U.S (New York)–The Report Ocean has recently published a new report titled “Cobalt Sulphate Market ” 2023, which outlines the regional and global markets that are predicted to experience significant growth between 2023 and 2031. This extensive research delves deeply into the market’s ever-changing dynamics, value chain analysis, competitive landscapes, investment hotspots, geographical landscape, and significant segments, providing critical insights and valuable information for policymakers, stakeholders, investors, newcomers, and industry professionals. In addition, the report provides a comprehensive examination of the industry’s controls and restraints, as well as information on the global industry’s plans and opportunities. By utilizing this report, individuals in the industry can capitalize on emerging opportunities, develop key strategies, and gain a competitive edge over rivals.
The global cobalt sulphate market was valued at $913 million in 2016, and is anticipated to reach $1,089 million by 2023, growing at a CAGR of 2.1% during the forecast period from 2017 to 2023. In terms of volume, the market is anticipated to grow at a CAGR of 4.6% during the forecast period. Cobalt sulphate market is segmented based on application and geography. The demand for cobalt sulphate has increased, owing to rise in use in the lithium ion batteries. In addition, the use of cobalt alloys in growing industries, such as aviation, consumer electronics, stationery storage & electric vehicles drive the market.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Cobalt sulfate is an inorganic compound depicted by the chemical formula, CoSO4 (H2O) x. Cobalt sulfate refers to the hydrate, CoSO4.7 H2O, which is one of the most commonly available salts of cobalt. Cobalt sulfate heptahydrate appears as red monoclinic crystals, which liquefies at around 100?C, and becomes anhydrous at 250?C. It is soluble in water, slightly soluble in ethanol, and soluble in methanol. The salts of cobalt sulfate are paramagnetic.
Based on the application, the market is bifurcated into super alloys, hard facing/ HSS alloy, magnet, hard material, catalyst, color, and battery. The battery segment accounted for the highest share of cobalt sulphate market in 2015. Rechargeable lithium-ion batteries are used in passenger electric vehicles, consumer electronics, and stationery storage. The market for electric vehicles (EVs) was valued at 270,000 units in 2015, and propelled to 1 million units in 2017. The growth in the electric vehicles segment was attributed to the rise of cobalt sulphate industry. However, the growth of the market is restricted, owing to its fluctuating prices & unavailability in many countries. The prices for both lithium and cobalt have increased from to $20.5-24/kg in 2017 from $7/kg in June 2016, thereby restricting the market growth for cobalt sulphate.
Geographically, the market is analyzed across America, Europe (Excluding Russia), Asia, Africa, and rest of world. Asia led the market, both in terms of value & volume, in 2015, owing to large volumes of ore & concentrate is mined in China. The demand for cobalt sulphate is anticipated to be highest in Asia due to the rise in applications of cobalt sulphate. China Molybdenum Co. Ltd. acquired Africa’s largest copper mines to secure China’s supplies of cobalt for increased applications of cobalt sulphate
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KEY MARKET BENEFITS
The report provides an in-depth analysis of the current trends, drivers, and dynamics of the global cobalt sulphate market to elucidate the prevailing opportunities and the probable investment pockets.
It offers qualitative trends and quantitative analysis from 2015 to 2023 to assist the stakeholders to understand the market scenario.
A detailed analysis of the key segments demonstrates the consumption of cobalt sulphate in different applications across various industries.
Competitive intelligence highlights the business practices, strategies, and developments followed by key business players globally.
The companies profiled in the report are as follows:
Freeport Cobalt Oy
Ganzhou Tengyuan Cobalt Industrial Co., Ltd.
Jiayuan Cobalt Holdings
Jilin Jien Nickel Industry Co., Ltd.
Jinchuan Group Co., Ltd.
Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd.
Nicomet Industries Limited
MMC Norilsk Nickel
Umicore
Zhangjiagang Huayi Chemical Co. Ltd.,
OTHER KEY PLAYERS IN THE MARKET VALUE CHAIN INCLUDE THE FOLLOWING:
Dalian Ruiyuan
Hebei Kingway
Shanghai Qingong
Nantong Xinwei
Cobalt Sulphate Market Key Segments:
BY APPLICATION
Super Alloy
Hard Facing/ HSS & Other Alloy
Magnet
Hard Material
Catalyst
Colors (Glass, Enamel, Plastic, Ceramic, Artistic Color, Fabric, Tire Adhesive, Soap, and Drier)
Battery
Others (Feedstuff, Biotech, Anodizing, Recording Media, and Electrolysis)
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BY GEOGRAPHY
America
Brazil
Canada
U.S.
Europe
Belgium
Finland
France
Norway
Asia
China
Japan
India
Africa
Madagascar
Morocco
South Africa
D.R. Congo
Zambia
RoW
Australia
Russia
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Benefits of This Market Research:
- Industry drivers, restraints, and possibilities included in the study
- Neutral point of view on the market performance
- Recent enterprise developments and developments
- Competitive panorama and techniques of key players
- Potential and area of interest segments and areas exhibiting promising increase covered
- Historical, current, and projected market size, in phrases of value
- In-depth evaluation of the Market
- Overview of the regional outlook of the Market
Reasons for Buying Acetonitrile Market Report:
- This report gives a forward-looking prospect of various factors driving or restraining market growth.
- It renders an in-depth analysis for changing competitive dynamics.
- It presents a detailed analysis of changing competition dynamics and puts you ahead of competitors.
- It gives a ten-year forecast evaluated on the basis of how the market is predicted to grow.
- It assists in making informed business decisions by performing a pin-point analysis of market segments and by having complete insights of the Market.
- This report helps the readers understand key product segments and their future.
- From 2022 to 2031, All Recent Developments have been covered in this Report.
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