The North America Cobalt Sulphate Market would witness market growth of 5.5% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 215.2 Hundred Tonnes, showcasing a growth of 4.7% (2019-2022).
The automotive industry has been a key driver for adopting this compound. Electric vehicles, which rely heavily on lithium-ion batteries, have become more mainstream, and this compound is a key ingredient in the cathodes of these batteries. As an additional measure to promote the adoption of electric vehicles, governments are implementing policies that augment the need for this compound.
Additionally, this compound is also utilized in the agricultural sector as a micronutrient in animal feed and fertilizers. Cobalt is an essential element for ruminant animals, playing a crucial role in their metabolism. As agriculture faces the challenge of meeting the growing food demand, this compound as a micronutrient is expected to continue.
As per the data from the International Trade Administration, in 2022, the installed capacity of Mexico’s clean energy plants (renewable and non-renewable) was 31,369 MW, which represented an increase of 1.81 percent in comparison to the previous year, when the installed capacity of clean energy accounted for 30,812 MW. The installed renewable energy capacity mainly came from hydro, wind, and photovoltaic solar PV plants. Additionally, as per the article titled New Motor Vehicle Registrations, third quarter 2022, released by Statistics Canada, overall, 34,313 new zero-emission vehicles (ZEVs) were registered in the third quarter of 2022, comprising 8.7% of total new motor vehicle registrations. The number of new ZEVs registered continued to increase, up 43.2% year over year. Thus, North America’s growing renewable energy sector and electric vehicle sales will propel the demand.
The US market dominated the North America Cobalt Sulphate Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $296.8 million by 2030. The Canada market is experiencing a CAGR of 7.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.9% during (2023 - 2030).
Free Valuable Insights: The 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 U.S., Mexico, Canada, and Rest of North America.
By Application (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Country (Volume, Hundred Tonnes, USD Billion, 2019-2030)
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