According to the report published by Allied Market Research, the global cobalt sulphate market generated $1.0 billion in 2020, and is projected to reach $1.9 billion by 2030, witnessing a CAGR of 6.4% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in demand for battery storage product and rise in demand for high performance magnets and inks & dyes drive the growth of the global cobalt sulphate market. However, health related risk associated with inhalation of cobalt sulphate restrains the market to some extent. On the other hand, growth in use of cobalt sulphate in electroplating and ceramic pigment applications presents new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to global lockdown and temporary closure of a number of industry verticals, thereby affecting the overall growth of the global cobalt sulphate market.
- It further disrupted the whole supply chain, leading to difficulty in the supply of raw materials, which in turn, affected the market demand.
- However, the global cobalt sulphate market is expected to recover soon.
The report offers detailed segmentation of the global cobalt sulphate market based on application and region.
Based on application, the batteries segment held the largest market share in 2020, holding half of the total market share, and is expected to continue its leadership status during the forecast period. However, the magnets segment is projected to register the highest CAGR of 7.1% from 2021 to 2030.
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Based on region, LAMEA contributed to the highest share in terms of revenue in 2020, holding nearly half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 7.2% during the forecast period.
Leading players of the global cobalt sulphate market analyzed in the research include Jervois Finland, Ganzhou Tengyuan Cobalt Industrial Co. Ltd., Zhangjiagang Huayi Chemical Co. Ltd., Nantong Xinwei Nickel & Cobalt Hightech Development Co. Ltd., Norilsk Nickel, Umicore, Hunter Chemical LLC, Jiayuan Cobalt Holdings Limited, Merck KGaA, and Jinchuan Group International Resources Co. Ltd.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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