The Latin America, Middle East and Africa Cobalt Sulphate Market would witness market growth of 6.9% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 112.1 Hundred Tonnes, showcasing a growth of 7.7% (2023-2030).
Ionic liquids, salts in a liquid state at low temperatures, are being explored as an alternative to traditional solvents in cobalt extraction processes. These liquids can selectively dissolve cobalt from ores and are non-volatile and non-flammable, contributing to safer and more environmentally friendly extraction methods.
Moreover, as the demand for this compound increases, so does the importance of recycling spent batteries to recover valuable materials. Innovations in battery recycling technologies are emerging, providing efficient methods to extract and reuse cobalt and other metals from used batteries. This contributes to resource conservation and mitigates the environmental impact of improper disposal.
As Saudi Arabia invests in renewable energy projects, the demand for this compound for battery production could increase to support effective energy storage solutions. As per the data provided in 2021 by the International Trade Administration, Saudi Arabia intends to produce half of its electricity from renewable energy sources and the other half from gas by 2030. The nation was preparing to construct a green hydrogen facility that would generate 660 tons of green hydrogen per day using solar and wind energy. Hence, the rising renewable energy sector in LAMEA will lead to enhanced demand for this compound in the coming years.
The Brazil market dominated the LAMEA Cobalt Sulphate Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $39.4 million by 2030. The Argentina market is showcasing a CAGR of 8% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 6.5% during (2023 - 2030).
Free Valuable Insights: The Worldwide Cobalt Sulphate Market is Projected to reach USD 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Application (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Country (Volume, Hundred Tonnes, USD Billion, 2019-2030)
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