Indian Economy News

India’s Lithium-Ion market will grow at a CAGR of 14.8% during 2023-28: IMARC

  • IBEF
  • September 20, 2023

According to a study by the IMARC Group called, “Indian Lithium-Ion Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-28", the lithium-ion (Li-Ion) market of India reached US$ 2.5 billion last year. As per the study, the market is expected to reach US$ 5.9 billion by 2028, registering a compounded annual growth rate (CAGR) of 14.8% during 2023-28.

The report noted that lithium cobalt oxide dominates the market. Lithium cobalt oxide made up the greatest portion of the projections, followed by lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide, and others (lithium nickel cobalt aluminium oxide and lithium titanate oxide).

A substance called lithium cobalt oxide is frequently utilised as the cathode material in lithium-ion batteries. Because of its advantageous electrochemical characteristics, it is one of the earliest and most widely used materials for cathodes. A lithium-ion battery is normally made of a graphite anode and an electrolyte. It is a type of transition metal oxide with a layered crystal structure. It is excellent for applications that call for high-performance batteries because of its high energy density and voltage characteristics.

Furthermore, the compound is known for its enhanced specific capacity, which refers to the amount of charge it can store per unit mass or volume.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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