리튬 코발트 산화물(LCO) : 시장 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the lithium cobalt oxide (LCO) market size was valued at USD 6.15 billion in 2025 and is estimated to grow from USD 6.71 billion in 2026 to reach USD 10.41 billion by 2031, at a CAGR of 9.16% during the forecast period (2026-2031).

Global Lithium Cobalt Oxide (LCO) Market Trends and Insights

High-Density Demand in Premium Portable Electronics

Premium smartphones remain a major outlet for the lithium cobalt oxide market because their battery specifications favor high volumetric energy density within tightly controlled device dimensions. Device makers increasingly use silicon-carbon anodes with high-voltage lithium cobalt oxide cathodes to increase cell-level energy density without increasing battery size. Syensqo stated in 2025 that its Energain SA076 electrolyte additive had entered commercial use in lithium cobalt oxide battery systems operating above 4.53 V. The company expected broader deployment on 4.55 V flagship platforms during 2026, reflecting continued work to raise operating voltage while managing electrolyte stability. Artificial intelligence-enabled processing, high-refresh-rate displays, and newer modem loads increase battery capacity needs in flagship handsets and make energy efficiency more important to device design. These requirements can raise cathode loading per device even when handset unit sales do not increase at the same pace.

Growth in Wearables, Foldables, Drones and Medical Implants

The lithium cobalt oxide market gains from devices that require compact battery cells without compromising operating time. Foldable phones and augmented reality or virtual reality devices need thin battery designs that can accommodate their more complex structures. Wearable medical devices also support demand because battery chemistry changes can require renewed device qualification. The Food and Drug Administration's Quality System Regulation applies to medical-device manufacturing, creating formal controls around approved product designs. Unmanned Aerial Vehicles (UAVs) use energy-dense cells to extend flight times while staying within payload limits. These use cases are smaller than mass consumer electronics, but they add demand across inspection, agricultural, health care, and defense applications.

Cobalt Price Volatility and Supply Concentration

Cobalt price volatility and supply concentration constrain the lithium cobalt oxide market because cobalt is a key cost component in lithium cobalt oxide cathode materials. The Democratic Republic of the Congo limited cobalt hydroxide exports to 87,000 metric tons in 2026 under its quota system. The Cobalt Institute reported a global mined cobalt supply of 270 kilotons in 2025, with the Democratic Republic of the Congo contributing 73% of the supply. The institute also reported a 96-kiloton ex-Democratic Republic of the Congo supply deficit during 2025. Cobalt hydroxide prices increased during 2025, raising input costs for cathode and battery producers. Higher raw-material costs can pressure margins in consumer devices, where manufacturers are sensitive to final product pricing.

Other drivers and restraints analyzed in the detailed report include:

1. Battery Grade Purity and Coating Innovation
2. Expansion of Portable and Distributed Energy Storage
3. Substitution by LFP, NMC, NCA and Cobalt-Free Chemistries

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Battery grade held 65.78% of the lithium cobalt oxide market share in 2025 and is projected to advance at a 9.74% CAGR through 2031. The segment benefits from stricter purity standards across premium smartphone and portable-device supply chains, where minor material variation can affect cell performance. Battery grade material generally requires high cobalt purity, controlled particle morphology, and consistent tap density to support reliable manufacturing. These characteristics help cells maintain performance as operating voltage moves beyond 4.45 V and as device makers seek greater capacity from a fixed battery volume. Premium device makers use battery grade cathodes because lower grade feedstocks can experience faster capacity loss at high voltage. Industrial grade lithium cobalt oxide serves ceramic colorants, magnetic materials, and catalyst applications, providing a more stable but slower-moving demand base.

Battery grade demand is also supported by efforts to increase secondary cobalt use in cathode production. China removed its restriction on black-mass imports in August 2025, allowing overseas secondary battery material to enter domestic refining capacity and expanding potential feedstock sources. This change can improve the availability of recycled cobalt feedstock for the lithium cobalt oxide industry, particularly for producers with refining and material-processing capabilities. DOWA ECO-SYSTEM established an integrated process for recovering nickel and cobalt sulfates from used lithium-ion batteries in June 2026. The recovered materials were supplied to cathode material producers as samples for performance verification before wider commercial adoption. Integrated recovery systems can reduce reliance on virgin feedstock, diversify procurement options, and improve supply resilience for battery grade manufacturers.

Complete Report Scope:

• By Grade
  • Battery Grade
  • Industrial Grade
• By Application
  • Consumer Electronics
  • Electric Vehicles
  • Medical Devices
  • Energy Storage Systems
  • Telecommunications
• By Geography
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • ASEAN Countries
    • Rest of Asia-Pacific
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • NORDIC Countries
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle-East and Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle-East and Africa

Geography Analysis

Asia-Pacific held 52.86% of the market share in 2025 and is projected to advance at a 9.89% CAGR through 2031. China has a central role in cobalt refining, cathode production, battery-cell manufacturing, and device assembly. This integrated supply chain supports the region's leadership in the lithium cobalt oxide market. Japan retains a specialized role in high-precision consumer electronics and high-purity cathode materials. South Korea supplies global original equipment manufacturer, or OEM, customers through established cathode-material capabilities. The region also has strong links between component suppliers, cell manufacturers, and device assemblers.

