Global Cobalt Sulphate Market Size, Share & Trends Analysis Report By Application (Batteries, Alloys, Magnets, Hard Materials, Catalyst, Inks & Dyes and Others), By Regional Outlook and Forecast, 2023 - 2030

Global Cobalt Sulphate Market Size, Share & Trends Analysis Report By Application (Batteries, Alloys, Magnets, Hard Materials, Catalyst, Inks & Dyes and Others), By Regional Outlook and Forecast, 2023 - 2030

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