Cobalt Sulfate Market
Global Market Study on Cobalt Sulfate: High Use as Additive to Enhance Soil Nutrition
Cobalt Sulfate Market Segmented By Battery Grade, Industrial Grade, Agriculture and Feed Grade in Metal Finishing, Animal Feed and Soil Additive, Inks and Pigments, Chemicals
Based on value growth rate, Persistence Market Research has anticipated cobalt sulfate sales to accelerate at a CAGR of 8.2% over the assessment period of 2021 to 2031. In terms of volume, demand is expected to increase at around 7.9% CAGR over the same period. The global market is thus predicted to expand 2.3X over the next ten years.
China is global leader and its market is expected to attain a value of US$ 5 Bn by 2031.
Find Out More about the Report Coverage
- PJSC MMC Norilsk Nickel
- Freeport Cobalt Oy
- Nicomet Industries Limited
- Huayou Cobalt Co., Ltd
- Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd.
- Dalian Alt Cobalt & Nickel New Materials Manufacturing Co. Ltd.
- Jiayuan Cobalt Holdings Limited
- INCASA SA
- Ganzhou Tengyuan Cobalt New Material Co. Ltd
- Zhangjiagang Huayi Chemical Co., Ltd
Key Insights Offered in Cobalt Sulfate Industry Research:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Assessment by Product Grade / Purity / Formulation Standards
- Certifications and Compliance Requirements
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Cobalt Sulfate Demand and How to Navigate
- Recommendation on Key Winning Strategies
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Consumption Analysis of Cobalt Sulfate from 2016 to 2020 Vs market Outlook for 2021 to 2031
Historically, from 2016 to 2020, volume sales of cobalt sulfate increased at around 6.2% CAGR. There was an overall incremental dollar opportunity of US$ 918 Mn during the same period.
According to the newly released data on cobalt sulfate market analysis, global demand of battery grade cobalt sulfate is expected to enjoy year-on-year (YoY) growth of 7.1% in 2021 to reach a total of 119,308 tons. Agriculture and feed grade cobalt sulfate is expected rise at 6.8% to 66,359 tons, while the metal finishing segment is anticipated to expand 6.8% to 15,165 tons in 2021.
Growing sales of electric vehicles across the globe is expected to be a key driver that will elevate demand for cobalt sulfate, as it is an important ingredient used in the manufacturing of batteries. Due to the rise in regulations over vehicle emissions to prevent the environment from pollution and reduce health hazards from vehicle emissions, demand for electric vehicles is increasing.
In addition, rising population coupled with growth in living standards of the population across the globe are elevating demand for agricultural and food products. Agricultural activities are increasing across the globe to cater to this growing demand. Countries such as Brazil, Mexico, India, and others are primarily engaged in agricultural activities.
Agricultural and feed grade cobalt sulfate is used as an additive to enhance the nutrition level of soil and is also used in animal feed. Growing need for agricultural and food products is expected to surge the demand for soil nutrition products & animal feed additives, thus stimulating demand for cobalt sulfate.
The global cobalt sulfate industry is anticipated to witness substantial growth at a CAGR of 8.2% over the forecast period of 2021-2031.
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What are the Opportunities Awaiting Cobalt Sulfate Manufacturers?
Various government initiatives are promoting the use of electric vehicles across the globe. Rapid urbanization and increasing standards of living are expected to drive demand for automobiles, including electric vehicles.
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 in li-ion batteries, is expected to witness significant growth opportunities owing to the growing sales of EVs.
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What is Hindering the Growth Rate of the Cobalt Sulfate Market?
Cobalt is mainly obtained as a by-product during the mining of copper and nickel. Just a small percentage approximately 2% to 2.5% of the overall cobalt in the market is obtained from primary cobalt mines. Limited availability of cobalt results in fluctuations in prices over a period of time. This fluctuation hinders manufacturers from offering competitive pricing to gain a competitive edge in the market.
Moreover, due to rise in prices during the period of 2017-2018, manufacturers were compelled to find cheaper alternatives for cobalt sulfate to reduce the prices of li-ion batteries.
This factor is likely to hinder the overall demand growth of cobalt sulfate over the coming years.
Which Region Offers the Largest Opportunity for Sales of Cobalt Sulfate?
East Asia holds a dominant share in global market, and is expected to continue its dominance over the forecast period. China is a leading country in terms of consumption of cobalt sulfate. Strong presence of end-use industries in the region is attracting manufacturers to expand their footprint in East Asia.
Increasing governmental regulations to reduce vehicle emissions and growing EV sales are expected to benefit the East Asian market for cobalt sulfate.
Countries in Latin America have significant a significant agricultural sector. The agriculture industry holds substantial shares in the GDP of these countries. Growing foreign direct investment in the agricultural sector is likely to boost production, processing, and logistics for continuous supply of agricultural products.
