The Asia Pacific Cobalt Sulphate Market would witness market growth of 6.4% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 395.5 Hundred Tonnes, showcasing a growth of 5.6% (2019-2022).
Innovations in cobalt extraction from ores are a focus area within the industry. New and more sustainable extraction technologies aim to minimize the environmental impact of cobalt mining, addressing concerns related to deforestation, water pollution, and other ecological challenges associated with traditional mining methods. Researchers are developing selective recovery techniques to target specific metals, including cobalt, in extraction. This reduces the need for extensive processing steps and minimizes the impact on non-target elements in the ore.
Moreover, as part of a broader sustainable approach, there is a growing emphasis on recycling cobalt from end-of-life products, such as batteries. Urban mining, or the recovery of metals from electronic waste, is gaining attention as a means to reduce the reliance on traditional mining. Efficient recycling processes contribute to a circular economy and minimize the environmental footprint of cobalt production.
As per the data from the State Council of China, the nation possessed a cumulative installed renewable energy capacity of 1.06 billion kilowatts by the conclusion of 2021, constituting 44.8 percent of the overall installed power generation capacity. China produced 2.48 trillion kWh of electricity from renewable sources in 2021, representing 29.8 percent of the nation’s overall electricity usage. Moreover, as per Invest India, the nation's electronics production will be $300 Bn by FY26. The domestic production of electronics is valued at $101 Bn in FY23 and is segmented (based on FY22 data) as Mobile Phones (43%), IT Hardware (5%), and Consumer Electronics (12%). Thus, the rising electronics and renewable energy sector in Asia Pacific will assist in the expansion of the regional market.
The China market dominated the Asia Pacific Cobalt Sulphate Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $226.5 million by 2030. The Japan market is registering a CAGR of 5.8% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 7.1% during (2023 - 2030).
Free Valuable Insights: The Global Cobalt Sulphate Market is Predict to reach $1.8 Billion by 2030, at a CAGR of 6.1%
Based on Application, the market is segmented into Batteries, Alloys, Magnets, Hard Materials, Catalyst, Inks & Dyes and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Application (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Country (Volume, Hundred Tonnes, USD Billion, 2019-2030)
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