In accordance with a study conducted by the IMARC Group titled, “Indian Lithium-Ion Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-28,” the Indian lithium-ion (Li-Ion) market achieved a total valuation of US$ 2.5 billion in the previous year. The study anticipates that this market will expand significantly and reach US$ 5.9 billion by the year 2028, reflecting an impressive compounded annual growth rate (CAGR) of 14.8% during the period of 2023-28.
The report highlights the prevalence of lithium cobalt oxide in the market, representing the largest share of the projections. Following lithium cobalt oxide, other significant materials include lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide, and others (such as lithium nickel cobalt aluminium oxide and lithium titanate oxide).
Lithium cobalt oxide serves as a crucial cathode material in lithium-ion batteries, primarily due to its favorable electrochemical properties. It has a long-standing history of utilization in cathodes, characterized by its layered crystal structure and excellent energy density and voltage properties. This material is particularly well-suited for high-performance battery applications.
Moreover, lithium cobalt oxide is renowned for its enhanced specific capacity, denoting its ability to store a significant amount of charge per unit mass or volume, further enhancing its value in the lithium-ion battery industry.
