COVID-19 Impact on Cobalt Free Cathode Market
On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the cobalt free cathode market.
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Key Drivers and Restraints of Cobalt Free Cathode Market
Cobalt free cathode has major applications in the automotive industry. With the rise in the production of portable electronics and electric vehicles throughout the world, lithium-ion batteries are in high demand. Cobalt is a metal currently needed for cathode, which makes up a significant portion of a lithium-ion battery’s cost. Increasing demand for cobalt free cathode in the automotive industry is expected to fuel the global cobalt free cathode market in the next few years.
Rapid development in the manufacture of commercial vehicles, passenger cars, electric vehicles, and motorcycles is further fueling the demand for cobalt free cathode in batteries. Apart from that, rise in utilization of energy storage applications is likely to result in increased consumption of cobalt free cathode during the forecast period.
Cobalt Free Cathode: Material Segment
In terms of material, the global cobalt free cathode market can be segmented into cathode binders, aluminum foils, and cathode active materials
The cathode binders material segment of the global cobalt free cathode market is projected to hold major share during the forecast period. Cathode binder materials includes styrene butadiene copolymer (SBR) and polyvinylidene fluoride (PVDF). It is used in cathode and anode electrode slurry making process for lithium-ion batteries. Binders such as SBR and PVDF hold the active material particles together and in contact with the current collectors, i.e. the aluminum foil (Al foil) or the copper foil (Cu foil).
The aluminum foils segment is projected to follow the cathode binders material segment during the forecast period. Aluminum foils are used as cathode current collectors of secondary Li-ion batteries. High demand for aluminum foils in the automotive industry is driving the global cobalt free cathode market.
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Cobalt Free Cathode: End-use Segment
Based on end-use, the global cobalt free cathode market can be segmented into consumer electronics, automotive, industrial, and others
The automotive segment is projected to gain higher share of the global market during the forecast period. The growth of this segment can be attributed due to the growth of the automotive sector in developing regions of the world. Hence, wide usage of cobalt free cathode in the automotive industry is expected to drive the cobalt free cathode market during the forecast period.
The consumer electronics segment is projected to hold key share of the global cobalt free cathode market in the near future. Increase in sales of passenger cars and commercial vehicles is driving the demand for cobalt free cathode in the automotive industry.
Asia Pacific to Hold Leading Share of Cobalt Free Cathode Market
In terms of region, the cobalt free cathode market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific is expected to hold major share of the global cobalt free cathode market, followed by Europe and North America during the forecast period. This can be attributed to the increase in GDP, led by the rising industrial activities, in Asia Pacific. China, Japan, and India are significant consumers of cobalt free cathode in the region.
Demand for cobalt free cathode in the automotive industry in North America and Europe is projected to rise at a rapid pace in the near future
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