Latest News- Cobalt Sulfate Market: Battery is expected to lead the Application segment during 2024-2028
The Cobalt Sulfate Market is being driven by Increased demand for cobalt sulfate due to growth of electric vehicle industry
The Cobalt Sulfate Market is expected to grow at a CAGR of 6.52% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 502.9 million. The global cobalt market is experiencing significant growth due to the increasing demand for nickel-manganese-cobalt (NMC) and lithium-ion batteries in electric vehicles (EVs) and energy storage systems. This demand-supply imbalance is driving up the price of cobalt, as existing mines struggle to meet the increasing demand. To address this issue, new cobalt mines are being explored and developed, including in Canada, where several mining firms have identified potential sources. Notably, eCobalt's Idaho Cobalt Project is the only advanced primary cobalt development project in the US, with an expected annual production capacity of 1,500 tons of cobalt sulfate once operational. This new supply is crucial to mitigating the current cobalt shortage and ensuring the continued production of high-performance batteries.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Battery, Pigment, Others) Grade Type (Battery grade, Industrial grade, Agriculture and feed grade) Geography (APAC, Europe, North America, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Cobalt Sulfate Market Research Report
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The Cobalt Sulfate market encompasses various applications in agriculture, material science, and industry. Cobalt compounds, as inorganic salts and metal salts, play crucial roles in agricultural chemicals, animal feed additives, and inorganic pigments. In material science, they are used as colorants, coating materials, and chemical additives. In industry, they contribute to battery technology, surface treatment, metal processing, and chemical engineering. Cobalt Sulfate is essential for ceramic materials, chemical synthesis, electrochemical processes, and green battery solutions. With the growing demand for clean energy and energy independence, the market analysis focuses on battery technology, battery life cycle, battery cost reduction, battery innovation, and ethical sourcing. The market is driven by the battery industry's growth, solar and wind energy, and battery recycling. The market also addresses battery stability, safety regulations, and cobalt resource scarcity, leading to the exploration of cobalt alternatives. The energy transition and lithium-ion battery technology further fuel the market's expansion.
The global cobalt sulfate market is a significant segment of the larger commodity chemicals market, which encompasses businesses specializing in the production of industrial and basic chemicals. This market category includes sectors such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Key drivers for the growth of this market include the rising demand for plastic packaging due to its widespread usage in the industry and the increasing trend towards using hard materials in various applications. Furthermore, the market is influenced by the growing use of cobalt sulfate as a drying agent in ceramics, electroplating baths, and the passivation process. Additionally, the health consciousness trend is fueling the demand for cobalt sulfate in the production of varnishes, inks, and dyes. Technavio's market analysis also highlights the use of cobalt sulfate in the livestock industry as a dietary supplement for ruminant animals, particularly goats.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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