New York, May 29, 2023 (GLOBE NEWSWIRE) -- In 2023, the cobalt sulphate market will be worth US$4.09 billion. Sales of cobalt sulphate are projected to grow consistently at a pace of 8.3%, reaching a value of US$ 9.09 billion by 2033.The growth of the market is driven by the increasing demand for cobalt sulfate in the battery industry, particularly for lithium-ion batteries.
Cobalt sulfate, also known as cobaltous sulfate, is an inorganic compound with the chemical formula CoSO₄. It is widely used as a raw material for the production of lithium-ion batteries, which are extensively used in electric vehicles (EVs), portable electronics, and energy storage systems. This research report aims to provide an in-depth analysis of the cobalt sulfate market, including its current trends, growth factors, challenges, and future prospects.
Click Here to Get Free Sample Copy of this Report @ https://www.persistencemarketresearch.com/samples/4418
The global cobalt sulfate market is segmented by application, region, and company. By application, the market is segmented into batteries, pigments, ceramics, and others. The batteries segment is the largest segment of the market, and it is expected to continue to be the largest segment during the forecast period. The growth of the batteries segment is driven by the increasing demand for lithium-ion batteries, which are used in EVs and other portable electronic devices.
Market Drivers
- Increasing demand for cobalt sulfate in the battery industry
- Increasing demand for electric vehicles
- Growing demand for cobalt sulfate in the pigment industry
- Growing demand for cobalt sulfate in the ceramics industry
Market Challenges
- High cost of cobalt sulfate
- Limited supply of cobalt
- Environmental concerns associated with the mining of cobalt
Market Opportunities
- Growing demand for cobalt sulfate in the battery industry for new applications such as energy storage systems
- Increasing demand for cobalt sulfate in the pigment industry for new applications such as high-performance paints and coatings
- Increasing demand for cobalt sulfate in the ceramics industry for new applications such as high-temperature resistant ceramics
Market Trends
- Increasing focus on the development of cobalt-free alternatives
- Growing demand for cobalt sulfate from emerging markets such as China and India
- Increasing investment in the development of new cobalt mines
Get Full Access of this Report @ https://www.persistencemarketresearch.com/checkout/4418
Regional Analysis
North America is the largest market for cobalt sulfate, and it is expected to continue to be the largest market during the forecast period. The growth of the North American market is driven by the increasing demand for cobalt sulfate in the battery industry, particularly for lithium-ion batteries. The United States is the largest market for cobalt sulfate in North America.
Europe is the second largest market for cobalt sulfate, and it is expected to grow at a CAGR of 6.5% during the forecast period. The growth of the European market is driven by the increasing demand for cobalt sulfate in the battery industry, particularly for lithium-ion batteries. Germany, France, and the United Kingdom are the largest markets for cobalt sulfate in Europe.
Asia Pacific is the fastest growing market for cobalt sulfate, and it is expected to grow at a CAGR of 7.2% during the forecast period. The growth of the Asia Pacific market is driven by the increasing demand for cobalt sulfate in China, India, and Japan. China is the largest market for cobalt sulfate in Asia Pacific.
Competitive Analysis
The report provides a comprehensive analysis of the cobalt sulfate market, including the market size, growth drivers, challenges, and opportunities. The report also provides a detailed analysis of the competitive landscape, including the market share of the leading players.
The major players are: 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, Jinchuan Group Internatioinal Resources Co. Ltd., Merck KGaA, Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd., Nicomet Industries Limited, Norilsk Nickel, PJSC MMC Norilsk Nickel, Zhangjiagang Huayi Chemical Co., Ltd, Jilin Jien Nickel Industry Company Limited
You Can Customize this Report As per Your Requirement Click Here @ https://www.persistencemarketresearch.com/request-customization/4418
Here are some recent developments in the cobalt sulfate market:
- In February 2023, Glencore Plc announced that it had signed a deal to sell its cobalt assets in the Democratic Republic of Congo to China Molybdenum Co. Ltd. for $5.9 billion. The deal is expected to close in the second half of 2023.
- In March 2023, Umicore Group SA announced that it had signed a deal to supply cobalt sulfate to Tesla, Inc. for use in its electric vehicles. The deal is expected to start in 2024.
- In April 2023, Freeport-McMoRan Inc. announced that it had increased its production guidance for cobalt sulfate for 2023. The company now expects to produce 20,000 tonnes of cobalt sulfate in 2023, up from its previous guidance of 18,000 tonnes.
These are just a few of the recent developments in the cobalt sulfate market. The market is expected to continue to grow in the coming years, driven by the increasing demand for cobalt sulfate in the battery industry.
About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
Other Trending Reports:
- Printing Inks Market
- North America Paints and Coatings Market
- Ultramarine Pigments Market
- Organic Fertilizer Market
- Acrylic Acid Market
- Ferric Hydroxide Market
- Industrial Flooring Market
- Speaker Membrane Market
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact
Rajendra Singh
Persistence Market Research
U.S. Sales Office:
305 Broadway, 7th Floor
New York City, NY 10007
+1-646-568-7751
United States
USA - Canada Toll-Free: 800-961-0353
Email: sales@persistencemarketresearch.com
