The global cobalt sulphate market size was US$ 1.0 billion in 2020. The global cobalt sulphate market size is estimated to reach US$ 88.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.4% during the forecast period from 2021 to 2030.
Cobalt sulfate is an inorganic, divalent cobalt salt of sulfuric acid, represented by the chemical formula, CoSO4. It is utilized in applications like the electrochemical industry, coloring agents, paints and inks, and storage batteries.
Factors Influencing Market Growth
? Cost-effectiveness and solubility make it broadly utilized in applications such as decorating porcelain, drier in lithographic inks, preventing discoloring in glazed products, and varnishes driving the overall market expansion.
? The use of cobalt sulfate during the passivation process and cobalt plating is another element that propels the overall market expansion.
? The production and water treatment of electric cells and batteries boost the need for cobalt sulfate, thereby increasing the overall market expansion.
Effect of the COVID-19 Pandemic
COVID-19 had a severe impact on the overall market expansion. This is due to the government?s strict lockdown and regulations which shut down import and export facilities and also due to its reliance on chemical manufacturing, ceramics, pigment, batteries, and other end-use industries hindering the overall market expansion.
The LAMEA had the highest overall market expansion during the analysis period and dominated the market share during the analysis period. Cobalt sulfate is a source for pensive animals like cattle, sheep, and goats. Sheep and cattle farming in Saudi Arabia has achieved importance due to an increase in health consciousness and an increase in the use of cattle and meat among clients. All these elements drive the expansion of the overall market in the region.
The prominent players in the global cobalt sulphate market are:
? Jervois Finland
? Ganzhou Tengyuan Cobalt Industrial
? Zhangjiagang Huayi Chemical
? Nantong Xinwei Nickel & Cobalt Hightech Development
? Norilsk Nickel
? Hunter Chemical LLC
? Jiayuan Cobalt Holdings Limited
? Merck KGaA
? Jinchuan Group International Resources
The global cobalt sulphate market segmentation focuses on Application and Region.
Segmentation on the basis of Application
? Hard Materials
? Inks and Dyes
Segmentation on the basis of Region
? North America
? The U.S.
? Western Europe
? The UK
? Rest of Western Europe
? Eastern Europe
? Rest of Eastern Europe
? Asia Pacific
? Australia & New Zealand
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Rest of South America