Cobalt Sulphate Market Report 2024 (Global Edition)

Global Cobalt Sulphate Market Report 2024 Market Size Split by Grade (Agricultural & Feed-Grade, Industrial-Grade, Battery-grade), by Form (Solution, Powder), by Application (Alloys, Magnets, Hard Mat...

Cobalt Sulphate Market Report Description

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Cobalt Sulphate Market Insights Video

Competitive Landscape of the Cobalt Sulphate Market

Major players including Umicore, Zhangjiagang Huayi Chemical Co. Ltd., Dalian Ruiyuan are leading the cobalt sulphate market. To maintain their standing, these corporations concentrate on environmentally friendly sourcing and refining procedures. Acquisitions, joint ventures, and strategic alliances are typical tactics to increase production capacity and broaden global reach. Furthermore, the emergence of electric vehicles and battery technology stimulates innovation, pushing established companies to consistently enhance their product quality and investigate novel market prospects.

June 2024: The world's first cobalt sulphate made only from seafloor polymetallic nodules was successfully created, according to a statement by The Metals Company (Nasdaq: TMC). The cobalt sulphate was produced at TMC's Lakefield, Ontario, plant during bench-scale testing of their hydrometallurgical flowsheet design in collaboration with SGS Canada. (Source: https://www.mining.com/the-metals-company-sgs-make-worlds-first-cobalt-sulphate-from-seafloor-nodules/) August 2023: In 2023, Huayou Cobalt and CATL, a Chinese battery manufacturer, partnered to build a cobalt sulfate plant in China. (Source : https://www.huayou.com/en/news/corporate-news/116) April 2023: A legally binding offtake agreement has been signed by Stellantis N.V. with Alliance Nickel Ltd (previously GME Resources) (ASX: AXN, Alliance) for the supply of 170,000 tons of nickel sulfate and 12,000 tons of cobalt sulphate total during a five-year initial period. This amounts to almost 40% of the NiWest Nickel-Cobalt Project's anticipated yearly production in Western Australia. Nickel and cobalt sulphate prices are determined by index pricing. (Source: https://www.stellantis.com/en/news/press-releases/2023/april/stellantis-signs-offtake-agreement-and-invests-in-alliance-nickel-for-battery-grade-nickel-and-cobalt-sulphate)

Top Companies Market Share in Cobalt Sulphate Industry: (In no particular order of Rank)

• Freeport Cobalt Oy
• Ganzhou Tengyuan Cobalt Industrial Co.
• Ltd
• Jiayuan Cobalt Holdings
• Jilin Jien Nickel Industry Co.
• Ltd.
• Jinchuan Group Co.
• Ltd.
• Nickel & Cobalt Hightech Development
• Nicomet Industries Limited
• MMC Norilsk Nickel
• Umicore
• Zhangjiagang Huayi Chemical Co. Ltd.
• Dalian Ruiyuan
• Hebei Kingway
• Nantong Xinwei
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Cobalt Sulphate Market

Which Region Dominates the Cobalt Sulphate Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. North America's cobalt sulphate market is increasing due to the growing call for electric automobiles, patron electronics, and renewable power garages. The vicinity's consciousness of the advancing era and sustainable electricity solutions drives this increase. Additionally, home mining and refining capabilities are strengthening, contributing to the market's improvement and lowering reliance on international sources.

Which Region is Expanding at the Fastest CAGR?

Asia pacific stands out as the fastest-growing region in the Cobalt Sulphate market. Asia Pacific cobalt sulphate market is growing as a call for rises for electric-powered cars, renewable power garages, and advanced purchaser electronics—the location's dedication to inexperienced strength and technological innovation drives this growth. Increased funding in neighborhood battery production and delivery chain upgrades are also contributing to the market's enlargement, enhancing Asia Pacific position within the international cobalt sulphate industry.

The current report Scope analyzes Cobalt Sulphate Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Cobalt Sulphate Market

According to Cognitive Market Research, the global Cobalt Sulphate market size was estimated at USD 1142.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 456.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Cobalt Sulphate market with a market size of USD 360.48 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. The nation's battery demand.
• The Canada Cobalt Sulphate market had a market share of USD 54.83 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Canada's electric vehicle growth.
• The Mexico Cobalt Sulphate market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 41.58 million in 2024.

Europe Cobalt Sulphate Market

According to Cognitive Market Research, the global Cobalt Sulphate market size was estimated at USD 1142.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 342.66 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.

• The United Kingdom Cobalt Sulphate market had a market share of USD 57.57 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. In the UK, Cobalt Sulphate sales witness an upswing due to renewable energy storage.
• The France Cobalt Sulphate market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 31.52 million in 2024.
• According to Cognitive Market Research, the German Cobalt Sulphate market size was valued at USD 67.85 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period. In Germany, Cobalt Sulphate surged due to the technological advancements.
• The Italy Cobalt Sulphate market is projected to witness growth at a CAGR of 5.9% during the forecast period, with a market size of USD 29.47 million in 2024.
• The Russia Cobalt Sulphate market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 53.11 million in 2024.
• The Spain Cobalt Sulphate market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 28.10 million in 2024
• The Luxembourg Cobalt Sulphate market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 10.62 million in 2024.
• The Portugal Cobalt Sulphate market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 7.20 million in 2024.
• The Greece Cobalt Sulphate market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 4.11 million in 2024.
• Rest of Europe's Cobalt Sulphate market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 53.11 million in 2024.

Asia Pacific Cobalt Sulphate Market

According to Cognitive Market Research, the global Cobalt Sulphate market size was estimated at USD 1142.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 262.71million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.00% from 2024 to 2031.

