Cobalt sulfate market size is set to grow by 7,617.48 MTPA from 2021 to 2026; Growth of the electric vehicle industry to boost the market - Technavio

NEW YORK, April 4, 2023 /PRNewswire/ -- The global cobalt sulfate market size is estimated to grow by 7,617.48 MTPA from 2021 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 5.74% during the forecast period. Moreover, the growth momentum will accelerate. The growth of the electric vehicle industry is driving market growth. The global electric vehicle market recorded a growth of 160% in the first half of 2021 when compared to 2020. The increasing awareness about environmental pollution and the implementation of stringent emission and fuel-efficiency norms are fueling the demand for electric vehicles. Countries such as China, India, Norway, France, and the UK plan to end the production and sale of diesel and gasoline vehicles in the future. This will increase electric vehicle battery production, which, in turn, would fuel the demand for cobalt. For more insights on the forecast market size (2022 to 2026) - Request a sample report

Cobalt sulfate market - Segmentation assessment
Segment overview
Technavio has segmented the market based on application (battery, pigment, and others) and geography (APAC, Europe, North America, Middle East and Africa, and South America). 

• The battery segment will account for a significant share of the market growth during the forecast period. The increasing demand for EVs across the world is fueling the demand for batteries, especially lithium-ion batteries. Batteries are also extensively used in devices such as smartphones, laptops, tablets, and cutting tools. Lithium cobalt oxide (LCO), nickel cobalt manganese oxide (NCM), and lithium nickel cobalt aluminum oxide (NCA) batteries are the three different types of lithium-ion batteries that use cobalt. Therefore, the use of cobalt in various types of batteries will drive the growth of the segment during the forecast period.

Geography overview
The report provides actionable insights and estimates the contribution of all regions to the growth of the global cobalt sulfate market.

• APAC will account for 43% of the market's growth during the forecast period. China, Japan, and India are the key contributors to the cobalt sulfate market in the region. Moreover, market growth in APAC will be faster than the growth of the market in other regions. The sales of EVs in India are expected to increase, which will drive the cobalt sulfate market growth in APAC during the forecast period.

Insights on the market contribution of various segments, including country- and region-wise data and forecast market size (2022 to 2026) - Download a sample report

Cobalt sulfate market – Vendor analysis

The cobalt sulfate market report offers information about several market vendors. A few of these vendors are listed below:

• Anglo American Plc
• Australian Mines Ltd.
• Dalian Aote Cobalt Nickel New Material Manufacturing Co.
• Freeport McMoRan Inc.
• Ganzhou Tengyuan Cobalt New Materials Co. Ltd.
• GEM Co. Ltd.
• Hunter Chemical LLC
• INCASA SA
• Jervois Global Ltd.
• Jinchuan Group International Resources Co. Ltd.
• Merck KGaA
• Nantong Xinwei Nickel and Cobalt Hightech Development Co. Ltd.
• PJSC MMC Norilsk Nickel
• Umicore NV
• Vedanta Ltd.
• Zhangjiagang Huayi Chemical Co. Ltd.
• Zhejiang Huayou Cobalt Co. Ltd.

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Cobalt sulfate market – Market dynamics

Leading trends influencing the market 

• Primary cobalt mines are significantly influencing the market.
• The demand for nickel, cobalt, and aluminum lithium-ion batteries has increased owing to the rising demand for EVs and energy storage devices.
• However, the prices of cobalt are increasing due to low supply.
• Many mining firms have identified new sources of cobalt. In addition, many primary cobalt projects are being developed.
• For instance, eCobalt is developing the Idaho Cobalt project in the US.
• Global Energy Metals is restarting cobalt production at Werner Lake in Ontario, Canada.
• Such initiatives will support the cobalt sulfate market growth during the forecast period.

Major challenges hindering the market growth

• The increasing price of cobalt sulfate is challenging the cobalt sulfate market growth.
• Factors such as the increasing demand for lithium-ion battery cathodes and limited refining capacities due to environmental restrictions are some of the main factors for the price rise.
• In addition, there is an imbalance in the demand-supply ratio of cobalt.
• In 2020, the demand for cobalt outgrew its supply, which resulted in a price increase.
• Moreover, many refiners in China are under scrutiny for environmental checks, which has increased the cost incurred by manufacturers.
• These factors are leading to a rise in the prices of cobalt sulfate, which will pose a threat to the growth of the global cobalt sulfate market during the forecast period.

Insights on market drivers, trends, & challenges and forecast period (2022 to 2026) - Request a sample report!

