Cobalt Sulphate Market Overview:
Cobalt Sulphate Market is expected to reach at $1,089 million by 2023 from $913 million in 2015, and, growing at a CAGR of 1.8% during the forecast period 2017-2023. Cobalt sulfate is an inorganic, divalent cobalt salt of sulfuric acid, represented by the chemical formula, CoSO4. It is an odorless reddish metallic salt, which is readily soluble in water and methanol. Cobalt oxide or other cobalt derivatives are dissolved in dilute sulfuric acid, which crystallizes to form cobalt sulfate. In addition, large amount of cobalt sulfate is produced as a by-product during the manufacturing of various metals, such as nickel and copper. The cobalt sulphate market is segmented based on application and region. Based on application, it is bifurcated into super alloy, hard facing/HSS & other alloy, magnet, hard material, catalyst, color, and battery. Super alloys are high-performance alloys, used in situations that require exceptional properties, such as high mechanical strength, resistance to high temperatures, corrosion, and other stress situations. Besides the batteries segment, a major share of the cobalt sulphate industry has accounted by the super alloys segment due to their applications in aircraft manufacturing.
Cobalt Sulphate Market Segmentation
Top Investment Pocket
Hard facing is a process of applying a tougher material to the base metal to enhance their resistance to heat, wear & tear, and corrosion. HSS or High Speed Steel refers to steel containing refractory carbides in larger amounts for enhanced properties, such as high temperature strength, hardness, wear resistance to tempering, and several others. Cobalt sulphate is used in HSS as it significantly enhances the temperature strength of the material. The consumption and demand for cobalt sulphate for HSS and hard facing are highest during the forecast period due to the high temperature strength of cobalt containing HSS and materials over others.
Cobalt Sulpahte Market Top Investment Pockets By Application
The most common use of cobalt sulphate is in batteries. Cobalt sulphate is widely used a precursor for battery cathodes in storage batteries, employed in electric vehicles (EV). Cobalt is one of the major element used for manufacturing Lithium-ion (Li-ion) rechargeable batteries. Employing cobalt as the cathode of rechargeable batteries efficiently improves their energy density, power, and performance as compared to batteries that lacks cobalt. The cobalt industry is expected to be driven by the investments by market players and demand for cobalt containing Li-ion batteries for EVs. For instance, an investment of USD 5 billion by Tesla in its Li-ion giga factory in Nevada, USD1.06 billion investment by Porsche for EV production, investment of $1 billion by Faraday Future for the development of EVs, and several others.
Madagascar and D.R. Congo are the most active players for cobalt sulphate market in the African region. At present, the cobalt sulphate supply was done from the copper belt of the D.R. Congo and Zambia. The government of D.R. Congo have regularly imposed restriction on the export of ores & concentrates to encourage the downstream processing in the country. The country has negotiating mining contracts with other countries.
Africa Cobalt Sulpahte Market, 2015-2023 ($Million)
The key players operating in the global cobalt sulphate market are Freeport Cobalt Oy, Ganzhou Tengyuan Cobalt Industrial Co., Ltd, Jiayuan Cobalt Holdings, Jilin Jien Nickel Industry Co., Ltd., Jinchuan Group Co., Ltd., Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd., Nicomet Industries Limited, MMC Norilsk Nickel, Umicore, and Zhangjiagang Huayi Chemical Co. Ltd.
The other players (not profiled in the report) operating in this market are Dalian Ruiyuan, Hebei Kingway, Shanghai Qingong, and Nantong Xinwei.
- This report provides an extensive analysis of the current cobalt sulphate market trends, future estimations, and dynamics from 2015 to 2023, which assist to identify the prevailing opportunities.
- Geographically, the cobalt sulphate market is analyzed across America, Europe, Asia, Africa, and rest of world.
- Extensive market analysis predicts the applications that are currently used and the variants that are expected to gain prominence in the future.
- Detailed analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key players are profiled and their strategies are analyzed thoroughly, which portrays the competitive market outlook.
Cobalt Sulphate Market Key Segments
- Super Alloy
- Hard Facing/ HSS & Other Alloy
- Hard Material
- Color (Glass, Enamel, Plastic, Ceramic, Artistic Color, Fabric, Tire Adhesive, Soap, and Drier)
- Others (Feedstuff, Biotech, Anodizing, Recording Media, and Electrolysis)
- South Africa
- D.R. Congo