Growing Electric Vehicle Market To Drive Demand For Cobalt Sulphate To Be Used In Batteries

The global cobalt sulphate market is expected to accelerate at a CAGR of 8.2% over the forecast period of 2021-2031, and be valued above US$ 7.8 Bn. Growth in demand for cobalt sulphate is due in major part to rising sales of electric vehicles in regions such as East Asia, North America, and Europe, as it is used in a big way in the batteries of EVs. Countries in Asia Pacific such as China, India, and ASEAN, among others, are expected to focus on supporting the manufacturing of vehicle batteries. With a growing global population, demand for food products is also rapidly rising. As such, soil additives are being highly sought-after to increase crop yield through high soil nutrition. Growing need for agricultural and food products is set to surge the demand for soil nutrition products and animal feed additives, thus stimulating demand for cobalt sulphate in the process.
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Key Takeaways from Market Study
• China is one of the largest markets for cobalt sulphate owing to the strong presence of key end-use sectors in the country.
• Battery grade cobalt sulphate is most the widely used type, while demand for industrial and agricultural grades is projected to grow at a fast pace.
• Demand for cobalt-based agriculture feed and soil additives is expected to witness substantial growth over the forecast years of 2021 to 2031.
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Competitive Landscape
According to the market research analysis, Umicore, PJSC MMC Norilsk Nickel, Freeport Cobalt Oy, Nicomet Industries Limited, Huayou Cobalt Co. Ltd., Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd., Dalian Alt Cobalt & Nickel New Materials Manufacturing Co. Ltd, Jiayuan Cobalt Holdings Limited, INCASA SA, Ganzhou Tengyuan Cobalt New Material Co. Ltd, and Zhangjiagang Huayi Chemical Co., Ltd are identified as key cobalt sulphate manufacturers. Market players are involved in strengthening the supply chain and entering into long-term strategic partnerships with raw material suppliers for continuous supply to counter fluctuations in the pricing of products.
Conclusion
Growth in electric vehicle sales, rising demand for batteries, and favorable governmental regulations, the global cobalt sulphate market is expected to witness substantial growth over the next ten years. However, limited availability of raw materials and fluctuations in pricing their raw materials are major concerns for market players.
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