Cobalt Sulphate Market by Application (Alloys, Magnets, Hard Materials, Catalyst, Inks & Dyes, Batteries, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030
The global cobalt sulphate market was valued at $1.0 billion in 2020, and is projected to reach $1.9 billion by 2030, growing at a CAGR of 6.4% from 2021 to 2030.
Cobalt sulphate is inorganic divalent cobalt salt of sulfuric acid, represented by the chemical formula, CoSO4. It is an odorless reddish metallic salt, which is readily soluble in water and methanol. Cobalt oxide or other cobalt derivatives are dissolved in dilute sulfuric acid, which crystallizes to form cobalt sulfate.
The growth of the global cobalt sulphate market is driven by rise in adoption of cobalt sulphate for formulation of super alloys. Super alloys are high-performance alloys, used in situations that require exceptional properties, such as high mechanical strength, resistance to high temperatures, corrosion, and other stress situations. Use of cobalt sulphate during production of super alloys drives the demand in the global market. Synthetic inks, soil & animal feed additive, and storage batteries application of cobalt sulphate augments the growth of the global market.
However, inhalation and exposure of cobalt sulphate over the threshold value leads to carcinogenicity and skin irritation is hampering the market growth. Moreover, exceeding the consumption and inhalation of cobalt sulphate over few milligrams per day can be dangerous and imparts negative impact on vital organs of the body such as kidneys, lungs, and heart, which hamper the market growth.
Cobalt sulphate finds application during production of polyvinyl chloride, dyes, and animal feed, which is anticipated to offer new growth opportunities during the forecast period. In addition, key-players in the cobalt sulphate market have launched innovative products to extend its application in storage battery application. For instance, Primobius GmbH launched battery grade cobalt sulphate that has low impurity level and high crystallinity that makes it suitable to be used a raw material for predecessor cathode active material production, which is anticipated to offer new growth opportunities during the forecast period.
The cobalt sulphate market analysis is done on the basis of application and region. Depending on application, the market is divided into alloys, magnets, hard materials, catalyst, inks & dyes, batteries, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include JervoisFinland, GanzhouTengyuan Cobalt Industrial Co. Ltd., Zhangjiagang Huayi Chemical Co. Ltd., Nantong Xinwei Nickel & Cobalt Hightech Development Co.Ltd., Norilsk Nickel, Umicore, Hunter Chemical LLC, Jiayuan Cobalt Holdings Limited, Merck KGaA, and Jinchuan Group International Resources Co. Ltd.
The global cobalt sulphate market report provides in-depth competitive analysis as well as profiles of these major players.
1.1. Key benefits for stakeholders
Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
It outlines the current trends and future estimations of the market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
The profiles of key players and their key strategic developments are enlisted in the report.
1.2. Key market segments
By Application
Alloys
Magnets
Hard Materials
Catalyst
Inks and Dyes
Batteries
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key players in the global cobalt sulphate market are:
1. Jervois Finland
2. Ganzhou Tengyuan Cobalt Industrial Co. Ltd.
3. Zhangjiagang Huayi Chemical Co. Ltd.
4. Nantong Xinwei Nickel & Cobalt Hightech Development Co.Ltd.
5. Norilsk Nickel
6. Umicore
7. Hunter Chemical LLC
8. Jiayuan Cobalt Holdings Limited
9. Merck KGaA
10. Jinchuan Group International Resources Co. Ltd
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