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Cobalt Sulfate Market

Global Market Study on Cobalt Sulfate: High Use as Additive to Enhance Soil Nutrition

Global Cobalt Sulfate Market by Grade (Battery Grade, Industrial Grade and Agriculture & Feed Grade)

Market Snapshot

Persistence Market Research has estimated the global cobalt sulfate market to reach a valuation of US$ 4,099.2 Mn in 2023. Sales prospects of cobalt sulfate is expected to witness a steady growth rate of 8.3% and is expected to top a valuation of US$ 9,098.8 Mn by 2033.

Demand for cobalt sulfate from various end use industries is growing substantially over the past few years and the growth is expected to continue in coming years due to increasing demand for electric vehicles globally.

Attributes Key Insights

Cobalt Sulfate Sales (2022A)

US$ 3,804.5 Mn

Cobalt Sulfate Demand (2023E)

US$ 4,099.2 Mn

Cobalt Sulfate Market Projections (2033F)

US$ 9,098.8 Mn

Value CAGR (2023-2033)

8.3%

Collective Value Share: Top 3 Countries (2023E)

65%-70%

Cobalt sulfate is a reddish, toxic and inorganic salt of divalent cobalt, used as a drying and coloring agent during electroplating, in batteries and electrochemical industries. Hydrated form of cobalt sulfate is referred to as cobalt sulfate heptahydrate. Cobalt sulfate is produced by the reaction between cobalt oxide, carbonate or hydroxide with sulfuric acid.

Cobalt sulfate can be classified into various grade such as battery grade, industrial grade and agriculture & feed grade. Cobalt sulfate (CoSO4.7H2O) which contains about 21.4% cobalt, only 20% cobalt and less than 20% cobalt is generally termed as battery grade, industrial grade and agriculture & feed grade cobalt sulfate. This grade of cobalt sulfate is primarily utilized as a raw material for the production of cobalt precursors and cobalt-based cathode materials for lithium ion batteries.

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Cobalt Sulfate Market Outlook (2016-2022) vs (2023-2033) Forecast

The market for cobalt sulfate witnessed a CAGR of 6.4% over the historical period of 2016 and 2022. The automotive and electric vehicles are the largest consumers across the globe, and due to the pandemic crisis, these industries have experienced a significant decline in 2020. Electric vehicle industry is dealing with a sudden and widespread cessation of economic activity as workers are ordered to stay at home, grind production chains to a halt, and close factories. The conclusion of the pandemic at the end of 2020 resulted in decline in demand. Growth had returned to pre-pandemic levels, which is what drove the sharp rise in CAGR.

However, as per the current survey conducted by PMR, the forecast growth outlook is to remain around 8.3% for the period of 2023 to 2033. Increasing utilisation among its key applications are expected to drive the demand over the forecast period. Significant growth and investment in the battery technology for automotive and energy storage to bolster the market growth outlook.

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Rise In Demand For Storage Batteries In Electric Vehicles Boost Up The Cobalt Sulfate Market

Demand for eco-friendly products is increasing at a substantial rate owing to rising awareness about the use of eco-friendly products to protect the environment and human health, which is driving up the demand from the electric vehicles.

Owing to this, a key portion of demographic is shifting towards electric vehicles for day-to-day applications. Consumers are preferring electric vehicles over conventional IC engine vehicles due to lower impact of electric vehicles on the environment and rise in the trend for go green. In the long run, targeted countries, including China, India, Norway, France, and the UK, intend to stop manufacturing and selling of gasoline and diesel vehicles.

This growth in the sales volume of electric vehicles is driving the demand for electric vehicle batteries, which in turn is promoting the consumption of cobalt sulfate.

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Rising demand for food and agricultural products is driving the sales of Animal Feed & Soil Additives

Agricultural activities are rising across the globe due to substantial rise in demand for food and agricultural activities across the globe to meet the demand for a substantial population. Countries like Brazil, Mexico, India, etc. are primarily engaged in agricultural activities.

