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The cobalt sulfate market size is forecast to increase by USD 502.9 million, at a CAGR of 6.52% between 2023 and 2028. The growth rate of the market depends on several factors, including increased demand for cobalt sulfate due to the growth of the electric vehicle industry, enlarged expansion of the smartphone industry, and expanded recyclable properties of cobalt.
The report includes a comprehensive outlook on the market offering forecasts for the industry segmented by Application, which comprises battery, pigment, and others. Additionally, it categorizes Grade Type into battery grade, industrial grade, and agriculture and feed grade and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
Cobalt sulfate is a chemical compound composed of cobalt, sulfur, and oxygen. It is commonly used as a source of cobalt in various industrial applications. Cobalt sulfate is known for its vibrant pink color, making it useful in the production of pigments and dyes. It also serves as a precursor for other cobalt compounds and acts as a catalyst in certain chemical reactions. Additionally, cobalt sulfate is utilized in agriculture as a nutritional supplement for livestock and as a fungicide in plant protection.
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The expanded recyclable property of cobalt is notably driving market development. Countries such as the US have started recycling cobalt and using it for various purposes. Cobalt is primarily used in rechargeable batteries, and many companies have developed methods to extract cobalt from old rechargeable batteries and use them in new batteries. Pyrometallurgy is a recycling process in which old batteries are heated in a high-temperature environment to extract cobalt. Vendors such as Umicore, Retriev Technologies, and American Manganese are involved in the extraction of cobalt and other metals from old batteries.
Further, Umicore uses a combination of pyrometallurgy and a chemical process called hydrometallurgy to extract cobalt and other metals. Retriev Technologies, a US-based company, recycles lithium-ion batteries and recovers cobalt and other metals from them. American Manganese, a critical metal company, retrieves cobalt along with other metals from batteries. Thus, the Increased recyclable properties of cobalt will drive the market growth and trends during the forecast period.
The emergence of new cobalt recovery technology is an emerging trend shaping market growth. Another trend is the recycling and cobalt recovery to meet the increasing demand for cobalt. Manufacturers are looking for different methods to meet the growing cobalt demand, and emerging technology is electrowin. It is one of the best ways of recovering cobalt from low-concentration solutions. emewCorporation's electrowinning technology has a number of advantages over conventional cobalt electrowinning.
However, this process can produce cobalt with purity levels above 99%. emewCorporation's electrowinning process is different from the traditional electrowin in terms of the high mass transfer of an emew cell. This high mass transfer of a new cell has the capacity for higher current efficiency and can withstand higher current densities. This enables increased extraction of cobalt. Thus, the emergence of new cobalt recovery technology will drive the growth of the market during the forecast period.
The availability of substitutes such as nickel sulfate is a significant challenge hindering market growth. The short supply of cobalt is leading to a hike in the prices of cobalt across the world. The increasing prices of cobalt are expected to lead to the development of low-cobalt batteries. This short supply of cobalt is benefiting the nickel industry. Manufacturers of battery technologies such as NCA and NCM, which use a lot of cobalt, are slowly shifting to the use of nickel sulfate.
Moreover, batteries such as 622 batteries (with two parts cobalt for six parts nickel), which were used in many European EV battery applications, are expected to be replaced by 811 chemistry (with only one part of cobalt for eight parts nickel). Such substitutes are expected to pose a major threat to the growth of the market during the forecast period.
The market share growth by the battery segment will be significant during the forecast years. Cobalt sulfate is a critical component used in lithium-ion batteries, which find extensive applications in electric vehicles (EVs), energy storage systems, and portable electronic devices. The increasing demand for EVs is a major driving factor for the growth of the battery segment in the market. As countries worldwide focus on transitioning to cleaner and more sustainable modes of transportation, the EV industry has witnessed remarkable growth.
