Cobalt Sulfate Market, Size, Share & COVID-19 Impact Analysis, By Application (Chemical Synthesis, Batteries, Pigments and Others) and Regional Forecast, 2024-2032

The battery industry primarily drives the cobalt sulfate market size. It is a critical component in the cathode materials of lithium-ion batteries. It enhances the stability and performance of these batteries, making them indispensable in portable electronic devices such as smartphones, laptops, and electric vehicles. Furthermore, it acts as a catalyst in various chemical reactions for producing synthetic fuels and oxidizing organic compounds. It acts as a catalyst in hydrogenation reactions, particularly useful in the hydrogenation of alkanes and alkenes. This process is vital in the production of various chemicals and pharmaceuticals.

Cobalt sulfate finds applications in power tools and cordless appliances, providing a dependable and long-lasting power source. Whether it's a cordless drill or vacuum cleaner, these batteries enable extended usage time and consistent performance.

• The federal government granted around USD 560 million for the NSW project to speed up Australia's role in the global battery supply chain.

In addition, cobalt sulfate is used to produce blue and green pigments for ceramics, glass, and paints. Cobalt-based pigments are highly valued for their vibrant colors and durability. They are commonly used in art, pottery, and the automobile industry. Furthermore, it is used as a supplement in animal feeds, primarily for livestock such as cattle, sheep, and poultry.

The chemical synthesis segment also drives the cobalt sulfate market growth. It finds numerous applications in various industries, such as battery manufacturing, agriculture, catalysts, and pigments. In addition, the chemical synthesis of cobalt sulfate produces catalysts used in various chemical reactions and industrial processes. Cobalt catalyst finds applications in Fischer-Tropsch synthesis, hydrogenation reactions, and the oxidation of organic compounds. They are vital in the production of chemicals and pharmaceutical products. 

• China has more battery manufacturing capacity than the rest of the world combined, with around 890 GWh, 72 % of global production.


• In 2022, the total export of lithium-ion batteries in the U.S. was USD 488.7 million.


• China’s total export of lithium-ion batteries in the year 2022 was USD 476.2 million.

The major producers by country are China, Japan, and India in Asia Pacific; U.S. and Canada in North America; Germany and France in Europe; and Saudi Arabia and UAE in the Middle East.

Segmentation

Key Insights

The report will cover the following key insights:

• Key Market Trends


• The Regulatory Scenario of the Market.


• Key Developments in the Market.


• Latest Technological Advancement


• Impact of COVID-19 on the Market.

Analysis by Application

By application, the battery and chemical synthesis segment holds a considerable cobalt sulfate market share.

• Cobalt sulfate is commonly used as a precursor material for the cathodes of lithium-ion batteries. This cathode material provides high energy, density, and long battery life, boosting the market rapidly. In addition, it is utilized in stationary storage systems, including residential and grid-scale batteries. It helps to enhance these batteries' storage capacity, efficiency, and overall reliability.

• Also, cobalt sulfate batteries are used in aerospace and defense applications, where high performance and reliability are critical. These batteries power aircraft, satellites, unmanned aerial vehicles, and military equipment with high efficiency. Furthermore, many medical devices, such as portable monitors, infusion pumps, and diagnostic equipment, rely on cobalt sulfate batteries. These batteries offer a compact and long-lasting power source for critical medical applications.   

Regional Insights

Asia Pacific is expected to gain the fastest growth rate and higher share during the forecast period. The region is witnessing significant investment in the agriculture sector. Cobalt sulfate is used in various applications in agriculture, such as fertilizers, animal feed supplements, and crop disease management, boosting the market in this region. North America and Europe are projected to grow positively during the forecast period. The rising adoption of electric vehicles in these regions will increase the demand for lithium-ion batteries, which is expected to boost the market.

Share of lithium-ion batteries production capacity by country in 2022,

• China - 72%


• U.S. - 9%


• Poland - 7%


• Hungary - 4%


• Others - 8%

Key Players Covered

The report will include the profiles of key players such as Suchem Industries, Nicomet Industries Ltd., American Elements, Vital Materials Co., Limited, Forbes Pharmaceutical, JIGCHEM UNIVERSAL, Incasa, Jay Intermediates and Chemicals, Shanghai Shunbo Metal Materials, Stellantis, Yogi Dye Chem Industries, and Electra.

Key Industry Developments

• In September 2022, Electra Battery Materials Corporation announced an agreement to supply battery-grade cobalt to LG Energy Solution, a key manufacturer of lithium-ion batteries for electric vehicles.


• In April 2023, Stellantis signed a binding offtake agreement with Alliance Nickel Ltd. to supply 12000 tons of battery-grade cobalt sulfate in five years.