Cobalt sulfate is one of the protuberant feed supplements and is utilized in micro-nutrition and veterinary products, which will drive its demand.
Why is China the Largest Consumer of Cobalt Sulfate?
China is expected to dominate the East Asian as well as global market. The country is expected to hold more than 82% of the market share in East Asia.
China has a vast population that creates huge demand for automobiles. It is also one of the largest producers of automobiles in the world. With a high production capacity of automobiles, the country creates huge demand for finished metal, batteries, chemicals, etc., which are major end-use industries of cobalt sulfate. Strong presence of end-use industries in the country makes China a lucrative market for cobalt sulfate manufacturers.
Will the U.S. Be a Lucrative Market for Cobalt Sulfate Suppliers?
In 2021, the U.S. market for cobalt sulfate grew 4.1% year-on-year, bucking initial skepticism about how the market would perform during a global pandemic. Across the whole of North America, total sales of cobalt sulfate is expected to reach US$ 264 Mn in 2021.
Strong research & development capabilities of the country provides an additional advantage for cobalt sulfate manufacturers based in the country. Increasing awareness and preference toward eco-friendly products and extensive use of electric vehicles in the country is attracting cobalt sulfate manufacturers to expand and leverage the opportunity created by the country’s large lithium-ion battery market.
Which is the Bestselling Grade of Cobalt Sulfate?
Battery grade cobalt sulfate is the most sought-after across regions. Revenue from this segment is expected to grow 7.3% year-over-year in 2021. Demand for industrial grade cobalt sulfate is expected to increase 6.8%, and is anticipated to give the combined global cobalt sulfate market year-over-year growth of 6.9% in 2021.
However, over the coming years, battery grade cobalt sulfate is expected to experience decrease in its share due to various ongoing research & development activities to reduce cobalt content in batteries.
Will High Need of Animal Feed & Soil Additives Drive Demand for Cobalt Sulfate?
According to Persistence Market Research, growth in the population across the globe coupled with rising living standards is surging demand for agriculture and soil additives. Cobalt sulfate is a key indigenous additive used to enhance the nutrition of soil. Animal feed & soil additives are expected to attain a value of US$ 1.7 Bn by 2031.
Countries such as Brazil, India, and Mexico having significant share in the global agriculture industry, which is elevating the demand for soil additives. Growing population along with shrinking agricultural land is driving the need to increase per hectare yield of land, and, as such, catalyzing the demand for cobalt sulfate.
Key manufactures are indulged in research & development of the product to innovate and develop new solutions. Moreover, key participants are engaged in entering into strategic partnerships and collaborations to develop the supply chain for raw materials and finished products.
- In May 2021, Umicore and BASF entered into a patent cross license agreement. According to the agreement, both companies can share patents for the research & development of cathode materials.
- In May 2021, many major battery manufacturers such as CMOC, Eurasian Resource Group, and Glencore collaborated with Umicore in order to improve the supply chain of cobalt from mines to electric vehicle manufacturers.
- In April 2021, Johnson Matthey (JM), one of the global leaders in developing sustainable technologies, announced a strategic partnership with Norilsk Nickel to develop the supply chain network for continuous supply of raw materials
Cobalt Sulfate Market Report Scope
Historical Data Available for
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
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Key Segments Covered in Cobalt Sulfate Industry Survey
- Battery Grade Cobalt Sulfate
- Industrial Grade Cobalt Sulfate
- Agriculture & Feed Grade Cobalt Sulfate
- Cobalt Sulfate for Batteries/Energy Storage
- Cobalt Sulfate for Metal Finishing
- Cobalt Sulfate for Animal Feed & Soil Additive
- Cobalt Sulfate for Inks & Pigments
- Cobalt Sulfate for Chemicals
- FAQs -
The global cobalt sulfate market is currently valued at over US$ 3.5 Bn.
Increasing sales of EVs is driving demand for batteries, thereby parallelly surging sales of cobalt sulfate.
From 2016 to 2020, demand for cobalt sulfate increased at a CAGR of 8.4%.
Sales of cobalt sulfate are projected to increase at 8.2% CAGR and be valued at over US$ 7.8 Bn by 2031.
Top 5 cobalt sulfate manufacturers account for close to 50% market share, as per ratings on the basis of market share, market reach, clientele, etc.
The market for cobalt sulfate in Germany is progressing at around 4% CAGR, giving the country a 32% share in the European market.
China, the U.S., Japan, Mexico, and Brazil are the major demand centers for cobalt sulfate.
China, the U.S., and Japan are key producers and exporters of cobalt sulfate.
Japan enjoys a share of over 12% in the global market.