The Global Cobalt Sulphate Market size is expected to reach $1.8 billion by 2030, rising at a market growth of 6.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,006.8 Hundred Tonnes experiencing a growth of 5.3% (2019-2022).
The demand for cobalt sulphate has seen a significant upswing owing to its crucial role in producing batteries for portable electronic devices. Consequently, the batteries segment would acquire nearly 40% of the total market share by 2030. As consumers increasingly seek devices with improved energy efficiency, longer battery life, and faster charging capabilities, the demand for advanced battery technologies has risen.
Advancements in recycling technologies for lithium-ion batteries and other cobalt-containing products can help recover cobalt from spent batteries. Moreover, developing and optimizing hydrometallurgical processes for cobalt extraction can enhance the sustainability of mining operations. Therefore, these factors will help in the expansion of the cobalt sulphate market. Additionally, investments in cobalt mining projects outside the DRC aim to diversify the global supply chain for cobalt. In addition, investments in cobalt mining projects outside the DRC often focus on addressing ethical and environmental concerns. Hence, these factors will boost the demand for cobalt sulphate in the coming years.
However, the cobalt supply chain, particularly from the Democratic Republic of Congo (DRC), has been a subject of ethical and environmental concerns. Additionally, the origin of cobalt utilized in products may be difficult to ascertain if the cobalt supply chain lacks transparency. This lack of transparency poses challenges for companies aiming to ensure that their supply chains adhere to ethical and sustainable practices. Therefore, these factors can hamper the growth of the cobalt sulphate market.
By Application Analysis
On the basis of application, the cobalt sulphate market is divided into alloys, magnets, hard materials, catalyst, inks & dyes, batteries, and others. The alloys segment procured 15% revenue share in the cobalt sulphate market in 2022. Cobalt-based superalloys are used in the aerospace industry, particularly for manufacturing components in gas turbine engines. These superalloys provide high-temperature strength, corrosion resistance, and excellent performance in challenging environments. Hence, these factors will assist in the expansion of the segment.
By Regional Analysis
By region, the cobalt sulphate market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured 50% revenue share in the cobalt sulphate market in 2022. Cobalt sulfate is a crucial component in the production of lithium-ion batteries, which are extensively used in electric vehicles. The Asia Pacific region, with countries like China being a major player in the electric vehicle sector, has witnessed a surge in demand for cobalt sulfate.
List of Key Companies Profiled
- JERVOIS GLOBAL LIMITED
- Shepherd Chemical Company
- Nantong Xinwei Nickel & Cobalt Hightech Development Co.,Ltd.
- Freeport-McMoRan Inc.
- Umicore NV-SA
- Hunter Chemical, LLC
- Merck KGaA
- Incasa S.A
Global Cobalt Sulphate Market Report Segmentation
By Application (Volume, Hundred Tonnes, USD Billion, 2019-2030)
- Batteries
- Alloys
- Magnets
- Hard Materials
- Catalyst
- Inks & Dyes
- Others
By Geography (Volume, Hundred Tonnes, USD Billion, 2019-2030)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Cobalt Sulphate Market, by Application
- 1.4.2Global Cobalt Sulphate Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
- 3.3Porter Five Forces Analysis
Chapter 4.Global Cobalt Sulphate Market by Application
- 4.1Global Batteries Market by Region
- 4.2Global Alloys Market by Region
- 4.3Global Magnets Market by Region
- 4.4Global Hard Materials Market by Region
- 4.5Global Catalyst Market by Region
- 4.6Global Inks & Dyes Market by Region
- 4.7Global Others Market by Region
Chapter 5.Global Cobalt Sulphate Market by Region
- 5.1North America Cobalt Sulphate Market
- 5.1.1North America Cobalt Sulphate Market by Application
- 5.1.1.1North America Batteries Market by Country
- 5.1.1.2North America Alloys Market by Country
- 5.1.1.3North America Magnets Market by Country
- 5.1.1.4North America Hard Materials Market by Country
- 5.1.1.5North America Catalyst Market by Country
- 5.1.1.6North America Inks & Dyes Market by Country
- 5.1.1.7North America Others Market by Country
- 5.1.2North America Cobalt Sulphate Market by Country
