Cobalt Sulphate Market Size to Grow USD 1.9 Billion by 2030 at a CAGR of 6.4% | Valuates Reports
BANGALORE, India, April 23, 2024 /PRNewswire/ -- Cobalt Sulphate Market is Segmented by Application (Alloys, Magnets, Hard Materials, Catalyst, Inks and Dyes, Batteries).
The Global Cobalt Sulphate Market was valued at USD 1.0 Billion in 2020, and is projected to reach USD 1.9 Billion by 2030, growing at a CAGR of 6.4% from 2021 to 2030.
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Major Factors Driving the Growth of Cobalt Sulphate Market:
The market for cobalt sulphate is expanding significantly because of its wide range of applications in different industries. Cobalt sulphate's qualities are highly prized because of its vital role in the creation of batteries for electric vehicles (EVs) and energy storage systems, as well as its applications in the production of alloys, hard materials, magnets, catalysts, and inks. The need for more efficient and sustainable materials in all industries is driving this expansion, highlighting the significance of cobalt sulphate in contemporary industrial applications.
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TRENDS INFLUENCING THE GROWTH OF THE COBALT SULPHATE MARKET
The market for cobalt sulphate is mostly driven by the increase in the manufacturing of electric vehicles (EVs), which mainly depend on lithium-ion batteries. The manufacturing of cathodes for these batteries requires cobalt sulphate, which improves the batteries' energy density and lifetime. Global automakers' commitment to electrification is predicted to increase demand for cobalt sulphate and high-performance batteries, which will drive market expansion. In addition to EVs, the growing use of renewable energy sources has increased the demand for effective energy storage solutions. The storage capacity and discharge efficiency of lithium-ion batteries used in solar and wind energy systems are significantly impacted by cobalt sulphate. The market for advanced batteries is being driven by the ongoing desire for more sustainable energy solutions.
Another major growth driver is the use of cobalt sulphate in the production of high-performance magnets. These magnets are essential to many industrial and technical uses, such as generators and motors. The need for more effective magnetic materials due to continuous technological improvements is anticipated to drive growth in the cobalt sulphate market. Cobalt sulphate is employed as a catalyst in the chemical industry's Fischer-Tropsch synthesis process, which transforms syngas into liquid hydrocarbons. The market for cobalt sulphate, a popular catalyst because of its efficacy and efficiency, is being driven by the rising need for greener synthetic fuels and chemicals, which in turn drives the need for efficient catalytic processes.
The manufacturing of high-strength alloys for use in industrial, automotive, and aerospace applications requires cobalt sulphate. These alloys, which have cobalt sulfate added to them, are highly valued for their strength and tolerance to high temperatures. The need for these specialist alloys is anticipated to increase as businesses look for stronger materials to enhance product performance and lifetime, which will boost market expansion.
The production of hard materials like tungsten carbide, which is utilized in equipment and tools, also requires cobalt sulphate. Cobalt sulfate helps these materials by improving their hardness and wear resistance. The demand for cobalt sulphate in this industry is expected to develop in tandem with the expansion of global industrial activity and the need for more robust machining tools.
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COBALT SULPHATE MARKET SHARE ANALYSIS:
The market for cobalt sulphate in North America, specifically in the US and Canada, is mainly propelled by the quick uptake of electric cars (EVs) and developments in renewable energy storage. The United States government's efforts to promote green energy and electrify the transportation industry are important catalysts. In an effort to lower carbon emissions and increase energy independence, these nations are seeing a sharp increase in demand for lithium-ion batteries, which include cobalt sulphate as their cathode.
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Key Companies:
- Jervois Finland
- Ganzhou Tengyuan 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
- Jinchuan Group International Resources Co. Ltd.
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