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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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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anticipated to reach USD 3823.5
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readjusted size of USD 20660 Million
by 2029 with a CAGR of 21.2% during the forecast period
(2023-2029).
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worth USD 11840 Million in 2023 and
is forecast to a readjusted size of USD
9681.7 Million by 2030 with a CAGR of -2.8% during the
forecast period 2024-2030.
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projected to reach USD 4071.5 Million
in 2029, increasing from USD 3745.3
Million in 2022, with a CAGR of 1.2% during the period of
2023 to 2029.
- Medical-grade Cobalt-60 Market
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- The global lithium-ion battery market size was valued at
USD 46.2 billion in 2022, and the
lithium-ion battery industry is projected to reach USD 189.4 billion by 2032, growing at a CAGR of
15.2% from 2023 to 2032.
- Lithium Ion Battery Separators market was valued at
USD 2904 Million in 2023 and is
anticipated to reach USD 3612.1
Million by 2030, witnessing a CAGR of 3.1% during the
forecast period 2024-2030.
- Aluminum Foil for Lithium-ion Battery Cathode Materials
Market
- The global Sulfuric Acid market is projected to grow
from USD 8712.1 Million in 2023 to
USD 10100 Million by 2029, at a
Compound Annual Growth Rate (CAGR) of 2.5% during the forecast
period.
- Lithium ion Battery Recycling Market
- Electrochemical Workstation Market revenue was
USD 220 Million in 2022 and is
forecast to a readjusted size of USD 288.5
Million by 2029 with a CAGR of 3.9% during the forecast
period (2023-2029).
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