Cobalt Sulfate Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Description

Fairfield Market Research has estimated that the global cobalt sulfate market is poised to reach a valuation of US$ 4.2 billion in 2024. By 2031, the market is projected to exceed a valuation of US$ 8.8 billion. This remarkable growth is fueled by the surging demand for cobalt sulfate from various end-use industries, particularly the electric vehicle sector.

Key Market Trends:

The rising global demand for eco-friendly products, coupled with increasing awareness about environmental protection, is driving the shift towards electric vehicles for everyday use. This transition is led by consumers who prefer electric vehicles due to their lower environmental impact and the growing trend to go green. Several countries, including China, India, Norway, France, and the UK, have plans to cease manufacturing and selling gasoline and diesel vehicles in the long run. As a result, the sales volume of electric vehicles is on the rise, leading to increased demand for electric vehicle batteries, which, in turn, promotes the consumption of cobalt sulfate.

Additionally, the agricultural sector is experiencing a surge in activity, with countries like Brazil, Mexico, and India heavily engaged in agricultural production. The influx of foreign investments into this industry further boosts the production and demand for agricultural products, driving the consumption of cobalt sulfate as a feed additive. Cobalt sulfate plays a crucial role in enhancing the nutritional value of food and preserving its freshness during transportation.

Challenges Faced:

However, the cobalt sulfate market faces certain challenges, primarily related to the limited availability of raw materials. A significant portion of cobalt sulfate is produced as a byproduct of copper and nickel mining, with only a small fraction sourced from primary cobalt mines. This limited supply leads to price fluctuations, making it challenging for producers to offer competitive prices. Furthermore, efforts to reduce cobalt content per unit battery have driven the search for more cost-effective cobalt sulfate substitutes.

Opportunities Ahead:

Despite these challenges, there are promising opportunities in the cobalt sulfate market. Government initiatives worldwide that promote the use of electric vehicles are driving sales across the globe. Urbanization and rising living standards are expected to boost the demand for automobiles, including electric vehicles. This growth is expected to create new opportunities in the electric vehicle battery market, with cobalt sulfate playing a vital role as a key ingredient in Li-ion batteries.

Regional Insights:

In terms of regional dominance, East Asia stands out as a significant player in the global cobalt sulfate market. East Asia currently accounts for over 70% of the worldwide market, driven by substantial growth in electric vehicle sales, advancements in battery technology, and a prominent presence in the energy sector. China, in particular, is estimated to remain the dominant market globally, with over 82% control of the East Asian market. The country's large population and significant automotive production capacity make it a lucrative market for cobalt sulfate.

Competitive Analysis:

Key market participants are actively engaged in strategic actions such as partnerships, capacity expansion, new product development, acquisitions, and the formation of new organizations to increase production. Market leaders are also focused on acquiring rival companies to expand their customer base.

Key Companies Profiled:

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

Cobalt Sulfate Market Segmentation

By Grade:

Battery Grade
Industrial Grade
Agriculture & Feed Grade

By Application:

Batteries/Energy Storage
Metal Finishing
Animal Feed & Soil
Additive
Inks & Pigments
Chemicals
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa

1. Executive Summary

1.1. Global Cobalt Sulfate Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Production Output and Trade Statistics, 2018-2023

3.1. Global Cobalt Sulfate, Production Output, by Region, 2018 - 2023
- 3.1.1. North America
- 3.1.2. Europe
- 3.1.3. Asia Pacific
- 3.1.4. Latin America
- 3.1.5. Middle East & Africa

4. Global Cobalt Sulfate Market Outlook, 2018 - 2031

4.1. Global Cobalt Sulfate Market Outlook, by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Battery Grade
  - 4.1.1.2. Industrial Grade
  - 4.1.1.3. Agriculture & Feed Grade
4.2. Global Cobalt Sulfate Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Batteries/Energy Storage
  - 4.2.1.2. Metal Finishing
  - 4.2.1.3. Animal Feed & Soil
  - 4.2.1.4. Additive
  - 4.2.1.5. Inks & Pigments
  - 4.2.1.6. Chemicals
  - 4.2.1.7. Others
4.3. Global Cobalt Sulfate Market Outlook, by Region, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. North America
  - 4.3.1.2. Europe
  - 4.3.1.3. Asia Pacific
  - 4.3.1.4. Latin America
  - 4.3.1.5. Middle East & Africa

