PUBLISHER: The Business Research Company | PRODUCT CODE: 1816436
				PUBLISHER: The Business Research Company | PRODUCT CODE: 1816436
Cobalt-free batteries are energy storage systems developed to reduce or eliminate cobalt usage, tackling ethical, environmental, and cost-related issues associated with cobalt mining. These batteries may enhance thermal stability, thereby lowering the chances of overheating and fires, particularly in electric vehicle (EV) applications.
The primary varieties of cobalt-free batteries include lithium iron phosphate (LFP) batteries and lithium manganese oxide batteries. LFP batteries utilize iron phosphate as the cathode, offering safety, longevity, and high-temperature resilience, making them suitable for various applications. They are utilized in multiple areas, including transportation and solar-powered lighting systems. Key users of these batteries include electric vehicles and energy storage solutions.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The rapid escalation of U.S. tariffs and the resulting strain on trade relations in spring 2025 are significantly impacting the Paper, Plastics, Rubber, Wood, and Textile sector by driving up the costs of essential imported inputs such as pulp, resin, synthetic rubber, lumber, and cotton, many of which have limited domestic alternatives. Packaging manufacturers, for instance, are facing higher prices for plastic films and corrugated materials, further squeezing margins in an already highly price-sensitive environment. Similarly, textile producers are grappling with increased costs for imported yarns and dyes, adding to the burden of rising labor expenses. In response, some companies are turning to recycled or biodegradable materials, while others are consolidating their supplier base to secure bulk discounts.
The cobalt-free batteries market research report is one of a series of new reports from The Business Research Company that provides cobalt-free batteries market statistics, including cobalt-free batteries industry global market size, regional shares, competitors with a cobalt-free batteries market share, detailed cobalt-free batteries market segments, market trends, and opportunities, and any further data you may need to thrive in the cobalt-free batteries industry. This cobalt-free batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cobalt free batteries market size has grown rapidly in recent years. It will grow from $1.32 billion in 2024 to $1.49 billion in 2025 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to rising environmental concerns, growing adoption of electric vehicles, reduction in cobalt prices, regulatory pressure to reduce environmental impact, increasing consumer awareness about ethical sourcing, and investment in new battery technologies.
The cobalt free batteries market size is expected to see rapid growth in the next few years. It will grow to $2.46 billion in 2029 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to greater demand for energy storage capacity in grid systems, advancement in solid-state battery technology, government incentives for green technology, rising energy storage needs for renewable energy sources, and increasing focus on reducing carbon footprints. Major trends in the forecast period include emergence of new battery chemistries, growth in government-backed research and development initiatives, increasing consumer preference for eco-friendly products, development of efficient recycling methods, and integration with smart grid technologies.
The forecast of 13.3% growth over the next five years reflects a modest reduction of 0.4% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through tariffs on lithium iron phosphate (LFP) and manganese-based cathode materials from China, hindering the expansion of cobalt-free battery technology in EV and grid storage applications. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
The growing adoption of electric vehicles (EVs) is projected to drive the expansion of the cobalt-free battery market in the near future. EVs are powered by electric motors that use rechargeable batteries instead of traditional internal combustion engines. The rise in EV adoption is fueled by heightened environmental awareness, government incentives, improvements in battery technology, and the development of charging infrastructure. Cobalt-free batteries employ alternative chemistries to reduce reliance on cobalt and address ethical sourcing challenges, ultimately lowering the production costs of EVs. These innovations enhance sustainability and performance, making electric vehicles more appealing to environmentally conscious consumers. For example, a report from Kelley Blue Book in January 2024 indicated that in 2023, a record 1.2 million car buyers in the U.S. opted for electric vehicles, representing 7.6% of the total U.S. vehicle market, an increase from 5.9% in 2022. Thus, the rising adoption of electric vehicles is driving growth in the cobalt-free battery market.
Key companies in the cobalt-free battery sector are focusing on developing advanced products, such as high-power performance cobalt-free batteries, to address the environmental concerns linked to traditional battery technologies. These batteries are advanced energy storage systems designed to provide high power output without cobalt in their composition. For instance, in November 2023, Toshiba Corporation, a Japan-based electronics company, introduced a new cobalt-free lithium-ion battery. This battery features a cobalt-free, 5V-class high-potential cathode with low nickel content, tackling supply chain and cost issues. It offers over 3V of power, enabling rapid charging to 80% in just 5 minutes and operates efficiently at high temperatures, up to 60 °C, while minimizing gas generation through advanced cathode surface modifications. Additionally, it boasts improved durability and reduced battery swelling.
In March 2022, Reliance New Energy Limited, an Indian renewable energy firm, acquired Lithium Werks BV for $61 million. The acquisition includes Lithium Werks' complete patent portfolio, production facilities in China, and key business relationships, along with the ability to retain existing employees. This deal aims to bolster Reliance's market position by leveraging Lithium Werks' expertise in high-performance lithium iron phosphate (LFP) battery solutions. The acquisition highlights Reliance's commitment to advancing cell chemistry technology and accelerating large-scale battery manufacturing. Lithium Werks BV is a Netherlands-based manufacturer specializing in cobalt-free LFP batteries.
Major companies operating in the cobalt free batteries market are Stellantis NV, BYD Company Ltd., Panasonic Corporation, SK Innovation Co. Ltd., Contemporary Amperex Technology Co. Ltd., Toshiba Corporation, LG Energy Solution, Samsung SDI Co. Ltd., Murata Manufacturing Co. Ltd., EVE Energy Co. Ltd., Northvolt AB, QuantumScape Battery Inc., Sila Nanotechnologies Inc., China Aviation Lithium Battery Co. Ltd., Solid Power Inc., Bharat Power Solutions, Tianjin Lishen Battery Joint-Stock Co. Ltd., Conamix Inc., Anda-Olsen AS, Ufine Battery, Karacus Energy Pvt. Ltd
North America was the largest region in the cobalt-free batteries market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cobalt free batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cobalt free batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cobalt-free batteries market consists of sales of nickel manganese (NMC) batteries, sodium-ion batteries, and solid-state batteries. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cobalt Free Batteries Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cobalt free batteries market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cobalt free batteries ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The cobalt free batteries market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.