Cobalt Sulphate Market Statistics – 2030
The global cobalt sulphate market was valued at $1.0 billion in 2020, and is projected to reach $1.9 billion by 2030, growing at a CAGR of 6.4% from 2021 to 2030.
Cobalt sulphate is an inorganic, divalent cobalt salt of sulfuric acid, represented by the chemical formula, CoSO4. It is used in applications such as electrochemical industry, paints & inks, coloring agents, and storage batteries.
Factors such as solubility and cost effectiveness make it widely used in applications such as drier in lithographic inks, decorating porcelain, prevention of discoloring in glazed products, and varnishes drive the demand for the global market. In addition, use of cobalt sulphate during passivation process and cobalt plating is another factor that drives the demand for cobalt sulphate market. Other uses such as water treatment and production of electric cells & batteries surge the demand for cobalt sulphate, thereby augmenting the global market growth.
However, inhalation and exposure of cobalt sulphate over the threshold value leads to carcinogenicity and skin irritation that hampers the market growth. Moreover, exceeding the consumption and inhalation of cobalt sulphate over few milligrams per day can be dangerous and imparts negative impact on vital organs of the body such as kidneys, lungs, and heart, which hampers the market growth.
On the contrary, increased use of cobalt sulphate in electroplating and ceramic pigment applications is anticipated to offer new growth opportunities during the forecast period. In addition, use of cobalt sulphate as drying agent during production of cobalt based pigments, electroplating baths, and foliar spray is predicted to offer new opportunities during the forecast period.
The cobalt sulphate market analysis is done on the basis of application and region. On the basis of applications, the market is segmented intoalloys, magnets, hard materials, catalyst, inks & dyes, batteries, and others.. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include Jervois Finland, Ganzhou Tengyuan Cobalt Industrial Co. Ltd., Zhangjiagang Huayi Chemical Co. Ltd., Nantong Xinwei Nickel & Cobalt Hightech Development Co. Ltd., Norilsk Nickel, Umicore, Hunter Chemical LLC, Jiayuan Cobalt Holdings Limited, Merck KGaA, and Jinchuan Group International Resources Co. Ltd.
By Application
Magnets segment is the most lucrative segment
Cobalt Sulphate Market, by Region
The LAMEA cobalt sulphate market size is projected to grow at the highest CAGR of 7.2% during the forecast period and accounted for48% of cobalt sulphate market share in 2020. Cobalt sulphate is an important source for ruminant animals such as cattle, sheep, and goats. Sheep and cattle farming in Saudi Arabia have gained importance owing to rise in health consciousness and growth in consumption of sheep and cattle meat among consumers. All these factors drive the demand for cobalt sulphate in LAMEA.
Cobalt Sulphate Market, by Application
In 2020, the battery segment was the largest revenue generator, and is anticipated to grow at a CAGR of 6.7% during the forecast period. Cobalt and mixed metal (nickel-cobalt-manganese) cathode precursors are widely used in lithium-ion batteries and growth in use of cobalt sulphate during production of these cathode precursors drive the demand in the global market.
By Region
LAMEA would exhibit highest CAGR of 7.2% during 2021-2030.
Impact Of Covid-19 On Global Cobalt Sulphate Market
- The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The cobalt sulphate market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on chemical manufacturing, pigment, ceramics, batteries, and other end-use sectors.
- For instance, according to a report published by the American Chemistry Council (ACC), the U.S. chemical output fell by 3.6% in 2020 after a 0.1% dip in 2019. Furthermore, to control the surge of novel coronavirus cases, there is a drastic shift of investments from other sectors toward healthcare. Moreover, several cobalt sulphate manufacturing companies have either shut down or shrank their operations due to the risk of infection among the workforce. This has temporarily hampered the production rate of the cobalt sulphate market. In addition, the fall in income of customers has led contraction in the demand for cosmetic products where cobalt sulphate is widely used as an intermediate in producing pigments.
- Furthermore, the industry has faced various problems related to transportation, the non-availability of a skilled workforce, and reduced export/ import orders amid the COVID-19 period. This has led the cobalt sulphate market to witness a downfall in demand.
Key benefits for stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current cobalt sulphate market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Cobalt Sulphate Market Report Highlights
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Analyst Review
The global cobalt sulphate market is expected to exhibit high growth potential owing to its use in chemical industry, rechargeable batteries, ceramic pigments, and electroplating applications. Hydrated cobalt sulphate is used during formulation of pigments (cobalt pigments). These pigments are further used for improving aesthetic look of glass and porcelain products. In addition, cobalt sulphate is used to overcome and treat cobalt deficiency and it is used during oral daily drenching in animal husbandry is predicted to offer lucrative growth opportunities in future. For instance, cobalt sulphate is used in oral drench application by administrating cobalt sulphate through drinking water or it can be added in the feed supplement.
Cobalt sulphate heptahydrate is type of cobalt sulphate that is widely used as research chemical. Other applications of cobalt sulphate include additive to improve soil characteristics that is anticipated to further boost the growth &yield of crops and electroplating baths is anticipated to augment the demand in the global market. Corrosion inhibitors, anti-scaling agents, and electro-plating agents are other applications of cobalt sulphate that are anticipated to offer new growth opportunities during the forecast period.
The global cobalt sulphate market is anticipated to grow at a CAGR of 6.4% during the forecast period.
The global cobalt sulphate market was valued at $1.0billion in 2020, and is projected to reach $1.9 billion by 2030.
Sample report for cobalt sulphate market can be downloaded through below link https://www.alliedmarketresearch.com/request-sample/2149.
Factors such as solubility and cost effectiveness make it widely used in applications such as drier in lithographic inks, decorating porcelain, prevention of discoloring in glazed products, and varnishes drive the demand for the global market. In addition, use of cobalt sulphate during passivation process and cobalt plating is another factor that drives the demand for cobalt sulphate market. Other uses such as water treatment and production of electric cells & batteries surge the demand for cobalt sulphate, thereby augmenting the global market growth.
Jervois Finland, Ganzhou Tengyuan Cobalt Industrial Co. Ltd., Zhangjiagang Huayi Chemical Co. Ltd., Nantong Xinwei Nickel & Cobalt Hightech Development Co. Ltd., Norilsk Nickel, Umicore, Hunter Chemical LLC, Jiayuan Cobalt Holdings Limited, Merck KGaA, and Jinchuan Group International Resources Co. Ltd. are the leading players in cobalt sulphate market.
Batteries end-use industry is projected to increase the demand for cobalt sulphate Market.
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