What are the key data covered in this cobalt sulfate market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the cobalt sulfate market between 2022 and 2026
• Precise estimation of the size of the cobalt sulfate market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the cobalt sulfate market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of cobalt sulfate market vendors

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Table of contents

1. Executive Summary 

1.1 Market Overview

Exhibit 01: Key Finding 1

Exhibit 02: Key Finding 1

Exhibit 03: Key Finding 2

Exhibit 04: Key Finding 3

Exhibit 05: Key Finding 4

Exhibit 06: Key Finding 5

Exhibit 07: Key Finding 5

Exhibit 08: Key Finding 6

2. Market Landscape 

2.1 Market ecosystem 

Exhibit 09: Parent market

Exhibit 10: Market characteristics

2.2 Value chain analysis 

Exhibit 11: Value chain analysis: Commodity Chemicals

3. Market Sizing 

3.1 Market segment analysis 

Exhibit 12: Market segments

3.2 Market size 2021 

3.3 Market definition

Exhibit 13: Offerings of vendors included in the market definition

3.4 Market outlook: Forecast for 2021 - 2026 

Exhibit 14: Global - Market size and forecast 2021 - 2026 (thousand tons)

Exhibit 15: Global market: Year-over-year growth 2021 - 2026 (%)

4. Five Forces Analysis 

4.1 Five Forces Summary 

Exhibit 16: Five forces analysis 2021 & 2026

4.2 Bargaining power of buyers 

Exhibit 17: Bargaining power of buyers

4.3 Bargaining power of suppliers 

Exhibit 18: Bargaining power of suppliers

4.4 Threat of new entrants 

Exhibit 19: Threat of new entrants

4.5 Threat of substitutes 

Exhibit 20: Threat of substitutes

4.6 Threat of rivalry 

Exhibit 21: Threat of rivalry

4.7 Market condition

Exhibit 22: Market condition - Five forces 2021

5 Market Segmentation by Product 

5.1 Market segments

Exhibit 23: Product - Market share 2021-2026 (%)

5.2 Comparison by Product 

Exhibit 24: Comparison by Product

5.3 Synthetic sodium sulfate - Market size and forecast 2021-2026 

Exhibit 25: Synthetic sodium sulfate - Market size and forecast 2021-2026 (thousand tons)

Exhibit 26: Synthetic sodium sulfate - Year-over-year growth 2021-2026 (%)

5.4 Natural sodium sulfate - Market size and forecast 2021-2026 

Exhibit 27: Natural sodium sulfate - Market size and forecast 2021-2026 (thousand tons)

Exhibit 28: Natural sodium sulfate - Year-over-year growth 2021-2026 (%)

5.5 Market opportunity by Product 

Exhibit 29: Market opportunity by Product

6 Market Segmentation by Application 

6.1 Market segments

Exhibit 30: Application - Market share 2021-2026 (%)

6.2 Comparison by Application 

Exhibit 31: Comparison by Application

6.3 Detergent - Market size and forecast 2021-2026 

Exhibit 32: Detergent - Market size and forecast 2021-2026 (thousand tons)

Exhibit 33: Detergent - Year-over-year growth 2021-2026 (%)

6.4 Glass - Market size and forecast 2021-2026 

Exhibit 34: Glass - Market size and forecast 2021-2026 (thousand tons)

Exhibit 35: Glass - Year-over-year growth 2021-2026 (%)

6.5 Pulp and paper - Market size and forecast 2021-2026 

Exhibit 36: Pulp and paper - Market size and forecast 2021-2026 (thousand tons)

Exhibit 37: Pulp and paper - Year-over-year growth 2021-2026 (%)

6.6 Others - Market size and forecast 2021-2026 

Exhibit 38: Others - Market size and forecast 2021-2026 (thousand tons)

Exhibit 39: Others - Year-over-year growth 2021-2026 (%)

6.7 Market opportunity by Application 

Exhibit 40: Market opportunity by Application

7. Customer landscape 

7.1 Overview

Exhibit 41: Customer landscape

8. Geographic Landscape 

8.1 Geographic segmentation

Exhibit 42: Market share by geography 2021-2026 (%)

8.2 Geographic comparison 

Exhibit 43: Geographic comparison

8.3 APAC - Market size and forecast 2021-2026 

Exhibit 44: APAC - Market size and forecast 2021-2026 (thousand tons)

Exhibit 45: APAC - Year-over-year growth 2021-2026 (%)

8.4 Europe - Market size and forecast 2021-2026 

Exhibit 46: Europe - Market size and forecast 2021-2026 (thousand tons)

Exhibit 47: Europe - Year-over-year growth 2021-2026 (%)

8.5 North America - Market size and forecast 2021-2026 

Exhibit 48: North America - Market size and forecast 2021-2026 (thousand tons)

Exhibit 49: North America - Year-over-year growth 2021-2026 (%)

8.6 MEA - Market size and forecast 2021-2026 

Exhibit 50: MEA - Market size and forecast 2021-2026 (thousand tons)

