“Global Cobalt Sulphate Market to reach a market value of USD 1.8 Billion by 2030 growing at a CAGR of 6.1%”
The Global Cobalt Sulphate Market size is expected to reach $1.8 billion by 2030, rising at a market growth of 6.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,006.8 Hundred Tonnes experiencing a growth of 5.3% (2019-2022).
The demand for cobalt sulphate has seen a significant upswing owing to its crucial role in producing batteries for portable electronic devices. Consequently, the batteries segment would acquire nearly 40% of the total market share by 2030. As consumers increasingly seek devices with improved energy efficiency, longer battery life, and faster charging capabilities, the demand for advanced battery technologies has risen.
Advancements in recycling technologies for lithium-ion batteries and other cobalt-containing products can help recover cobalt from spent batteries. Moreover, developing and optimizing hydrometallurgical processes for cobalt extraction can enhance the sustainability of mining operations. Therefore, these factors will help in the expansion of the cobalt sulphate market. Additionally, investments in cobalt mining projects outside the DRC aim to diversify the global supply chain for cobalt. In addition, investments in cobalt mining projects outside the DRC often focus on addressing ethical and environmental concerns. Hence, these factors will boost the demand for cobalt sulphate in the coming years.
However, the cobalt supply chain, particularly from the Democratic Republic of Congo (DRC), has been a subject of ethical and environmental concerns. Additionally, the origin of cobalt utilized in products may be difficult to ascertain if the cobalt supply chain lacks transparency. This lack of transparency poses challenges for companies aiming to ensure that their supply chains adhere to ethical and sustainable practices. Therefore, these factors can hamper the growth of the cobalt sulphate market.
On the basis of application, the cobalt sulphate market is divided into alloys, magnets, hard materials, catalyst, inks & dyes, batteries, and others. The alloys segment procured 15% revenue share in the cobalt sulphate market in 2022. Cobalt-based superalloys are used in the aerospace industry, particularly for manufacturing components in gas turbine engines. These superalloys provide high-temperature strength, corrosion resistance, and excellent performance in challenging environments. Hence, these factors will assist in the expansion of the segment.
By region, the cobalt sulphate market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured 50% revenue share in the cobalt sulphate market in 2022. Cobalt sulfate is a crucial component in the production of lithium-ion batteries, which are extensively used in electric vehicles. The Asia Pacific region, with countries like China being a major player in the electric vehicle sector, has witnessed a surge in demand for cobalt sulfate.
Free Valuable Insights: Global Cobalt Sulphate Market size to reach USD 1.8 Billion by 2030
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.1 Billion |
| Market size forecast in 2030 | USD 1.8 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6.1% from 2023 to 2030 |
| Number of Pages | 187 |
| Number of Table | 408 |
| Quantitative Data | Volume in Hundred Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Application, Region |
| Country scope |
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| Companies Included | JERVOIS GLOBAL LIMITED, Shepherd Chemical Company, Nantong Xinwei Nickel & Cobalt Hightech Development Co.,Ltd., Freeport-McMoRan Inc., Umicore NV-SA, Hunter Chemical, LLC, Merck KGaA and Incasa S.A |
By Application (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Hundred Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $1.8 billion by 2030.
Rising demand for portable electronic devices are driving the Market in coming years, however, Concerns associated with cobalt supply chain dependence restraints the growth of the Market.
JERVOIS GLOBAL LIMITED, Shepherd Chemical Company, Nantong Xinwei Nickel & Cobalt Hightech Development Co.,Ltd., Freeport-McMoRan Inc., Umicore NV-SA, Hunter Chemical, LLC, Merck KGaA and Incasa S.A
In the year 2022, the market attained a volume of 1,006.8 Hundred Tonnes experiencing a growth of 5.3% (2019-2022).
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $847.1 million by 2030.
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