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The Cobalt Sulfate Market to substantiate based on advancements in bio-nutrition
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Growth in demand for cobalt sulfate 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 sulfate in the process.
Key Players:
The report has profiled some of the important players prevalent in the global like - 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 and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Cobalt Sulfate Market.
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Key Takeaways from Market Study
China is one of the largest markets for cobalt sulfate owing to the strong presence of key end-use sectors in the country.
Battery grade cobalt sulfate 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.
"Demand for cobalt sulfate is estimated to be significantly driven by strong growth in EV sales and rising demand for lithium-ion batteries across the globe," says a Persistence Market Research analyst.
Conclusion
Growth in electric vehicle sales, rising demand for batteries, and favorable governmental regulations, the global cobalt sulfate 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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