• According to Cognitive Market Research, the China Cobalt Sulphate market size was valued at USD 118.22 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. Cobalt Sulphate surged in China due to the industrial applications.
• The Japan Cobalt Sulphate market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 36.25 million in 2024.
• The India Cobalt Sulphate market had a market share of USD 31.52 million in 2024 and is projected to grow at a CAGR of 11.8% during the forecast period. India's economic expansion.
• The South Korean Cobalt Sulphate market is projected to witness growth at a CAGR of 9.1% during the forecast period, with a market size of USD 26.27 million in 2024.
• The Australian Cobalt Sulphate market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 13.66 million in 2024.
• The South East Asia Cobalt Sulphate market is projected to witness growth at a CAGR of 11.0% during the forecast period, with a market size of USD 18.13 million in 2024.
• The Rest of Asia Pacific Cobalt Sulphate market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD 18.65 million in 2024.

South America Cobalt Sulphate Market

According to Cognitive Market Research, the global Cobalt Sulphate market size was estimated at USD 1142.2 Million, out of which the Latin America market has more than 5% share of the global revenue with a market size of USD 57.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil Cobalt Sulphate market size was valued at USD 24.44 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. Cobalt Sulphates flourished in Brazil due to recycling initiatives.
• Argentina's Cobalt Sulphate market had a market share of USD 9.59 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. Argentina's supply chain stabilit.
• Colombia Cobalt Sulphate market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 5.08 million in 2024.
• Peru Cobalt Sulphate market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 4.68 million in 2024.
• Chile Cobalt Sulphate market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 4.11 million in 2024.
• The Rest of Latin America's Cobalt Sulphate market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 9.19 million in 2024.

Middle East and Africa Cobalt Sulphate Market

According to Cognitive Market Research, the global Cobalt Sulphate market size was estimated at USD 1142.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 22.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031..

• The GCC Countries Cobalt Sulphate market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 9.78 million in 2024. Cobalt Sulphate sales flourish due to the regulatory policies.
• The Egypt Cobalt Sulphate market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 2.40 million in 2024.
• The South Africa Cobalt Sulphate market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 3.61 million in 2024. Cobalt Sulphate sales flourish in South Africa due to strategic reserves.
• The Turkey Cobalt Sulphate market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 1.96 million in 2024.
• The Nigeria Cobalt Sulphate market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 2.40 million in 2024.
• The Rest of MEA Cobalt Sulphate market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 2.70 million in 2024.

Cobalt Sulphate Market Analysis

Cobalt Sulphate Market Grade Segment Analysis

According to Cognitive Market Research, Agricultural & Feed-Grade stands out as the dominant category over the projected period. The agricultural and feed-grade cobalt sulphate market is increasing due to its use as a nutritional supplement for farm animals and vegetation. Cobalt is critical for nutrition B12 synthesis in animals and for promoting plant boom. Rising agricultural manufacturing and the want for improved animal nutrition pressure this marketplace's boom, helping more green and sustainable farming practices.

Industrial-Grade emerges as the fastest-growing category in the Cobalt Sulphate market. The business-grade cobalt sulphate market is growing due to its use in numerous programs, which include catalysts, electroplating, and ceramics. Its function in enhancing material residences and overall performance drive demand across more than one industry. Increased industrial interest and technological advancements contribute to this boom, emphasizing cobalt sulphate's significance in enhancing manufacturing processes and product satisfaction.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Cobalt Sulphate Industry. Request a Free Sample PDF!

Cobalt Sulphate Market Form Segment Analysis

According to Cognitive Market Research, the dominant category is Solution. The cobalt sulphate market for solutions is increasing as industries more and more use it for electroplating, battery manufacturing, and chemical methods. Its versatility in generating high-purity solutions that enhance performance and efficiency drives call for. Growing applications in diverse sectors, such as car and electronics, contribute to the marketplace's boom, highlighting its important position in advanced manufacturing techniques.

The fastest-growing category in the Cobalt Sulphate market is Powder. The cobalt sulphate powder marketplace is growing due to its use in high-overall performance batteries, catalysts, and pigments. Its satisfactory particle form is essential for applications requiring specific control and consistency. Increased call from the electric car and electronics industries, along with improvements in powder processing technology, drives this growth, underscoring cobalt sulphate powder's critical function in diverse excessive-tech applications.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Cobalt Sulphate Application Segment Analysis

Cobalt Sulphate Market Application Segment Analysis

According to Cognitive Market Research, the dominant category is Alloys. The cobalt sulphate marketplace for alloys is expanding due to cobalt's position in improving the energy, durability, and corrosion resistance of metallic alloys. Key industries, which include aerospace, automotive, and production, rely on cobalt-based totally alloys for excessive-performance packages. The developing call for superior substances and progressive alloy solutions is driving the multiplied use of cobalt sulphate in alloy production.

The fastest-growing category in the Cobalt Sulphate market is Magnets. The cobalt sulphate market for magnets is growing as cobalt is vital in producing high-overall performance permanent magnets. These magnets are crucial for packages in electric automobiles, wind turbines, and electronics. The increasing call for efficient and compact magnetic solutions drives this market's growth, highlighting cobalt sulphate's function in improving magnet performance and helping improvements in numerous technological fields.

• Alloys
• Magnets
• Hard Materials
• Catalyst
• Inks and Dyes
• Batteries
• Others

Author's Detail

Manoj Phagare

Senior Research Analyst at Cognitive Market Research

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• Worked on several market, industry & business research projects, on various models such as Syndicated, Custom, Subscriptions and Consults
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