Rising direct foreign investments in the agricultural industry in countries like Brazil, India, etc. promote an increase in the production of agricultural and food products. Rise in the production and demand for agricultural products elevates the consumption of cobalt sulfate as a feed additive. Cobalt sulfate is used as a key feed additive to enhance the nutrition of the food and keep it fresh during transportation activities.

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Limited Availability Of Raw Material Hinder The Growth Of Cobalt Sulfate

A key portion of cobalt sulfate is produced as a byproduct of the mining of copper and nickel. Only a tiny fraction, ranging from 2% to 2.5% of the total cobalt on the market, is sourced from primary cobalt mines.

Cobalt's limited supply causes price changes over time as a result of the limited supply. In order to acquire a competitive edge in the market, producers are unable to offer competitive prices due to this unpredictability.

Additionally, in order to lower the cost of Li-ion batteries, producers were forced to discover less expensive cobalt sulphate substitutes due to the price increase during the historical evaluation period of 2018–2022. During the anticipated period, this aspect is projected to restrain the cobalt sulphate market's overall expansion.

Key Market Trends In Cobalt Sulfate Market

Nowadays, demand for ecofriendly products are increasing at a substantial rate owing to rising awareness about the use of eco-friendly products. Owing to this, a large consumer base is shifting towards electric vehicles for their day-to-day use all over the globe. Demand for energy storage being witnessed from both energy storage and battery system in electric vehicles influencing the market growth.

Although there maybe efforts to reduce cobalt content per unit battery, the significant increase in battery volume demand is expected to more than offset the per unit content losses. Rise in mining of cobalt sulfate is also being witnessed to cater the demand and to increase company’s revenue.

What are the Opportunities for Cobalt Sulfate Market?

Various government initiatives to promote use of electric vehicles are elevating the sales of electric vehicles across the globe. Urbanization and increasing standards of living are expected to drive the demand for automobiles, including electric vehicles, across the globe.

Growth in the sales of electric vehicles is expected to create new opportunities in the electric vehicle battery market. Cobalt sulfate, being a key ingredient of Li-ion batteries, is expected to witness significant growth opportunities owing to growing sales of EVs. Moreover, the growing trend of using eco-friendly products is likely to promote the sales of electric vehicles.

Country-wise Insights

Which Region Is to Dominate In The Global Cobalt Sulfate Market?

On the basis of region global cobalt sulfate market is segmented as North America, Latin America, Europe, East Asia, South Asia & Pacific and Middle East & Africa. East Asia controls a significant portion of the worldwide market and is anticipated to maintain its dominance over the projected period. East Asia acconted for more than 70% overall market shares owing to substantial growth in the EV sales, development in the battery technology, and pre-dominancy in energy sector.

In terms of cobalt sulphate consumption, China is is estimated to remain the prominent market all over the globe. Strong end-use industry presence in the country is luring firms to increase their market share in East Asia. The East Asian cobalt sulphate industry are gaining momentum in the business from escalating government measures to reduce car emissions and rising EV sales.

What Will Be The Growth Outlook Of The Cobalt Sulfate Market From China?

It is anticipated that China will dominate in the East Asian as well as global markets. The nation is anticipated to control more than 82% of the East Asian market. China has a sizable population, which drives up demand for cars significantly. Additionally, it is among the biggest automakers in the world. The nation generates a significant amount of demand for finished metal, batteries, chemicals, etc., which are prominent end-use industries for cobalt sulphate due to its large capacity for vehicle production. Manufacturers of cobalt sulphate find China to be a lucrative market due to the country's significant end-use industry presence, where a significant portion of FDI flows in this business.

Category-wise Insights

What Factors Are Boosting demand For Battery Grade Cobalt Sulfate?

On the basis of grade, the cobalt sulphate market is segmented as battery grade, industrial grade, and agriculture and feed grade. Battery grade cobalt sulphate is dominanting in the global cobalt business, which is anticipated to account for 43.1% of market shares.