North America and Europe represent a regional demand base focused on supply-chain controls and differentiated technologies. In North America, advanced-manufacturing incentives support local battery-material investment, although battery grade lithium cobalt oxide capacity remains limited outside Asia. Europe's Battery Regulation requires more detailed supply-chain information for battery materials, including cobalt traceability. These requirements can favor suppliers with documented sourcing and auditable production processes. Beijing Easpring Material Technology Co., Ltd. is developing a cathode active material plant in Kotka, Finland, that is expected to begin commercial production in 2027.

South America, and Middle-East and Africa are developing demand regions, where consumption is tied mainly to consumer electronics adoption. Brazil and Argentina support regional uptake through growing smartphone use and domestic electronics assembly. In the Middle-East, advanced manufacturing plans may create longer-term interest in battery materials. The Democratic Republic of the Congo remains more important as a cobalt supplier than as a lithium cobalt oxide consumer. Its export quota decisions affect raw material availability and cost for lithium cobalt oxide producers worldwide. For the lithium cobalt oxide market, this regional exposure is primarily a supply-side consideration rather than a local consumption driver. South Africa could develop a supporting role in cobalt processing, although commercial readiness remains uncertain.

1. BASF
2. Beijing Easpring Material Technology Co., Ltd.
3. Cosmo Advanced Materials & Technology Co., Ltd.
4. GEM Co., Ltd.
5. Huayou Cobalt Co., Ltd.
6. Hunan Changyuan Lico Co., Ltd.
7. Hunan Shanshan Energy Technology Co., Ltd.
8. NICHIA CORPORATION
9. Nippon Chemical Industrial CO., LTD.
10. POSCO FUTURE M
11. Reshine New Material Co., Ltd.
12. Tianjin B&M Science and Technology Co., Ltd.
13. Umicore
14. Xiamen Tungsten Co., Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 High-Density Demand in Premium Portable Electronics
  • 4.2.2 Growth in Wearables, Foldables, Drones and Medical Implants
  • 4.2.3 Battery Grade Purity and Coating Innovation
  • 4.2.4 Expansion of Portable and Distributed Energy Storage
  • 4.2.5 Cobalt Recovery Economics and Circular Feedstock Availability
• 4.3 Market Restraints
  • 4.3.1 Cobalt Price Volatility and Supply Concentration
  • 4.3.2 Thermal Runaway Risk at High Charge Rates
  • 4.3.3 Substitution by LFP, NMC, NCA and Cobalt-Free Chemistries
• 4.4 Value Chain Analysis
• 4.5 Porter's Five Forces Analysis
  • 4.5.1 Bargaining Power of Suppliers
  • 4.5.2 Bargaining Power of Buyers
  • 4.5.3 Threat of New Entrants
  • 4.5.4 Threat of Substitutes
  • 4.5.5 Competitive Rivalry

5 Market Size and Growth Forecasts (Value)

• 5.1 By Grade
  • 5.1.1 Battery Grade
  • 5.1.2 Industrial Grade
• 5.2 By Application
  • 5.2.1 Consumer Electronics
  • 5.2.2 Electric Vehicles
  • 5.2.3 Medical Devices
  • 5.2.4 Energy Storage Systems
  • 5.2.5 Telecommunications
• 5.3 By Geography
  • 5.3.1 Asia-Pacific
    • 5.3.1.1 China
    • 5.3.1.2 India
    • 5.3.1.3 Japan
    • 5.3.1.4 South Korea
    • 5.3.1.5 ASEAN Countries
    • 5.3.1.6 Rest of Asia-Pacific
  • 5.3.2 North America
    • 5.3.2.1 United States
    • 5.3.2.2 Canada
    • 5.3.2.3 Mexico
  • 5.3.3 Europe
    • 5.3.3.1 Germany
    • 5.3.3.2 United Kingdom
    • 5.3.3.3 France
    • 5.3.3.4 Italy
    • 5.3.3.5 NORDIC Countries
    • 5.3.3.6 Rest of Europe
  • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Rest of South America
  • 5.3.5 Middle-East and Africa
    • 5.3.5.1 Saudi Arabia
    • 5.3.5.2 South Africa
    • 5.3.5.3 Rest of Middle-East and Africa

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share (%)/Ranking Analysis
• 6.4 Company Profiles (includes Global Overview, Market Overview, Core Segments, Financials as available, Strategic Information, Products and Services, and Recent Developments)
  • 6.4.1 BASF
  • 6.4.2 Beijing Easpring Material Technology Co., Ltd.
  • 6.4.3 Cosmo Advanced Materials & Technology Co., Ltd.
  • 6.4.4 GEM Co., Ltd.
  • 6.4.5 Huayou Cobalt Co., Ltd.
  • 6.4.6 Hunan Changyuan Lico Co., Ltd.
  • 6.4.7 Hunan Shanshan Energy Technology Co., Ltd.
  • 6.4.8 NICHIA CORPORATION
  • 6.4.9 Nippon Chemical Industrial CO., LTD.
  • 6.4.10 POSCO FUTURE M
  • 6.4.11 Reshine New Material Co., Ltd.
  • 6.4.12 Tianjin B&M Science and Technology Co., Ltd.
  • 6.4.13 Umicore
  • 6.4.14 Xiamen Tungsten Co., Ltd.

7 Market Opportunities and Future Outlook

• 7.1 White-Space and Unmet-Need Assessment