Cobalt Sulphate Market Size, Share, Industry Analysis, Trends, Growth, 2030

Cobalt Sulphate Industry Prospective:

The global cobalt sulfate market size was worth around USD 1,008.46 Million in 2022 and is predicted to grow to around USD 1,828.22 Million by 2030 with a compound annual growth rate (CAGR) of roughly 7.72% between 2023 and 2030.

The report analyzes the global cobalt sulfate market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the cobalt sulfate industry. 

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Global Cobalt Sulphate Market: Overview

Cobalt sulfate is a divalent inorganic cobalt salt of sulfuric acid. It is a reddish and odorless metallic salt that is easily soluble in methanol and water. Cobalt oxide and its associated derivatives dissolve in dilute sulphuric acid and crystallize to form cobalt sulfate. Moreover, a large amount of cobalt sulfate is emitted as a by-product during the process of metal manufacturing.

Global Cobalt Sulphate Market: Growth Factors

The increasing sales of electric vehicles globally are considered a key factor elevating the demand for cobalt sulfate because it is a vital ingredient utilized in the manufacturing of batteries. The wide number of initiatives undertaken by the government to promote electric vehicles is creating several lucrative growth opportunities in the global cobalt sulfate market. Also, the transforming regulations and norms regarding vehicle emissions to protect the environment and lower health hazards associated with it are encouraging the adoption of electric vehicles globally.

The surge in population along with the rising living standard of people globally is significantly leveraging the growth of the global cobalt sulfate market. In addition, agriculture and feed-grade products are highly utilized as additives to improve the nutrition levels in the soil. However, the growing requirements for agriculture and food products due to the increasing demands for agricultural foodstuffs are also stimulating the demand for cobalt sulfate.

Agricultural activities are growing globally to cater to the surging food requirements of the growing population. Countries like India, Mexico, and Brazil are emphasizing significantly to fulfill the demand for cobalt sulfate. Improvement in electric and hybrid vehicles along with the adoption of Li-ion-based batteries in vehicles are some of the key factors driving the growth of the market. Chemical manufacturers have extended their support and adherence towards committing to sustainable and green initiatives from the government and regional authorities. The innovation of bioactive alternatives is gaining immense popularity globally.

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Furthermore, research and academic institutes are collaborating with manufacturers to develop eco-friendly substitutes for widely used chemical substrates. The high growth in the end-user sectors, including battery, glass, ceramic, and pigmentation sectors is posing a huge demand for cobalt sulfate. Hardfacing is an effective procedure of coating material on the surface of the metal to improve its resistance to corrosion, wear & tear, and oxidation.

High-speed steel (HSS) is the steel comprising refractory carbides in huge amounts as it helps in enhancing its physical pursuits. Also, the rising prices of fossil fuels will promote the adoption of sustainable solutions like cobalt sulfate. Cobalt sulfate has a large number of applications in electroplating baths, batteries, storage, and sympathetic inks. Market leaders are collaborating to integrate their excellent potential and bring sustainable solutions to the market.

Global Cobalt Sulphate Market: Report Scope

Global Cobalt Sulphate Market: Segmentation

The global cobalt sulfate market can be segmented into application, grid, and region.

By application, the market can be segmented into chemicals, inks & pigments, animal feeds & soil additives, metal finishing, battery storage, and others. The animal feed & soil additive segment dominates the global cobalt sulfate market.

By grid, the market can be segmented into agricultural & feed-grade cobalt sulfate, industrial-grade copper sulfate, and battery-grade copper sulfate. The battery-grade copper sulfate segment accounts for the largest share of the global cobalt sulfate market. Furthermore, the industrial-grade copper sulfate segment is likely to dominate the global cobalt sulfate market in the forthcoming years.

By product, the market can be segmented into solution and powder form.

Global Cobalt Sulphate Market: Regional Analysis

Asia Pacific accounts for the largest share of the global cobalt sulfate market. China is likely to be the largest consumer of cobalt sulfate and holds more than half of the total share in the market. The growing population in China is posing a huge demand for automobiles. However, China is also among the largest producers of automobiles all around the globe. Due to the high production capacity of the region in sectors like automobiles, the countries are posing a huge demand for chemicals, batteries, and finish metals, which are known to be the primary end-users of cobalt sulfate. However, the presence of prominent market leaders in the region is further likely to create several creative growth opportunities in the global cobalt sulfate market.

Global Cobalt Sulphate Market: Competitive Players

Some of the significant players in the global cobalt sulfate market are

• JINCHUAN GROUP CO.
• Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd.
• Ganzhou Tengyuan Cobalt New Material Co. Ltd
• MMC NORILSK NICKEL. LTD
• Zhangjiagang Huayi Chemical Co., Ltd
• INCASA SA
• Jiayuan Cobalt Holdings Limited
• Huayou Cobalt Co., Ltd
• Nicomet Industries Limited
• Freeport Cobalt Oy
• PJSC MMC Norilsk Nickel
• Dalian Alt Cobalt & Nickel New Materials Manufacturing Co. Ltd.
• Umicore.
• And Others

The global cobalt sulfate market is segmented as follows:

By Applications

• Chemicals
• Inks & Pigments
• Animal Feeds & Soil Additives
• Metal Finishing
• Battery Storage
• And Others

By Grid

• Agricultural & Feed-Grade
• Cobalt SulfateIndustrial-Grade Copper Sulfate
• Battery-Grade Copper Sulfate

By Product 

• Solution And Powder Form

Global Cobalt Sulphate Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.