IMARC Group, a leading market research company, has recently releases report titled “Cobalt Sulphate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global cobalt sulphate market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the cobalt sulphate market?

The global cobalt sulphate market size reached US$ 1.17 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.65 Billion by 2028, exhibiting a growth rate (CAGR) of 5.75% during 2023-2028.

What is Cobalt Sulphate?

Cobalt sulfate is a compound comprising cobalt, sulfur, and oxygen. Through the combination of sulfuric acid, it forms cobalt sulfate heptahydrate, and it can also be produced via electroplating, a process involving cobalt deposition onto a metal substrate using an electrolyte solution containing cobalt sulfate. This compound exhibits high solubility in water, remains stable at room temperature, and can withstand elevated temperatures without undergoing decomposition. Its widespread application lies in the production of rechargeable batteries, particularly lithium-ion batteries utilized in electric vehicles, portable electronic devices, and energy storage systems. Additionally, cobalt sulfate serves as a feed additive for livestock and poultry to prevent cobalt deficiency, which may cause health complications in animals. Over recent years, cobalt sulfate has gained significant traction across various industrial sectors, finding uses as a drying agent for paints and inks, as well as a feed supplement for livestock.

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What are the growth prospects and trends in the cobalt sulphate industry?

The global market is primarily propelled by the increasing electric vehicle sales. Moreover, the growing consumer electronics sector contributes significantly to market growth. Cobalt sulfate is utilized in the production of rechargeable batteries for smartphones, laptops, and other electronic devices. Additionally, governments in numerous countries are actively promoting the use of renewable energy sources to reduce carbon emissions. This has resulted in a surge in the production of solar panels and wind turbines, both of which utilize cobalt sulfate in their construction. Cobalt sulfate acts as a colorant, providing rich pigmentation in ceramics and glass production. Furthermore, the growing industrialization has led to an increased demand for cobalt sulfate as a vital raw material in various applications.  Additionally, cobalt sulfate is widely employed as a feed additive for livestock and poultry to prevent cobalt deficiency, contributing to a favorable market outlook worldwide.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Form:

  • Powder
  • Solution

Breakup by Application:

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

Market Breakup by Region: 

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Anglo American plc
  • Ganzhou Tengyuan Cobalt New Material Co. Ltd.
  • GEM Co. Ltd.
  • Hunter Chemical LLC
  • Incasa S.A.
  • Jervois Finland
  • Merck KGaA
  • Nantong Xinwei Nickel & Cobalt Hightech Development Co. Ltd.
  • Norilsk Nickel, Umicore N.V., Zhangjiagang Huayi Chemical Co. Ltd

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