Cobalt Sulfate Market
Cobalt Sulfate Market Analysis By Grade (Battery Grade, Industrial Grade, Agriculture & Feed Grade), Application (Batteries/Energy Storage, Metal Finishing, Animal Feed & Soil Additives, Inks & Pigments, Chemicals) and By Region – Global Market Report (2023 To 2033)
Analysis of Cobalt Sulfate Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Cobalt Sulfate Market Outlook (2023 to 2033)
As per the latest industry analysis conducted by Fact.MR, the global cobalt sulfate market size is valued at US$ 3.7 billion in 2023 and is forecasted to expand at a CAGR of 7.7% to reach a size of US$ 7.9 billion by the end of 2033.
Inorganic compound cobalt sulfate, commonly known as cobaltous sulfate, has the formula CoSO4. Lithium-ion batteries, extensively used in electric vehicles, portable devices, and energy storage, rely heavily on cobalt sulfate as a raw material. Apart from its role in storage batteries, cobalt sulfate finds application as a vitamin B12 supplement and functions as a drying agent in paints and inks.
With several cobalt sulfate uses in various end-use industries, the market is projected to expand rapidly over the next ten years,
|Cobalt Sulfate Market Size (2022A)||US$ 3.5 Billion|
|Estimated Market Value (2023E)||US$ 3.7 Billion|
|Forecasted Market Value (2033F)||US$ 7.9 Billion|
|Global Market Growth Rate (2023 to 2033)||7.7% CAGR|
|China Market Value (2023)||US$ 995.2 Million|
|United States Market Growth Rate (2023 to 2033)||6.1% CAGR|
|Key Companies Profiled||
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Sales Analysis of Cobalt Sulfate (2018 to 2022) vs. Market Estimations (2023 to 2033)
Lithium-ion batteries are widely utilized in electric vehicles (EVs), consumer electronics, and renewable energy storage systems. Cobalt sulfate is a crucial ingredient in the manufacturing of lithium-ion batteries. Over the years, several factors have had an impact on the demand for cobalt sulfate, including the implementation of various government regulations, rising usage of electric cars, and ongoing research and development in the battery industry.
- Short Term (2023 to 2026): Swift growth of the electric vehicle market, driven by the need to reduce carbon emissions, is expected to influence the cobalt sulfate market soon. Consequently, there will be a surge in demand for cobalt sulfate, a vital element in EV batteries. Furthermore, short-term fluctuations in cobalt prices are anticipated due to shifts in supply and demand, geopolitical events, and production capacity.
- Medium Term (2024 to 2028): In the medium term, manufacturers need to focus on lowering cobalt concentration or discovering more affordable, environmentally friendly chemistries. Cobalt recycling from used batteries may also receive greater attention, helping create a supply chain that is circular and sustainable. Government incentives and regulations play a crucial role in driving the demand for cobalt sulfate.
- Long Term (2029 to 2033): In the long run, ethical and environmental considerations are forecasted to gain greater importance. Companies and governments are anticipated to prioritize reducing environmental impact and responsibly sourcing cobalt. Development of recycling infrastructure, emergence of new mining practices, and changes in trade regulations are predicted to collectively influence cobalt sulfate demand in the long term.
Cobalt Sulfate Market Analysis
Which Factors are Fueling Substantial Demand for Cobalt Sulfate?
"Rising Adoption of Electric Vehicles across the World”
The worldwide electric vehicles market expanded at a CAGR of 17% from 2018 to 2022. Cobalt sulfate enhances the energy density and stability of lithium-ion batteries. Demand for both these batteries and cobalt sulfate surges in tandem with the growing popularity of EVs. Countries are enacting carbon-cutting laws and providing incentives for EV adoption, driving cobalt sulfate industry expansion.
"Global Shift toward Cleaner Energy Driving Need for Renewable Resources”
Large-scale energy storage solutions play a crucial role in mitigating the variability of renewable energy sources such as wind and solar. Batteries that contain cobalt contribute to the reliability of energy storage systems, ensuring a consistent power supply when required. This makes them a fundamental component in the shift toward cleaner and sustainable energy sources.
Beyond grid-scale storage, homeowners & businesses are increasingly adopting battery storage systems for specific purposes. Many of these batteries incorporate cobalt sulfate. The global shift to cleaner energy fuels the expansion of renewable energy capacity. As wind and solar installations multiply, demand for cobalt sulfate-dependent energy storage solutions is set to rise.
What Challenges Can Impact the Use of Cobalt Sulfate?
“Cobalt Sulfate Pricing Volatility and Ethical Concerns Associated with Cobalt Mining"
Cobalt sulfate production and the supply chain are unpredictable as a result of the stringent laws around cobalt mining practices. Manufacturers are becoming more concerned about obtaining cobalt from places where there are ethical issues, which may cause supply chain interruptions. Price fluctuations can result from concerns about unethical and environmentally harmful mining methods in cobalt-producing areas.
