PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320142
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320142
Cobalt Oxalate Market size was valued at USD 747.64 Million in 2022, expanding at a CAGR of 5.7% from 2023 to 2030.
Cobalt Oxalate is an organic substance with the formula CoC2O4 that is composed of cobalt ions (Co2+) and oxalate ions (C2O4-). It is a light-pink crystalline powder that is solid and insoluble in water. Cobalt Oxalate is largely utilised as an intermediate component in the manufacturing of cobalt-based products such as pigments, cobalt salts, and catalysts. It is used in the manufacture of cobalt oxide and cobalt metal. It is also used in electroplating operations, ceramics, and as a raw material in the production of lithium-ion battery cathodes. Cobalt Oxalate is important in the worldwide chemical industry because to cobalt's involvement in numerous industrial sectors.
Cobalt Oxalate demand is determined by its critical significance as an intermediary chemical in the manufacturing of several cobalt-based products. The rising usage of cobalt in rechargeable lithium-ion batteries for electric cars, consumer electronics, and sustainable energy storage devices is one of the key sources of demand. Demand for Cobalt Oxalate is expected to rise in step with worldwide efforts to switch to sustainable energy. Furthermore, cobalt-based catalysts are essential in a variety of industrial processes, adding to the demand. Nevertheless, changes in cobalt pricing and interruptions in the supply chain may have an impact on demand dynamics. Despite these obstacles, end-user industry expansion and continuous technical improvements in the energy and automotive sectors are projected to maintain and raise demand for Cobalt Oxalate in the near future.
The Global Cobalt Oxalate Market is segmented on the basis of Product Type, Application, End-Use Industry, and Region.
The market is divided into three categories based on Product Type: Cobalt Oxalate Monohydrate, Cobalt Oxalate Dihydrate, Cobalt Oxalate Anhydrous. The Cobalt Oxalate Monohydrate sector dominates the market. Cobalt Oxalate Monohydrate demand is driven by its widespread use in a variety of sectors, notably rechargeable lithium-ion batteries, ceramics, as well as catalysts. As demand for electric cars, consumer electronics, and renewable energy storage devices grows, so will the need for Cobalt Oxalate Monohydrate, a vital intermediate component in the creation of cobalt-based products.
The market is divided into five categories based on Application: Catalysts, Pigments, Electroplating, Battery Materials, Other Applications The Pigments dominates the market and is likely to maintain its dominance during the forecast period. Cobalt Oxalate is in high demand in the pigment industry owing to its usage as a precursor in the production of cobalt-based pigments. Because of their brilliant colour and good heat and light resilience, cobalt pigments such as cobalt blue and cobalt green are extensively utilised in the paint and ceramic industries. The need for Cobalt Oxalate as a critical raw ingredient for pigments is projected to stay stable as these sectors continue to develop and innovate.
The market is divided into six categories based on End-Use Industry: Chemicals, Automotive, Electronics, Pharmaceuticals, Energy Storage, Others. The Electronics dominates the market and is likely to maintain its dominance during the forecast period. Cobalt Oxalate is in high demand in electronics due to its application in rechargeable lithium-ion batteries. Cobalt is an important component in the cathodes of these batteries, which power a variety of electronic devices such as cellphones, laptop computers, and electric cars. The demand for Cobalt Oxalate as a vital ingredient in battery manufacture is predicted to rise gradually as the electronics industry evolves and advances.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The rising use of electric cars and renewable energy storage options, both of which depend significantly on cobalt-based lithium-ion batteries, constitutes one of the key drivers. As governments and enterprises in the area prioritize environmentally friendly energy options, demand for these batteries, and hence Cobalt Oxalate, increases. The widespread application of cobalt-based pigments in the paint and ceramics industries also adds to demand. Despite rising demand, worries over cobalt's supply chain and geopolitical considerations may have an influence on Cobalt Oxalate availability and cost in North America. However, advances in recycling and attempts to diversify cobalt sources seek to assure a consistent supply to satisfy rising demand.
The degree of competition in the Cobalt Oxalate market is moderate to high. The sector is dominated by key businesses such as Umicore, Glencore, and Freeport-McMoRan, although there are numerous more established and developing players contending for market share. With rising demand for cobalt-based products, particularly in lithium-ion batteries and other high-tech applications, firms are attempting to innovate, increase production capacity, and secure dependable cobalt supplies, therefore boosting market competitiveness. Product innovation, technical breakthroughs, and cost-effective production procedures fuel intense rivalry as producers attempt to fulfil the expanding demand for Cobalt Oxalates in the automotive and industrial sectors.