Exhibit 51: MEA - Year-over-year growth 2021-2026 (%)

8.7 South America - Market size and forecast 2021-2026 

Exhibit 52: South America - Market size and forecast 2021-2026 (thousand tons)

Exhibit 53: South America - Year-over-year growth 2021-2026 (%)

8.8 Key leading countries 

Exhibit 54: Key leading countries

8.9 Market opportunity by geography

Exhibit 55: Market opportunity by geography ($ billion)

9. Drivers, Challenges, and Trends 

9.1 Market drivers 

9.1.1 Growing demand for sodium sulfate in China

9.1.2 Sodium sulfate is recognized as safe for use in food packaging

9.1.3 Increasing demand for sodium sulfate in the glass manufacturing industry

9.2 Market challenges 

9.2.1 Increasing substitute for sodium sulfate

9.2.2 Growing demand for liquid detergents

9.2.3 Side effects of sodium sulfate

Exhibit 56: Impact of drivers and challenges

9.3 Market trends 

9.3.1 Growth in demand as a dyeing agent in the textile industry

9.3.2 Increase in zinc production 

9.3.3 Rise in construction activities

10. Vendor Landscape 

10.1 Overview 

Exhibit 57: Vendor landscape

The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025. 

10.2 Landscape disruption 

Exhibit 58: Landscape disruption

Exhibit 59: Industry risks

11. Vendor Analysis 

11.1 Vendors covered 

Exhibit 60: Vendors covered

11.2 Market positioning of vendors 

Exhibit 61: Market positioning of vendors

11.3 Alkim Alkali Kimya 

Exhibit 62: Alkim Alkali Kimya - Overview

Exhibit 63: Alkim Alkali Kimya - Business segments

Exhibit 64: Alkim Alkali Kimya - Key offerings

Exhibit 65: Alkim Alkali Kimya - Segment focus

11.4 Bhagwati Chemicals 

Exhibit 66: Bhagwati Chemicals - Overview

Exhibit 67: Bhagwati Chemicals - Product and service

Exhibit 68: Bhagwati Chemicals - Key offerings

11.5 CGC SAMCA 

Exhibit 69: CGC SAMCA - Overview

Exhibit 70: CGC SAMCA - Product and service

Exhibit 71: CGC SAMCA - Key offerings

11.6 Cooper Natural Resources Inc 

Exhibit 72: Cooper Natural Resources Inc - Overview

Exhibit 73: Cooper Natural Resources Inc - Product and service

Exhibit 74: Cooper Natural Resources Inc - Key offerings

11.7 Cordenka GmbH and Co. KG 

Exhibit 75: Cordenka GmbH and Co. KG - Overview

Exhibit 76: Cordenka GmbH and Co. KG - Product and service

Exhibit 77: Cordenka GmbH and Co. KG - Key offerings

11.8 Elementis Plc 

Exhibit 78: Elementis Plc - Overview

Exhibit 79: Elementis Plc - Business segments

Exhibit 80: Elementis Plc - Key offerings

Exhibit 81: Elementis Plc - Segment focus

11.9 Grupo Industrial Crimidesa SL 

Exhibit 82: Grupo Industrial Crimidesa SL - Overview

Exhibit 83: Grupo Industrial Crimidesa SL - Product and service

Exhibit 84: Grupo Industrial Crimidesa SL - Key offerings

11.10 Krishna Chemicals 

Exhibit 85: Krishna Chemicals - Overview

Exhibit 86: Krishna Chemicals - Product and service

Exhibit 87: Krishna Chemicals - Key offerings

11.11 Lenzing AG 

Exhibit 88: Lenzing AG - Overview

Exhibit 89: Lenzing AG - Business segments

Exhibit 90: Lenzing AG - Key offerings

11.12 Nippon Chemical Industrial Co. Ltd. 

Exhibit 91: Nippon Chemical Industrial Co. Ltd. - Overview

Exhibit 92: Nippon Chemical Industrial Co. Ltd. - Product and service

Exhibit 93: Nippon Chemical Industrial Co. Ltd. - Key offerings

Exhibit 94: Nippon Chemical Industrial Co. Ltd. - Key customers

Exhibit 95: Nippon Chemical Industrial Co. Ltd. - Segment focus

12. Appendix 

12.1 Scope of the report 

12.1.1 Market definition

12.1.2 Objectives

12.1.3 Notes and Caveats

12.2 Currency conversion rates for US$ 

Exhibit 96: Currency conversion rates for US$

12.3 Research Methodology 

Exhibit 97: Research Methodology

Exhibit 98: Validation techniques employed for market sizing

Exhibit 99: Information sources

12.4 List of abbreviations 

Exhibit 100: List of abbreviations

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