5. North America Cobalt Sulfate Market Outlook, 2018 - 2031

5.1. North America Cobalt Sulfate Market Outlook, by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Battery Grade
  - 5.1.1.2. Industrial Grade
  - 5.1.1.3. Agriculture & Feed Grade
5.2. North America Cobalt Sulfate Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Batteries/Energy Storage
  - 5.2.1.2. Metal Finishing
  - 5.2.1.3. Animal Feed & Soil
  - 5.2.1.4. Additive
  - 5.2.1.5. Inks & Pigments
  - 5.2.1.6. Chemicals
  - 5.2.1.7. Others
- 5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. North America Cobalt Sulfate Market Outlook, by Country, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. U.S. Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 5.3.1.2. U.S. Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 5.3.1.3. Canada Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 5.3.1.4. Canada Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Europe Cobalt Sulfate Market Outlook, 2018 - 2031

6.1. Europe Cobalt Sulfate Market Outlook, by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Battery Grade
  - 6.1.1.2. Industrial Grade
  - 6.1.1.3. Agriculture & Feed Grade
6.2. Europe Cobalt Sulfate Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Batteries/Energy Storage
  - 6.2.1.2. Metal Finishing
  - 6.2.1.3. Animal Feed & Soil
  - 6.2.1.4. Additive
  - 6.2.1.5. Inks & Pigments
  - 6.2.1.6. Chemicals
  - 6.2.1.7. Others
- 6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Europe Cobalt Sulfate Market Outlook, by Country, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. Germany Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.2. Germany Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.3. U.K. Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.4. U.K. Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.5. France Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.6. France Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.7. Italy Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.8. Italy Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.9. Turkey Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.10. Turkey Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.11. Russia Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.12. Russia Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.13. Rest of Europe Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.3.1.14. Rest of Europe Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Asia Pacific Cobalt Sulfate Market Outlook, 2018 - 2031

7.1. Asia Pacific Cobalt Sulfate Market Outlook, by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Battery Grade
  - 7.1.1.2. Industrial Grade
  - 7.1.1.3. Agriculture & Feed Grade
7.2. Asia Pacific Cobalt Sulfate Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 7.2.1. Key Highlights
  - 7.2.1.1. Batteries/Energy Storage
  - 7.2.1.2. Metal Finishing
  - 7.2.1.3. Animal Feed & Soil
  - 7.2.1.4. Additive
  - 7.2.1.5. Inks & Pigments
  - 7.2.1.6. Chemicals
  - 7.2.1.7. Others
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Asia Pacific Cobalt Sulfate Market Outlook, by Country, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. China Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.3.1.2. China Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.3.1.3. Japan Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.3.1.4. Japan Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.3.1.5. South Korea Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.3.1.6. South Korea Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.3.1.7. India Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.3.1.8. India Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.3.1.9. Southeast Asia Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.3.1.10. Southeast Asia Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.3.1.11. Rest of Asia Pacific Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.3.1.12. Rest of Asia Pacific Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Latin America Cobalt Sulfate Market Outlook, 2018 - 2031

8.1. Latin America Cobalt Sulfate Market Outlook, by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Battery Grade
  - 8.1.1.2. Industrial Grade
  - 8.1.1.3. Agriculture & Feed Grade
8.2. Latin America Cobalt Sulfate Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Latin America Cobalt Sulfate Market Outlook, by Country, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. Brazil Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.3.1.2. Brazil Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.3.1.3. Mexico Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.3.1.4. Mexico Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.3.1.5. Argentina Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.3.1.6. Argentina Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.3.1.7. Rest of Latin America Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.3.1.8. Rest of Latin America Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Middle East & Africa Cobalt Sulfate Market Outlook, 2018 - 2031

9.1. Middle East & Africa Cobalt Sulfate Market Outlook, by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 9.1.1. Key Highlights
  - 9.1.1.1. Battery Grade
  - 9.1.1.2. Industrial Grade
  - 9.1.1.3. Agriculture & Feed Grade
9.2. Middle East & Africa Cobalt Sulfate Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 9.2.1. Key Highlights
  - 9.2.1.1. Batteries/Energy Storage
  - 9.2.1.2. Metal Finishing
  - 9.2.1.3. Animal Feed & Soil
  - 9.2.1.4. Additive
  - 9.2.1.5. Inks & Pigments
  - 9.2.1.6. Chemicals
  - 9.2.1.7. Others
- 9.2.2. BPS Analysis/Market Attractiveness Analysis
9.3. Middle East & Africa Cobalt Sulfate Market Outlook, by Country, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 9.3.1. Key Highlights
  - 9.3.1.1. GCC Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.3.1.2. GCC Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.3.1.3. South Africa Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.3.1.4. South Africa Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.3.1.5. Egypt Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.3.1.6. Egypt Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.3.1.7. Nigeria Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.3.1.8. Nigeria Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.3.1.9. Rest of Middle East & Africa Cobalt Sulfate Market by Grade, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.3.1.10. Rest of Middle East & Africa Cobalt Sulfate Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 9.3.2. BPS Analysis/Market Attractiveness Analysis

