Global Cobalt Sulphate Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Grid;

Agricultural & Feed-Grade Cobalt Sulfate, Industrial-Grade Copper Sulfate, and Battery-Grade Copper Sulfate.

By Product;

Solution and Powder Form.

By Types;

Hydrated Cobalt Sulfate, and Anhydrous Cobalt Sulfate.

By Application;

Super Alloy, Hard Facing/ HSS, & Other Alloy, Magnet, Hard Material, Catalyst, Color (Glass, Enamel, Plastic, Ceramic, Artistic Color, Fabric, Tire Adhesive, Soap, and Drier), Battery, Others (Feedstuff, Biotech, Anodizing, Recording Media, and Electrolysis).

By Geography;

North America, Europe, Asia Pacific, Middle East and Africa, and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn758511601 Published Date: January, 2025 Updated Date: February, 2025

Introduction

Global Cobalt Sulphate Market (USD Million), 2021 - 2031

In the year 2024, the Global Cobalt Sulphate Market was valued at USD 1,692.57 million. The size of this market is expected to increase to USD 3,340.55 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 10.2%.

The global cobalt sulfate market is an essential segment within the broader cobalt industry, primarily driven by its significant applications in the production of batteries, particularly lithium-ion batteries used in electric vehicles (EVs). Cobalt sulfate, a chemical compound, serves as a critical precursor in the manufacture of cathode materials for batteries, which are essential for energy storage solutions in various electronic devices and electric vehicles. The rising demand for electric vehicles, driven by the global shift towards cleaner energy and reduced carbon emissions, has been a key factor propelling the growth of the cobalt sulfate market.

The market for cobalt sulfate is influenced by the supply of cobalt metal, which is a finite resource concentrated in a few geographic regions, particularly the Democratic Republic of Congo (DRC). This concentration of supply has implications for market stability and pricing, as geopolitical factors and mining practices in these regions can significantly impact the availability of cobalt. Additionally, the market dynamics are shaped by the ongoing advancements in battery technology, which may either increase or decrease the reliance on cobalt, depending on future innovations and material substitutions.

Environmental and ethical considerations are also crucial aspects of the cobalt sulfate market. The extraction and processing of cobalt have been associated with environmental degradation and human rights concerns, particularly in regions like the DRC. As a result, there is increasing pressure on manufacturers and end-users to ensure responsible sourcing practices. Companies are increasingly focusing on supply chain transparency and sustainability, aiming to mitigate negative environmental and social impacts associated with cobalt mining and processing. This trend towards ethical sourcing and sustainability is expected to shape the future landscape of the global cobalt sulfate market.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Grid

    2. Market Snapshot, By Product

    3. Market Snapshot, By Types
    4. Market Snapshot, By Application
    5. Market Snapshot, By Region
  4. Global Cobalt Sulphate Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Electric Vehicle Adoption
        2. Battery Demand Growth
        3. Energy Storage Solutions
        4. Technological Advancements
      2. Restraints
        1. Cobalt Supply Constraints
        2. Environmental Concerns
        3. Ethical Sourcing Issues
        4. Price Volatility
      3. Opportunities
        1. Sustainable Sourcing Initiatives
        2. Recycling and Reuse
        3. Alternative Battery Technologies
        4. Governmental Support Policies
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Cobalt Sulphate Market, By Grid, 2021 - 2031 (USD Million)
      1. Agricultural & Feed-Grade Cobalt Sulfate
      2. Industrial-Grade Copper Sulfate
      3. Battery-Grade Copper Sulfate
    2. Global Cobalt Sulphate Market, By Product, 2021 - 2031 (USD Million)
      1. Solution
      2. Powder Form
    3. Global Cobalt Sulphate Market, By Types, 2021 - 2031 (USD Million)
      1. Hydrated Cobalt Sulfate
      2. Anhydrous Cobalt Sulfate
    4. Global Cobalt Sulphate Market, By Application, 2021 - 2031 (USD Million)
      1. Super Alloy
      2. Hard Facing/ HSS & Other Alloy
      3. Magnet
      4. Hard Material
      5. Catalyst
      6. Color
        1. Glass
        2. Enamel
        3. Plastic
        4. Ceramic
        5. Artistic Color
        6. Fabric
        7. Tire Adhesive
        8. Soap
        9. Drier
      7. Battery
      8. Others
        1. Feedstuff
        2. Biotech
        3. Anodizing
        4. Recording Media
        5. Electrolysis
    5. Global Cobalt Sulphate Market, By Geography, 2021 - 2031 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. Ganzhou Tengyuan Cobalt Industrial Co Ltd
      2. Jiayuan Cobalt Holdings
      3. Jilin Jien Nickel Industry Co Ltd
      4. Jinchuan Group Co Ltd
      5. Nicomet Industries Limited
  7. Analyst Views
  8. Future Outlook of the Market