Cobalt Sulphate Market Size Forecast to Reach $1.2 Billion by 2026

October 29 22:00 2021
Cobalt Sulphate Market Size Forecast to Reach $1.2 Billion by 2026
Cobalt Sulphate Market
Rise in Demand for Storage Batteries in Electric Vehicles Is Driving Cobalt Sulphate Market

Cobalt Sulphate Market size is forecast to reach $1.2 billion by 2026, after growing at a CAGR of 2.4% during 2021-2026. Cobalt Sulphate is a red monoclinic crystals, toxic, monoclinic crystalline, odorless metallic salt. Cobalt Sulphate is soluble in water and liquify at 100 degree Celsius and become anhydrous at 250 degree Celsius. It is slightly soluble in ethanol and fully soluble in methanol. Cobalt Sulfate Heptahydrate also known as Cobalt sulfate heptahydrate is a sulfate-compatible Cobalt source that is somewhat water and acid soluble. Cobalt Sulphate is mostly used in the electrochemical industries in the storage batteries, drying paints, inks, in manufacturing of commercial and consumer products. It is also used in the manufacturing of other cobalt salts.

COVID -19 Impact:

Despite the obstacles posed by the COVID-19 epidemic, the cobalt market is strong. Despite the current economic difficulties, cobalt demand remained strong in 2020. While the market shrank year over year, it did so by less than 1%, thanks to rising demand for cobalt in lithium-ion batteries. COVID-19 has a number of effects on the availability of cobalt. Cobalt prices of metal, intermediates, and salts have fallen thus far due to fears of a global economic downturn induced by the virus. According to Cobalt Institute, despite COVID-19’s effects, worldwide cobalt consumption declined just little (0.6 percent) between 2019 and 2020. Importantly, demand from the battery industry remained steady, rising 5% year over year.

Cobalt Sulphate Market Segment Analysis – By Grade

Reagent and Technical Grade held the largest share of 38% in the Cobalt Sulphate Market in 2020. The reagent and the technical grade is used in the commercial and the industrial purpose when the highest purity of grade is not specified. The different grades are used in chemicals to specify that the chemical has met all regulatory and compliance standards that are mandatory to follow. The reagent grade is acceptable for food, drugs, and medical usages.

Cobalt Sulphate Market Segment Analysis – By Application

Consumer Use segment held the largest share in the Cobalt Sulphate Market in 2020 with a CAGR of 4.2% during the forecast period of 2021-2026. The rise in consumer use segment is due to the increase in the usage of cobalt sulphate in storage batteries. Approximately 50% of the cobalt sulphate produces globally is found in the rechargeable batteries which have become a sustainable technology for future. The Storage batteries are used in mobile phones, laptops, tablets, electronic vehicle, electric bikes, home storage, power stations and others. With the most used type of battery in which cobalt is used is Lithium Ion battery. With the growing market for lithium ion batteries in the automotive sector will tend to increase the demand for cobalt sulphate. The industrial use of Cobalt Sulphate is also increasing due to the rise in demand in agricultural chemicals, corrosion inhibitors and anti-scaling agents, planting and surface treatments and others.

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Cobalt Sulphate Market Segment Analysis – Geography

Asia-Pacific (APAC) dominated the Cobalt Sulphate Market growing in the year 2020 with a market share of 40%, followed by North America and Europe. In APAC, China is driving much of the Cobalt Sulphate Market demand in Asia-Pacific region because of presence of major manufacturers in the region. The use of storage batteries in electric vehicle is driving the demand. Also, the demand for cobalt sulphate is rising in consumer use segment for use in agriculture and water treatment use. Currently, the electronic vehicle market and cobalt sulphate industry has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In turn has affected the demand and supply chain as well which has been restricting the growth in the year 2021.

Cobalt Sulphate Market Drivers

Rise in Demand for storage batteries in electric Vehicles

Industrialization has led to the increase in demand for cobalt sulphate in various industries for different purposes. The use of cobalt sulphate in storage batteries is driving the demand. The changing trend of shifting towards renewable source of energy and implementing in different forms has led the way. The new electric vehicles and its growth are raising the demand for cobalt sulphate for making stationary batteries. Between 2013 and 2020, demand for cobalt in lithium-ion batteries, which are mostly used in portable gadgets and electric cars, surged at a 10% annual pace. As a result, last year’s total cobalt usage was 57 percent due to batteries according to Cobalt Institute.

Cobalt Sulphate Market Challenges

Decline in the mining activities and rise in price

Mining is the biggest source of raw materials and compounds. Due to decline in the mining activities because of negative impact on the environment and government policies. The decline has led to a very tight supply chain and led to increase in the price of cobalt and related products. Mining and recycling are the two main sources of cobalt feedstock. Cobalt mine production declined 6% in 2020 compared to the previous year, owing to the closure of the world’s largest cobalt mine (Glencore’s Mutanda) in late 2019. In 2020, global mining production was estimated to be 145kt Co. Because of cobalt price levels and the concerns posed by COVID-19, cobalt supply from artisanal sources remained restrained in 2020.

Cobalt Sulphate Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cobalt Sulphate Market. Major players in the Cobalt Sulphate Market are Freeport Cobalt Oy, Ganzhou Tengyuan Cobalt Industrial Co., Ltd, Jiayuan Cobalt Holdings, Jilin Jien Nickel Industry Co., Ltd., Jinchuan Group Co., Ltd., Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd., Nicomet Industries Limited, MMC Norilsk Nickel, Umicore, and Zhangjiagang Huayi Chemical Co. Ltd. and Others.

Acquisitions/Technology Launches/ Product Launches

In December 2019, Umicore completed the acquisition of cobalt refining and cathode precursor activities in Finland from Freeport Cobalt in $203 million on debt and cash free basis.

Key Takeaways

Asia Pacific dominates the Cobalt Sulphate Market owing to rapid increase in usage in the electrochemical industries for drying paints, in storage batteries, as pigments and others.

The market drivers and restraints have been assessed to understand their impact over the forecast period.

The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.

The other key areas of focus include the various applications and end use industry in Cobalt Sulphate Market and their specific segmented revenue.

Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Cobalt Sulphate Market related industries has been negatively affected, thus hampering the growth of the market.

Related Reports:

A. Lithium-ion Battery Recycling Market

B. Battery Materials Market

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