10. Competitive Landscape

10.1. Purity vs Application Heatmap
10.2. Manufacturer vs Application Heatmap
10.3. Company Market Share Analysis, 2022
10.4. Competitive Dashboard
10.5. Company Profiles
- 10.5.1. Umicore
  - 10.5.1.1. Company Overview
  - 10.5.1.2. Product Portfolio
  - 10.5.1.3. Financial Overview
  - 10.5.1.4. Business Strategies and Development
- 10.5.2. Dalian Alt Cobalt & Nickel New Materials Manufacturing Co. Ltd.
  - 10.5.2.1. Company Overview
  - 10.5.2.2. Product Portfolio
  - 10.5.2.3. Financial Overview
  - 10.5.2.4. Business Strategies and Development
- 10.5.3. Freeport Cobalt Oy
  - 10.5.3.1. Company Overview
  - 10.5.3.2. Product Portfolio
  - 10.5.3.3. Financial Overview
  - 10.5.3.4. Business Strategies and Development
- 10.5.4. Ganzhou Tengyuan Cobalt New Material Co. Ltd.
  - 10.5.4.1. Company Overview
  - 10.5.4.2. Product Portfolio
  - 10.5.4.3. Financial Overview
  - 10.5.4.4. Business Strategies and Development
- 10.5.5. Huayou Cobalt Co., Ltd.
  - 10.5.5.1. Company Overview
  - 10.5.5.2. Product Portfolio
  - 10.5.5.3. Financial Overview
  - 10.5.5.4. Business Strategies and Development
- 10.5.6. Hunter Chemical Inc.
  - 10.5.6.1. Company Overview
  - 10.5.6.2. Product Portfolio
  - 10.5.6.3. Financial Overview
  - 10.5.6.4. Business Strategies and Development
- 10.5.7. Hardcastle Petrofer Pvt. Ltd.
  - 10.5.7.1. Company Overview
  - 10.5.7.2. Product Portfolio
  - 10.5.7.3. Financial Overview
  - 10.5.7.4. Business Strategies and Development
- 10.5.8. INCASA SA
  - 10.5.8.1. Company Overview
  - 10.5.8.2. Product Portfolio
  - 10.5.8.3. Financial Overview
  - 10.5.8.4. Business Strategies and Development
- 10.5.9. Jervois Finland
  - 10.5.9.1. Company Overview
  - 10.5.9.2. Product Portfolio
  - 10.5.9.3. Financial Overview
  - 10.5.9.4. Business Strategies and Development
- 10.5.10. Jiayuan Cobalt Holdings Limited
  - 10.5.10.1. Company Overview
  - 10.5.10.2. Product Portfolio
  - 10.5.10.3. Financial Overview
  - 10.5.10.4. Business Strategies and Development
- 10.5.11. Jinchuan Group Internatioinal Resources Co. Ltd.
  - 10.5.11.1. Company Overview
  - 10.5.11.2. Product Portfolio
  - 10.5.11.3. Financial Overview
  - 10.5.11.4. Business Strategies and Development
- 10.5.12. Merck KGaA
  - 10.5.12.1. Company Overview
  - 10.5.12.2. Product Portfolio
  - 10.5.12.3. Financial Overview
  - 10.5.12.4. Business Strategies and Development
- 10.5.13. Nantong Xinwei Nickel & Cobalt Hightech Development
  - 10.5.13.1. Company Overview
  - 10.5.13.2. Product Portfolio
  - 10.5.13.3. Financial Overview
  - 10.5.13.4. Business Strategies and Development
- 10.5.14. Nicomet Industries Limited
  - 10.5.14.1. Company Overview
  - 10.5.14.2. Product Portfolio
  - 10.5.14.3. Financial Overview
  - 10.5.14.4. Business Strategies and Development
- 10.5.15. Norilsk Nickel
  - 10.5.15.1. Company Overview
  - 10.5.15.2. Product Portfolio
  - 10.5.15.3. Financial Overview
  - 10.5.15.4. Business Strategies and Development
- 10.5.16. Zhangjiagang Huayi Chemical Co., Ltd
  - 10.5.16.1. Company Overview
  - 10.5.16.2. Product Portfolio
  - 10.5.16.3. Financial Overview
  - 10.5.16.4. Business Strategies and Development

11. Appendix

11.1. Research Methodology
11.2. Report Assumptions
11.3. Acronyms and Abbreviations