Over the coming years, battery grade cobalt sulphate is expected to gain further momentum in the global market owing to demand from energy storage and battery applications in EVs. However, from growing research and development activities to reduce dependency of cobalt in batteries to remain key challenge for the segment.

Which Is Expected To Be A Key Application For Cobalt Sulfate Market?

On the basis of application the global cobalt sulfate market is segmented as batteries/energy storage, metal finishing, animal feed & soil, additive, inks & pigments, chemicals , etc. In the application segment batteries/energy storage is the dominating segment with the more than 43% market shares.

In the batteries/energy storage application, cobalt sulfate is utilized as a raw material for the production of cobalt-based cathode materials and cobalt precursors.

Competitive Landscape

Key market participants are engaged in actions including strategic partnerships, capacity expansion, new product development, acquisitions, and the formation of new organisations to increase production. For the purpose of expanding their customer base, market leaders are also concentrating on acquiring rival companies.

For instance:

  • In May 2021, Umicore and BASF signed a patent cross-license deal. Both companies are permitted to share patents for the investigation and development of cathode materials under the terms of the agreement.
  • In May 2021, many significant battery producers, including CMOC, Eurasian Resource Group, and Glencore, teamed up with Umicore to enhance the cobalt supply chain from mines to electric vehicle manufacturers.
  • In April 2021, Johnson Matthey (JM), one of the world's top innovators of sustainable solutions, announced a strategic alliance with Norilsk Nickel to build the supply chain network for a constant flow of raw materials.

Scope of Report

Attribute Details

Forecast Period

2023-2033

Historical Data Available for

2016-2022

Market Analysis

  • USD Million for Value
  • Tons for Volume

Key Countries Covered

  • China
  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • BENELUX
  • Russia
  • Japan
  • South Korea
  • India
  • ASEAN
  • ANZ
  • GCC Countries
  • Turkey
  • South Africa

Key Segments Covered

  • Grade
  • Application
  • Region

Key Companies Profiled

  • 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
  • Jinchuan Group Internatioinal Resources Co. Ltd.
  • Merck KGaA
  • Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd.
  • Nicomet Industries Limited
  • Norilsk Nickel
  • PJSC MMC Norilsk Nickel
  • Zhangjiagang Huayi Chemical Co., Ltd
  • Jilin Jien Nickel Industry Company Limited

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available Upon Request

Cobalt Sulfate Market Segmentation

By Grade:

  • Battery Grade
  • Industrial Grade
  • Agriculture & Feed Grade

By Application:

  • Batteries/Energy Storage
  • Metal Finishing
  • Animal Feed & Soil
  • Additive
  • Inks & Pigments
  • Chemicals
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

- Companies Covered in This Report -

  • 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
  • Jinchuan Group Internatioinal Resources Co. Ltd.
  • Merck KGaA
  • Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd.
  • Nicomet Industries Limited
  • Norilsk Nickel
  • PJSC MMC Norilsk Nickel
  • Zhangjiagang Huayi Chemical Co., Ltd
  • Jilin Jien Nickel Industry Company Limited

- Frequently Asked Questions -

The global market of cobalt sulfate is estimated to reach a valuation of US$ 4,099.2  Mn in 2023.

The cobalt sulfate demand in batteries/energy storage is anticipated to witness a growth rate of 8.3% over the forecast period of 2023 and 2033 in terms of value.

According to Persistence Market Research, Umicore, Dalian Alt Cobalt & Nickel New Materials Manufacturing Co. Ltd., Ganzhou Tengyuan Cobalt New Material Co. Ltd, Huayou Cobalt Co., Ltd, Hunter Chemical Inc, INCASA SA, Jervois Finland, and Zhangjiagang Huayi Chemical Co., Ltd, are the key manufacturers in the cobalt sulfate market.

Key players in the global cobalt sulfate market are expected to account for about 40% - 45% of the overall market share.

The top countries driving the global cobalt sulfate demand are China, U.S., Germany and India.

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