Global Cobalt Sulphate Market

Global Cobalt Sulphate Market was valued at US$ 970.5 Bn in 2019 and is expected to reach US$ 1120.21 Bn by 2027 at a CAGR of 1.81 % during the forecast period.

 

The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.

Global Cobalt Sulphate Market Dynamics:

Enhancement of hybrid and electric vehicles, usage of Li-ion batteries in vehicles and separating cobalt with restricted crude materials are main driving factors in Global Cobalt Sulphate Market. Chemical manufacturers have promised support and adherence to governments & regional authorities that are committing towards green, sustainable initiatives. The development of bio-alternatives is gaining momentum. Research & academic institutes are teaming up with manufacturers to formulate sustainable substitutes for commonly-used chemical substrates. Many companies are keeping a close eye on advancements in “green chemistry.” The shift towards eco-friendly chemicals will gain momentum in the future on the back of government regulations and end-user preference. Rising costs of fossil fuels will also instrument the upsurge for sustainable chemicals manufacturing.

Global Cobalt Sulphate Market Segment Analysis:

The battery segment accounted for the highest share of cobalt sulphate market in 2019, owing to the highest consumption of batteries in passenger electric vehicles, consumer electronics, and stationary storage.The demand for lithium is expected to reach at 50,000 MT by 2027. At present, there are around 350 lithium mining projects active to accomplish the rise in demand for lithium batteries in various applications. The growth in end-use industries such as pigment, ceramic, glass, and battery drives the market for cobalt sulphate. However, the growth for cobalt sulphate market is expected to get affected, owing to the health concerns related to cobalt sulphate industry.

Global Cobalt Sulphate Market Regional Insights:

Asia accounted for the highest market share in 2019 and is projected to grow at the highest CAGR of 2.4%, owing to the presence of major manufacturers in China. In addition, the demand from the passenger electric vehicles, consumer electronics, and stationary storage sector are expected to drive the market growth in Asia. Europe was estimated to be the second highest consumer for cobalt sulphate in 2019. Belgium & Finland are the major suppliers of cobalt sulphate in the region followed by Norway. The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by solution type, end user, and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the cobalt sulphate market.

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Scope of the Global Cobalt Sulphate Market Report:

Global Cobalt Sulphate Market, By Application

• Superalloy • Hard facing/HSS & Other Alloy • Magnet • Hard Material • Catalyst • Color • Battery • Others

Global Cobalt Sulphate Market, By Region

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

Key Players Operating in the Global Cobalt Sulphate Market:

• Freeport-McMoRan • Huayou Cobalt • Nicomet • Norilsk Nickel • Umicore • Zhangjiagang Huayi Chemical • Jiayuan Cobalt Holdings • Shepherd Chemical • Flexsys • Katanga • Josephine Mining • PJSC MMC Norilsk Nickel • Freeport Cobalt Oy • Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd. • ALT Cobalt & Nickel Products (Dalian) C o., Ltd. • Jiayuan Cobalt Holdings Limited • INCASA SA • Cangzhou Tengyuan Cobalt Industry Co., Ltd. • Zhangjiagang Huayi Chemical Co., Ltd. • MMC Norilsk Nickel • Dalian Ruiyuan • Hebei Kingway

 

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