NEW YORK, May 25, 2022 /PRNewswire/ -- The latest market analysis report titled Cobalt Sulfate Market by Application and Geography - Forecast and Analysis 2022-2026 is now available at Technavio. The report predicts the market size to grow by 7617.48 million tonnes per annum from 2021 to 2026. The cobalt sulfate market analysis study also provides comprehensive insights on factors influencing the market growth.
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Cobalt Sulfate Market Dynamics
The growth of the electric vehicle industry is one of the key drivers anticipated to influence the market growth positively during the forecast period. The global electric vehicle market has recorded a 160% growth in the first half of 2021 when compared to 2020. This will lead to an increase in electric vehicle battery production, which, in turn, would spur the demand for cobalt, boosting the market growth.
Primary cobalt mines emerging is one of the key cobalt sulfate market trends contributing to the market growth.
The increasing demand for EVs and energy storage devices is increasing the demand for nickel, cobalt, and aluminum lithium-ion batteries.
The increasing price of cobalt sulfate is one of the limitations likely to hinder the market growth. Primarily, there is an imbalance in the demand-supply ratio in the cobalt market. At the beginning of 2020, the cost of cobalt was much lower than the current prices. Thus, such an increase in the price of cobalt sulfate will hinder the CoSO4(H2O)x market growth during the forecast period.
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Cobalt Sulfate Market: Application Landscape
Battery: The battery application segment held the largest cobalt sulfate market share in 2021. The segment will continue to retain its market dominance during the forecast period. Batteries, especially lithium-ion batteries, will hold a major share of the global cobalt sulfate market during the forecast period. The major driver for the high demand for batteries is the increasing demand for EVs across the world.
Cobalt Sulfate Market Regional Opportunities
APAC: 43% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the cobalt sulfate market in APAC. Market growth in this region will be faster than the growth of the market in other regions. The EV sales in India are expected to increase by the end of 2022, which will facilitate the cobalt sulfate market growth in APAC over the forecast period.
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Anglo American Plc
Australian Mines Ltd.
Dalian Aote Cobalt Nickel New Material Manufacturing Co.
Freeport McMoRan Inc.
Ganzhou Tengyuan Cobalt New Materials Co. Ltd.
GEM Co. Ltd.
Hunter Chemical LLC
Jervois Global Ltd.
Jinchuan Group International Resources Co. Ltd.
Nantong Xinwei Nickel and Cobalt Hightech Development Co. Ltd.
PJSC MMC Norilsk Nickel
Zhangjiagang Huayi Chemical Co. Ltd.
Zhejiang Huayou Cobalt Co. Ltd.
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What our reports offer:
Market share assessments for the regional and country-level segments
Strategic recommendations for the new entrants
Covers market data for 2020, 2021, until 2025
Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
Strategic recommendations in key business segments based on the market estimations
Competitive landscaping mapping the key common trends
Company profiling with detailed strategies, financials, and recent developments
Supply chain trends mapping the latest technological advancements
Cobalt Sulfate Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 5.74%
Market growth 2022-2026
YoY growth (%)
APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution
APAC at 43%
Key consumer countries
US, China, Japan, India, and Russia
Leading companies, competitive strategies, consumer engagement scope
Anglo American Plc, Australian Mines Ltd., Dalian Aote Cobalt Nickel New Material Manufacturing Co., Freeport McMoRan Inc., Ganzhou Tengyuan Cobalt New Materials Co. Ltd., GEM Co. Ltd., Hunter Chemical LLC, INCASA SA, Jervois Global Ltd., Jinchuan Group International Resources Co. Ltd., Merck KGaA, Nantong Xinwei Nickel and Cobalt Hightech Development Co. Ltd., PJSC MMC Norilsk Nickel, Umicore NV, Vedanta Ltd., Zhangjiagang Huayi Chemical Co. Ltd., and Zhejiang Huayou Cobalt Co. Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Content
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
4 Five Forces Analysis
4.1 Five forces summary
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Application
5.1 Market segments
5.2 Comparison by Application
5.3 Battery - Market size and forecast 2021-2026
5.4 Pigment - Market size and forecast 2021-2026
5.5 Others - Market size and forecast 2021-2026
5.6 Market opportunity by Application
6 Customer Landscape
6.1 Customer landscape overview
7 Geographic Landscape
7.1 Geographic segmentation
7.2 Geographic comparison
7.3 APAC - Market size and forecast 2021-2026
7.4 Europe - Market size and forecast 2021-2026
7.5 North America - Market size and forecast 2021-2026
7.6 Middle East and Africa - Market size and forecast 2021-2026
7.7 South America - Market size and forecast 2021-2026
7.8 China - Market size and forecast 2021-2026
7.9 US - Market size and forecast 2021-2026
7.10 Russia - Market size and forecast 2021-2026
7.11 Japan - Market size and forecast 2021-2026
7.12 India - Market size and forecast 2021-2026
7.13 Market opportunity by geography
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.3 Impact of drivers and challenges
8.4 Market trends
9 Vendor Landscape
9.2 Vendor landscape
9.3 Landscape disruption
9.4 Industry risks
10 Vendor Analysis
10.1 Vendors covered
10.2 Market positioning of vendors
10.3 Anglo American Plc
10.4 Dalian Aote Cobalt Nickel New Material
10.5 Freeport McMoRan Inc.
10.6 Ganzhou Tengyuan Cobalt New Materials
10.7 INCASA SA
10.8 PJSC MMC Norilsk Nickel
10.9 Umicore NV
10.10 Vedanta Ltd.
10.11 Zhangjiagang Huayi Chemical Co. Ltd.
10.12 Zhejiang Huayou Cobalt Co. Ltd.
11.1 Scope of the report
11.2 Inclusions and exclusions checklist
11.3 Currency conversion rates for US$
11.4 Research methodology
11.5 List of abbreviations
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