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 inorganic divalent cobalt salt of sulfuric acid, represented by the chemical formula, CoSO4. It is an odorless reddish metallic salt, which is readily soluble in water and methanol. Cobalt oxide or other cobalt derivatives are dissolved in dilute sulfuric acid, which crystallizes to form cobalt sulfate.
The growth of the global cobalt sulphate market is driven by rise in adoption of cobalt sulphate for formulation of super alloys. Super alloys are high-performance alloys, used in situations that require exceptional properties, such as high mechanical strength, resistance to high temperatures, corrosion, and other stress situations. Use of cobalt sulphate during production of super alloys drives the demand in the global market. Synthetic inks, soil & animal feed additive, and storage batteries application of cobalt sulphate augments the growth of the global market.
However, inhalation and exposure of cobalt sulphate over the threshold value leads to carcinogenicity and skin irritation is hampering 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 hamper the market growth.
Cobalt sulphate finds application during production of polyvinyl chloride, dyes, and animal feed, which is anticipated to offer new growth opportunities during the forecast period. In addition, key-players in the cobalt sulphate market have launched innovative products to extend its application in storage battery application. For instance, Primobius GmbH launched battery grade cobalt sulphate that has low impurity level and high crystallinity that makes it suitable to be used a raw material for predecessor cathode active material production, which is anticipated to offer new growth opportunities during the forecast period.
The cobalt sulphate market analysis is done on the basis of application and region. Depending on application, the market is divided into alloys, 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 JervoisFinland, GanzhouTengyuan 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.
The global cobalt sulphate market report provides in-depth competitive analysis as well as profiles of these major players.
Key players in the global cobalt sulphate market are:
1. Jervois Finland
2. Ganzhou Tengyuan Cobalt Industrial Co. Ltd.
3. Zhangjiagang Huayi Chemical Co. Ltd.
4. Nantong Xinwei Nickel & Cobalt Hightech Development Co.Ltd.
5. Norilsk Nickel
6. Umicore
7. Hunter Chemical LLC
8. Jiayuan Cobalt Holdings Limited
9. Merck KGaA
10. Jinchuan Group International Resources Co. Ltd
Cobalt sulphate is inorganic divalent cobalt salt of sulfuric acid, represented by the chemical formula, CoSO4. It is an odorless reddish metallic salt, which is readily soluble in water and methanol. Cobalt oxide or other cobalt derivatives are dissolved in dilute sulfuric acid, which crystallizes to form cobalt sulfate.
The growth of the global cobalt sulphate market is driven by rise in adoption of cobalt sulphate for formulation of super alloys. Super alloys are high-performance alloys, used in situations that require exceptional properties, such as high mechanical strength, resistance to high temperatures, corrosion, and other stress situations. Use of cobalt sulphate during production of super alloys drives the demand in the global market. Synthetic inks, soil & animal feed additive, and storage batteries application of cobalt sulphate augments the growth of the global market.
However, inhalation and exposure of cobalt sulphate over the threshold value leads to carcinogenicity and skin irritation is hampering 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 hamper the market growth.
Cobalt sulphate finds application during production of polyvinyl chloride, dyes, and animal feed, which is anticipated to offer new growth opportunities during the forecast period. In addition, key-players in the cobalt sulphate market have launched innovative products to extend its application in storage battery application. For instance, Primobius GmbH launched battery grade cobalt sulphate that has low impurity level and high crystallinity that makes it suitable to be used a raw material for predecessor cathode active material production, which is anticipated to offer new growth opportunities during the forecast period.
The cobalt sulphate market analysis is done on the basis of application and region. Depending on application, the market is divided into alloys, 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 JervoisFinland, GanzhouTengyuan 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.
The global cobalt sulphate market report provides in-depth competitive analysis as well as profiles of these major players.
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 trends and future estimations of the market 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
Key Market Segments
By Application
- Alloys
- Magnets
- Hard Materials
- Catalyst
- Inks and Dyes
- Batteries
- Others
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key players in the global cobalt sulphate market are:
1. Jervois Finland
2. Ganzhou Tengyuan Cobalt Industrial Co. Ltd.
3. Zhangjiagang Huayi Chemical Co. Ltd.
4. Nantong Xinwei Nickel & Cobalt Hightech Development Co.Ltd.
5. Norilsk Nickel
6. Umicore
7. Hunter Chemical LLC
8. Jiayuan Cobalt Holdings Limited
9. Merck KGaA
10. Jinchuan Group International Resources Co. Ltd
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Cobalt Sulphate Market, by Application
Chapter 5: Cobalt Sulphate Market, by Region
Chapter 6: Competitive Landscape
Chapter 7: Company Profiles:
List of Tables
List of Figures
Executive Summary
According to a new report titled, Cobalt Sulphate Market by Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,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 odorless monoclinic crystalline solid that is soluble in water and liquefies slowly at around 100 °C.Use of hydrated cobalt sulphate during formulation of cobalt salt products and cobalt containing pigments is anticipated to drive the demand in the global market. It can also be used as additive to soils and animal feeds. Electro winning, surface treating agents, processing agents used for petroleum production, and water treatment products drive the demand in the global market. However, cobalt sulphate is considered as topical irritant and a recognized cause of occupational contact dermatitis is anticipated to hamper the market growth.
Cobalt sulphate can be used as catalyst during synthesis process, chemical intermediate compound, increasing biogas production process, production of feed grade materials, and production of frits, ceramic wares, & water treatment chemicals. This factor is anticipated to create lucrative opportunities for the expansion of the cobalt sulphate market in the future.
The cobalt sulphate market is segmented on the basis of application and region.
By application, the market is divided into super alloy, additives, color & pigments, battery, and others. The battery application dominated the global market in terms of revenue in 2020, with over half of the total share. Employing cobalt phosphate as the cathode of rechargeable batteries efficiently improves their energy density, power, and performance as compared to batteries that lacks cobalt. The cobalt industry is expected to be driven by the investments by market players and demand for cobalt containing Li-ion batteries for EVs.
Region-wise, the cobalt sulphate market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The LAMEA cobalt sulphate market size is projected to grow at the highest CAGR during the forecast period and accounted for 48% cobalt sulphate market share in 2020. Madagascar and D.R. Congo are the most active players for cobalt sulphate market in the African region. At present, the cobalt sulphate supply was done from the copper belt of the D.R. Congo and Zambia. The government of D.R. Congo has regularly imposed restriction on the export of ores & concentrates to encourage the downstream processing in the country.
Key players operating in the global cobalt sulphate market 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.
COVID-19 Analysis
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 towards healthcare. In addition, 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. Moreover, the falling 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 Findings Of Study
- The magnets application is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 71% from 2021 to 2030
- LAMEA garnered the highest share of 48% in 2020, in terms of revenue, growing at a CAGR of 72%
Companies Mentioned
- 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
- Jinchuan Group International Resources Co. Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 310 |
| Published | February 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 1 billion |
| Forecasted Market Value ( USD | $ 1.9 billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
