The Europe Cobalt Sulphate Market would witness market growth of 5.8% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 122.1 Hundred Tonnes, showcasing a growth of 5.1% (2019-2022).
This compound is utilized in the ceramics and glass industry as a coloring agent. It imparts a blue color to glass and ceramic products, making it valuable in producing colored tiles, glassware, and decorative items. This compound acts as a drying agent in manufacturing paints and inks. It accelerates the drying process of these products, contributing to their quality and durability. Moreover, in certain electroplating processes, this compound deposits thin layers of cobalt onto metal surfaces. This electroplating method enhances the corrosion resistance and appearance of the coated materials.
In addition, the market has witnessed some degree of consolidation as companies seek to strengthen their positions and secure a consistent supply of cobalt. Strategic alliances between mining companies, battery manufacturers, and automotive companies are becoming more common, ensuring a streamlined supply chain and fostering innovation in battery technologies.
As per the data from the International Energy Agency, after the surge in 2020, electric vehicle sales in Europe increased by over 65 percent annually to 2.3 million in 2021. Norway (86 percent), Iceland (72 percent), Sweden (43%), and the Netherlands (30 percent) were expected to hold the largest market shares for new electric vehicle sales in Europe in 2021, followed by France (19 percent), Italy (9 percent), and Spain (8%). Therefore, the growing electric vehicle sales in Europe is expected to boost the demand for this compound in the region.
The Germany market dominated the Europe Cobalt Sulphate Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $81.2 million by 2030. The UK market is exhibiting a CAGR of 4.9% during (2023 - 2030). Additionally, The France market would experience a CAGR of 6.6% during (2023 - 2030).
Free Valuable Insights: The Global Cobalt Sulphate Market will Hit $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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Application (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Country (Volume, Hundred Tonnes, USD Billion, 2019-2030)
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