- 5.1.2.1US Cobalt Sulphate Market
- 5.1.2.1.1US Cobalt Sulphate Market by Application
- 5.1.2.2Canada Cobalt Sulphate Market
- 5.1.2.2.1Canada Cobalt Sulphate Market by Application
- 5.1.2.3Mexico Cobalt Sulphate Market
- 5.1.2.3.1Mexico Cobalt Sulphate Market by Application
- 5.1.2.4Rest of North America Cobalt Sulphate Market
- 5.1.2.4.1Rest of North America Cobalt Sulphate Market by Application
- 5.2Europe Cobalt Sulphate Market
- 5.2.1Europe Cobalt Sulphate Market by Application
- 5.2.1.1Europe Batteries Market by Country
- 5.2.1.2Europe Alloys Market by Country
- 5.2.1.3Europe Magnets Market by Country
- 5.2.1.4Europe Hard Materials Market by Country
- 5.2.1.5Europe Catalyst Market by Country
- 5.2.1.6Europe Inks & Dyes Market by Country
- 5.2.1.7Europe Others Market by Country
- 5.2.2Europe Cobalt Sulphate Market by Country
- 5.2.2.1Germany Cobalt Sulphate Market
- 5.2.2.1.1Germany Cobalt Sulphate Market by Application
- 5.2.2.2UK Cobalt Sulphate Market
- 5.2.2.2.1UK Cobalt Sulphate Market by Application
- 5.2.2.3France Cobalt Sulphate Market
- 5.2.2.3.1France Cobalt Sulphate Market by Application
- 5.2.2.4Russia Cobalt Sulphate Market
- 5.2.2.4.1Russia Cobalt Sulphate Market by Application
- 5.2.2.5Spain Cobalt Sulphate Market
- 5.2.2.5.1Spain Cobalt Sulphate Market by Application
- 5.2.2.6Italy Cobalt Sulphate Market
- 5.2.2.6.1Italy Cobalt Sulphate Market by Application
- 5.2.2.7Rest of Europe Cobalt Sulphate Market
- 5.2.2.7.1Rest of Europe Cobalt Sulphate Market by Application
- 5.3Asia Pacific Cobalt Sulphate Market
- 5.3.1Asia Pacific Cobalt Sulphate Market by Application
- 5.3.1.1Asia Pacific Batteries Market by Country
- 5.3.1.2Asia Pacific Alloys Market by Country
- 5.3.1.3Asia Pacific Magnets Market by Country
- 5.3.1.4Asia Pacific Hard Materials Market by Country
- 5.3.1.5Asia Pacific Catalyst Market by Country
- 5.3.1.6Asia Pacific Inks & Dyes Market by Country
- 5.3.1.7Asia Pacific Others Market by Country
- 5.3.2Asia Pacific Cobalt Sulphate Market by Country
- 5.3.2.1China Cobalt Sulphate Market
- 5.3.2.1.1China Cobalt Sulphate Market by Application
- 5.3.2.2Japan Cobalt Sulphate Market
- 5.3.2.2.1Japan Cobalt Sulphate Market by Application
- 5.3.2.3India Cobalt Sulphate Market
- 5.3.2.3.1India Cobalt Sulphate Market by Application
- 5.3.2.4South Korea Cobalt Sulphate Market
- 5.3.2.4.1South Korea Cobalt Sulphate Market by Application
- 5.3.2.5Singapore Cobalt Sulphate Market
- 5.3.2.5.1Singapore Cobalt Sulphate Market by Application
- 5.3.2.6Malaysia Cobalt Sulphate Market
- 5.3.2.6.1Malaysia Cobalt Sulphate Market by Application
- 5.3.2.7Rest of Asia Pacific Cobalt Sulphate Market
- 5.3.2.7.1Rest of Asia Pacific Cobalt Sulphate Market by Application
- 5.4LAMEA Cobalt Sulphate Market
- 5.4.1LAMEA Cobalt Sulphate Market by Application
- 5.4.1.1LAMEA Batteries Market by Country
- 5.4.1.2LAMEA Alloys Market by Country
- 5.4.1.3LAMEA Magnets Market by Country
- 5.4.1.4LAMEA Hard Materials Market by Country
- 5.4.1.5LAMEA Catalyst Market by Country
- 5.4.1.6LAMEA Inks & Dyes Market by Country
- 5.4.1.7LAMEA Others Market by Country
- 5.4.2LAMEA Cobalt Sulphate Market by Country
- 5.4.2.1Brazil Cobalt Sulphate Market
- 5.4.2.1.1Brazil Cobalt Sulphate Market by Application
- 5.4.2.2Argentina Cobalt Sulphate Market
- 5.4.2.2.1Argentina Cobalt Sulphate Market by Application
- 5.4.2.3UAE Cobalt Sulphate Market
- 5.4.2.3.1UAE Cobalt Sulphate Market by Application
- 5.4.2.4Saudi Arabia Cobalt Sulphate Market
- 5.4.2.4.1Saudi Arabia Cobalt Sulphate Market by Application
- 5.4.2.5South Africa Cobalt Sulphate Market
- 5.4.2.5.1South Africa Cobalt Sulphate Market by Application
- 5.4.2.6Nigeria Cobalt Sulphate Market
- 5.4.2.6.1Nigeria Cobalt Sulphate Market by Application
- 5.4.2.7Rest of LAMEA Cobalt Sulphate Market
- 5.4.2.7.1Rest of LAMEA Cobalt Sulphate Market by Application
Chapter 6.Company Profiles
- 6.1JERVOIS GLOBAL LIMITED
- 6.1.1Company Overview
- 6.1.2Financial Analysis
- 6.2Shepherd Chemical Company
- 6.3Nantong Xinwei Nickel & Cobalt Hightech Development Co.,Ltd.
- 6.4Umicore NV-SA
- 6.4.1Company Overview
- 6.4.2Financial Analysis
- 6.5Hunter Chemical, LLC
- 6.6Incasa S.A
- 6.7Freeport-McMoRan Inc.
- 6.7.1Company Overview
- 6.7.2Financial Analysis
- 6.8Merck KGaA
- 6.8.1Company Overview
- 6.8.2Financial Analysis
- 6.8.3Segmental and Regional Analysis
- 6.8.4Research & Development Expense
- 6.8.5SWOT Analysis
Chapter 7.Winning Imperative of Cobalt Sulphate Market