LCO) Market ($MILLION) and Forecasts (2024 – 2030)
9.3. APAC Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By  Grade
9.4. APAC Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By Application
9.5. APAC Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography
9.5.1. China
9.5.2. Japan
9.5.3. South Korea
9.5.4. India
9.5.5. Australia
9.5.6. Rest of APAC
10.    LATIN AMERICA LITHIUM COBALT OXIDE (LCO) MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS)
10.1. Latin America Lithium cobalt oxide (LCO) Historical Market ($MILLION), (2017 – 2023)
10.2. Latin America Lithium cobalt oxide (LCO) Market ($MILLION) and Forecasts (2024 – 2030)
10.3. Latin America Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By  Grade
10.4. Latin America Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By Application
10.5. Latin America Lithium cobalt oxide (LCO) Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography
10.5.1. Brazil
10.5.2. Argentina
10.5.3. Rest of Latin America
11.    COMPANY PROFILES:
11.1. SAMSUNG SDI
11.1.1. Company Overview  
11.1.2. Company Snapshot  
11.1.3. Operating business segments
11.1.4. Product offered and Revenue
11.1.5. Production & Sales
11.2. LG Chem
11.3. Tianjin B&M Science and Technology Co., Ltd.
11.4. Sony Corporation
11.5. Targray Technology International
11.6. BASF SE
11.7. OTHER MARKET PLAYERS