Cobalt Sulfate Usage Increasing Substantially Due to Rising Production of Electric Vehicles
Rockville , Oct. 30, 2023 (GLOBE NEWSWIRE) — As per a new study by Fact.MR, the global Cobalt Sulfate Market is pegged at US$ 3.7 billion in 2023 and is forecasted to expand at a CAGR of 7.7% during the forecast period (2023 to 2033).
Rapid expansion of the electric vehicle (EV) industry, driven by a heightened focus on reducing carbon emissions, is foreseen to exert an influence on the cobalt sulfate market in the near term. Consequently, demand for cobalt sulfate, an essential component in EV batteries, is set to rise. Furthermore, cobalt prices are foreseen to experience short-term fluctuations due to supply and demand variances, geopolitical events, and production capacity.
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Key Segments of Cobalt Sulfate Industry Research Report
| By Grade | By Application | By Region |
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Ethical and environmental considerations are projected to gain more prominence. Both companies and governments are predicted to place a greater emphasis on minimizing the environmental impact of cobalt mining and responsibly sourcing cobalt. Development of recycling infrastructure, emergence of new mining initiatives, and modifications in trade regulations are projected to collectively influence market growth.
Key Takeaways from Market Study
- The global cobalt sulfate expanded at a CAGR of 7.35% from 2018 to 2022 and reached a valuation of US$ 3.5 billion at the end of 2022.
- The market is projected to advance at 7% CAGR and reach US$ 7.9 billion by 2033.
- The market in the United States is projected to reach a valuation of US$ 2.4 billion by the end of 2033.
- Cobalt sulfate sales in China are pegged at US$ 1 billion in 2023.
“Substantial revenue for market players will come from the sales of battery grade cobalt sulfate,” says a Fact.MR analyst.
Market Growth Stratagems
To ensure a consistent supply of cobalt sulfate for the manufacturing of lithium-ion batteries, suppliers are engaging in collaborations with battery manufacturers. Companies are investing in production capacity expansion to meet the growing demand for cobalt sulfate, focusing on sustainable production of cobalt sulfate to meet regulatory requirements.
- For example, in 2023, Huayou Cobalt announced a US$ 1 billion investment to augment its cobalt sulfate production capacity in Indonesia.
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
- Nicomet Industries Limited
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| Report Attribute | Details | |
| Value Projection (2033) | USD 7.9 Billion | |
| Growth Rate (2023-2033) | 7.7% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 96 Tables | |
| No. of Figures | 85 Figures | |
Large-scale energy storage solutions are pivotal in addressing the intermittent nature of renewable energy sources like wind and solar. The inclusion of cobalt in batteries greatly enhances the dependability of energy storage systems, guaranteeing a steady power supply when needed. This positions cobalt as a foundational element in the transition towards more sustainable and eco-friendly energy sources.
Furthermore, beyond grid-scale storage, both homeowners and businesses are progressively embracing battery storage systems tailored for specific purposes. A considerable number of these batteries are imbued with cobalt sulfate. The global shift towards cleaner energy sources is propelling the expansion of renewable energy capacity. With the proliferation of wind and solar installations, the demand for energy storage solutions reliant on cobalt sulfate is poised for substantial growth.
The adoption of cobalt sulfate in batteries and energy storage systems is a key driver of market expansion. Its vital role in enhancing the energy density, stability, and reliability of lithium-ion batteries is a primary catalyst. The increasing demand for electric vehicles and renewable energy solutions is poised to provide robust support for the continuous requirement of cobalt sulfate in these applications. This is projected to play a substantial role in propelling the growth of the cobalt sulfate market.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the cobalt sulfate market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals essential insights based on grade (battery grade, industrial grade, agriculture & feed grade) and application (batteries/energy storage, metal finishing, animal feed & soil additive, inks & pigments, chemicals, others), across major regions of the world (North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and the Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
Ferrous Sulfate Market: The global ferrous sulfate market is estimated to be valued at US$ 2.5 billion in 2023 and it is projected to grow at a CAGR of 2.9% to reach US$ 3.3 billion by the end of 2033.
Ammonium Sulfate Market: The global ammonium sulfate market was worth US$ 3.31 Billion in 2021, and is expected to reach US$ 4.9 Billion by 2032. The market expected to grow at a compound annual growth rate of 3.6% between 2022 and 2032.
Crude Sulfate Turpentine Market: The global market for crude sulfate turpentine is estimated to witness a moderate CAGR of ~4% during the forecast period (2019-2027). The crude sulfate turpentine market is expected to witness significant growth owing to increased demand for bio-friendly products.
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