There is rising interest in finding alternatives to cobalt or limiting the use of cobalt in batteries as a result of these concerns. Research and development efforts are being directed towards producing battery technologies with little or no cobalt content, which is projected to restrain market growth.
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What is the Demand Outlook for Cobalt Sulfate in Asia Pacific?
“Increased Demand for Cobalt Sulfate in Consumer Electronics and EV Industries”
Asia Pacific accounts for 70% share of the global electric vehicle market in 2023, and this trend is anticipated to persist for the foreseeable future. EVs employ cobalt-containing lithium-ion batteries. Asia Pacific accounts for high sales of consumer electronics, including smartphones, laptops, and tablets. Cobalt sulfate is a common ingredient in EV batteries and electronic gadgets. The need for cobalt sulfate is projected to increase in tandem with the growing demand for consumer electronics.
Rapid industrialization in emerging markets in Asia Pacific, particularly China and India, is driving increased demand for cobalt sulfate in various industrial applications such as catalysts, pigments, and magnets. This research indicates that the Asia Pacific cobalt sulfate market is valued at US$ 2.57 billion in 2023 and is projected to expand at a CAGR of 20% through 2033.
Which Battery Grade Accounts for High Demand?
"High Demand for Battery-grade Cobalt Sulfate for Use in Lithium-ion Batteries"
Battery-grade cobalt sulfate is in high demand as a result of the rising need for lithium-ion batteries, utilized in consumer electronics and EVs. Battery-grade cobalt sulfate accounts for 43% of the global cobalt sulfate market share in 2023, at a valuation of US$ 1.75 billion.
China accounted for 50% share of battery-grade cobalt sulfate in 2022. To address the rising demand for battery-grade cobalt sulfate, cobalt sulfate manufacturers are investing in production capacity expansion.
What is the Primary Cobalt Sulfate Application?
“Cobalt Sulfate Enhancing Energy Density of Batteries and Energy Storage Systems”
Revenue from the use of cobalt sulfate in batteries and energy storage systems is estimated at US$ 1.62 billion in 2023.
Utilization of cobalt sulfate in batteries and energy storage systems significantly influences market growth. Its crucial function in improving energy density, stability, and dependability of lithium-ion batteries is a primary driver. The rise in demand for electric vehicles and renewable energy solutions is expected to strongly support the ongoing need for cobalt sulfate in these applications. This is anticipated to make a significant contribution to the cobalt sulfate market growth.
Renewable energy sources, like wind and solar power, inherently exhibit intermittency. The necessity for energy storage solutions becomes evident during periods of surplus energy production, which can be harnessed and subsequently released when energy demand is high or when renewable sources are not generating enough power. Cobalt sulfate-based batteries are integral components of energy storage systems, encompassing grid-scale batteries and residential energy storage solutions.
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Prominent cobalt sulfate suppliers are Umicore, Dalian Alt Cobalt & Nickel New Materials Manufacturing Co. Ltd, Freeport Cobalt Oy, Ganzhou Tengyuan Cobalt New Material Co. Ltd, Huayou Cobalt Co., Ltd, Hunter Chemical Inc, INCASA SA, Jervois Finland, Jiayuan Cobalt Holdings Limited, and Nicomet Industries Limited.
Businesses are utilizing various tactics to fulfill the rising demand for cobalt sulfate & are investing heavily in increasing their production capacity. Suppliers are also working with battery makers to guarantee a steady supply of cobalt sulfate for the creation of lithium-ion batteries.
- For instance, Huayou Cobalt and CATL, a Chinese battery producer, established a cooperation in 2023 to construct a cobalt sulfate factory in China.
Fact.MR has provided detailed information about the price points of key manufacturers of cobalt sulfate positioned across regions, sales growth, production capacity, and speculative technological expansion, in its recently published report.
Segmentation of Cobalt Sulfate Market Research
By Grade :
- Battery Grade
- Industrial Grade
- Agriculture & Feed Grade
By Application :
- Batteries/Energy Storage
- Metal Finishing
- Animal Feed & Soil Additive
- Inks & Pigments
By Region :
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
- FAQs -
The global cobalt sulfate market was valued at US$ 3.5 billion in 2022.
Sales of cobalt sulfate expanded at a CAGR of 5.6% from 2018 to 2022.
The cobalt sulfate market is estimated at US$ 3.7 billion in 2023.
Prominent players in the market include Umicore, Dalian Alt Cobalt & Nickel New Materials Manufacturing Co. Ltd., and Freeport Cobalt Oy.
The market for cobalt sulfate is expected to reach a valuation of US$ 7.9 billion by 2033-end.
Use of cobalt sulfate in batteries and energy storage systems is projected to rise at a CAGR of 8.2% through 2033.
Demand for battery-grade cobalt sulfate is projected to increase at a substantial CAGR of 7.9% from 2023 to 2033.