Prismatic Lithium Cobalt Oxide (LiCoO2) Battery Market in World – Industry Outlook, Market Dynamics and Forecast 2027

Industry Insights

Prismatic Lithium Cobalt Oxide (LiCoO2) Battery Market: Introduction

  • Lithium cobalt oxide is a common type of lithium-ion battery with chemical symbol, LiCoO2, and abbreviation, LCO
  • Prismatic LiCoO2 battery is commonly used in mobile phones, laptops, and digital cameras. The battery consists of a cobalt oxide cathode and a graphite carbon anode. The cathode has a layered structure and during discharge, lithium ions move from anode to cathode.

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Key Drivers of Prismatic Lithium Cobalt Oxide (LiCoO2) Battery Market:

  • Increase in disposable income enhances the probability of consumer spending on media, entertainment, and networking and mobile communication leading to potential sales of consumer electronics such as smartphones, tablets, laptops, and gaming consoles. This is a major factor driving the global prismatic lithium cobalt oxide (LiCoO2) battery market.
  • The global prismatic lithium cobalt oxide (LiCoO2) battery market is driven by the increase in demand for plug-in vehicles and need for automation and battery-operated material-handling equipment in industries. According to the International Energy Agency, the global electric car stock surpassed 5 million in 2018, of which, nearly two-thirds are battery-operated vehicles.
  • LiCoO2 batteries have a high current capability and long calendar lifespan. They also possess high energy density and safety levels when compared to NMC batteries. These factors also positively influence the growth of the global market.
  • Relatively low thermal stability and limited load capabilities of prismatic lithium cobalt oxide (LiCoO2) batteries are major factors restraining the global market

Mobile Phones Segment to Offer Attractive Opportunities

  • The global prismatic lithium cobalt oxide (LiCoO2) battery market can be segmented on the basis of capacity, application, and region
  • In terms of application, the global prismatic lithium cobalt oxide (LiCoO2) battery market can be divided into mobile phones, power banks, electric vehicles, power tools, laptops, and others. The mobile phones segment is expected to grow at the maximum CAGR during the forecast period. Rise in internet penetration, increase in marketing activities, and social media are some of the other major factors propelling the demand for smartphones.
  • Based on capacity, the global prismatic lithium cobalt oxide (LiCoO2) battery market can be classified into up to 20 Ah, 20 Ah to 50 Ah, and more than 50 Ah. The up to 20 Ah segment dominated the global prismatic lithium cobalt oxide (LiCoO2) battery market in 2018 and the trend is expected to continue during the forecast period. These batteries are largely used in mobile phones, laptops, digital cameras, etc.

Asia Pacific to Hold a Major Share of Global Market

  • In terms of region, the global prismatic lithium cobalt oxide (LiCoO2) battery market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Asia Pacific dominated the global prismatic lithium cobalt oxide (LiCoO2) battery market in 2018. This market in the region is expected to expand at the maximum CAGR during the forecast period. China, Japan, and Australia are major contributors, in terms of revenue, to the expansion of the prismatic LiCoO2 battery market in Asia Pacific.
  • Demand for prismatic LiCoO2 batteries in the automobile industry is expected to increase with the rise in demand for electric vehicles. These batteries have gained popularity with electric vehicle manufacturers, as they are compact and lightweight as compared to nickel metal batteries.
  • China is among the world’s leading producers of electronic devices. This factor is expected to drive the prismatic LiCoO2 batteries use in multiple applications in China. Moreover, the presence of a number of electronic manufacturers, such as Panasonic, Sony Corp., Samsung Electronics Co., Ltd., Huawei Technologies Co., Ltd., and Lenovo Group Limited, is one of the key factors that is likely to augment the market for prismatic LiCoO2 batteries in Asia Pacific.
  • North America and Europe are expected to contribute significantly to the global prismatic lithium cobalt oxide (LiCoO2) battery market during the forecast period, owing to high demand for electric vehicles and outdoor power equipment. In the European Union, the Electric Vehicles Initiative (EVI) launched the EV 30@30 campaign, which has set a collective goal of a 30% market share of EVs by 2030 to help meet the Paris Agreement target.

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Key Players Operating in Global Market:

The global prismatic lithium cobalt oxide (LiCoO2) battery market is highly concentrated with top manufacturers accounting for approximately 40%–45% share of the global market. Some of the key players operating in the global prismatic lithium cobalt oxide (LiCoO2) battery market are:

  • LG Chem
  • Nippon Chemical Industrial CO., LTD.
  • NICHIA CORPORATION
  • Santoku Corporation
  • SEMYUNG

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