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The battery segment was the largest and was valued at USD 822.02 million in 2018. The rising demand for energy storage systems, both for residential and commercial purposes, also contributes to the growth of the battery segment in the market. These systems utilize lithium-ion batteries to store excess energy generated from renewable sources such as solar and wind power. Cobalt sulfate is crucial in maintaining the efficiency and longevity of these energy storage systems. The battery segment is witnessing significant growth due to the increasing demand for electric vehicles and energy storage systems, which, in turn, will drive the growth of the market during the forecast period.
Based on the grade type, the market has been segmented into battery grade, industrial grade, and agriculture and feed grade. The battery grade?segment will account for the largest share of this segment.?The battery grade segment in the global cobalt sulfate market is a crucial and rapidly growing sector. With the increasing demand for electric vehicles and the shift towards sustainable energy sources, the demand for cobalt sulfate has also witnessed a significant surge. This growth is primarily driven by the rising adoption of electric vehicles as an environmentally friendly transportation alternative and the expansion of renewable energy projects globally. Thus, cobalt sulfate plays a critical role in the development of the electric vehicle and renewable energy industries, which, in turn, will drive the growth of the battery grade segment in the market during the forecast period.
APAC is estimated to contribute 43% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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Further, the major driver for this region is the growth of the EV market in China. China was once again the frontrunner, accounting for around 60% of global electric vehicle sales. More than half of all-electric vehicles on the road today are in China, and the government has already exceeded its 2025 target for new energy vehicle sales. China is the greatest market for electric vehicles, accounting for 40% of overall sales by 2030, according to IEA Stated Policies Scenario (STEPS). The major driver for the growth of electric car stock in China is China's rapidly growing battery electric vehicles (BEVs) market, where BEVs have continued to dominate over plug-in hybrid electric vehicles (PHEVs). The other APAC countries such as Japan, India, and Indonesia also have their share of cobalt consumption. Along with China, Japan also has a strong interest in cobalt supply as the country is looking to increase its electric vehicle production.
In addition, EV sales in India are expected to increase by the end of 2022, which will boost the market in the country. Initiatives such as the National Electric Mobility Mission Plan (NEMMP) 2013 and Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) 2015 promoted the use of EVs in India. Under the NEMMP initiative, around 6-7 million EVs/hybrid vehicles are expected to be on the road by the end of 2022. Such factors are expected to drive the regional market growth during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Anglo American plc: The company offers cobalt sulphate that is refined and tailor made for specific requirements.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Anglo American plc, Australian Mines Ltd., Dalian Aote Cobalt Nickel New Material Manufacturing Co., DECCAN SULPHATE, Dhruv Chemicals, Freeport McMoRan Inc., Ganzhou Tengyuan Cobalt New Materials Co. Ltd., GEM Co. Ltd., Hunter Chemical LLC, INCASA SA, Jervois Global Ltd., Merck KGaA, Nantong Xinwei Nickel and Cobalt Hightech Development Co. Ltd., PARSHVA CHEMICALS, Parth Industries, PJSC MMC Norilsk Nickel, Umicore SA, Vedanta Ltd, Zhangjiagang Huayi Chemical Co. Ltd., and Zhejiang Huayou Cobalt Co. Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Cobalt Sulfate Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.52% |
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Market Growth 2024-2028 |
USD 502.9 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.94 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 43% |
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Key countries |
US, China, Japan, India, and Russia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Anglo American plc, Australian Mines Ltd., Dalian Aote Cobalt Nickel New Material Manufacturing Co., DECCAN SULPHATE, Dhruv Chemicals, Freeport McMoRan Inc., Ganzhou Tengyuan Cobalt New Materials Co. Ltd., GEM Co. Ltd., Hunter Chemical LLC, INCASA SA, Jervois Global Ltd., Merck KGaA, Nantong Xinwei Nickel and Cobalt Hightech Development Co. Ltd., PARSHVA CHEMICALS, Parth Industries, PJSC MMC Norilsk Nickel, Umicore SA, Vedanta Ltd, Zhangjiagang Huayi Chemical Co. Ltd., and Zhejiang Huayou Cobalt Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Grade Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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