Soaring Demand of Electric Vehicles Accounting for High Cobalt Sulfate Consumption Through 2031: PMR
NEW YORK, Aug. 19, 2021 /PRNewswire/ -- The global cobalt sulfate 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 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.
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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.
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 sulfate manufacturers.
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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 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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More Valuable Insights
Persistence Market Research, a research and consulting firm, has published a market research report on the global cobalt sulfate market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides an in-depth analysis of the market through different segments, namely, grade, application, and region. The report also provides supply and demand trends, along with an overview of the parent market.
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