Dublin, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The "Cobalt Sulphate Market by Application: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global cobalt sulphate market was valued at $1.0 billion in 2020, and is projected to reach $1.9 billion by 2030, growing at a CAGR of 6.4% from 2021 to 2030.
Cobalt sulphate is 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.
The growth of the global cobalt sulphate market is driven by rise in adoption of cobalt sulphate for formulation of super alloys. 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. Use of cobalt sulphate during production of super alloys drives the demand in the global market. Synthetic inks, soil & animal feed additive, and storage batteries application of cobalt sulphate augments the growth of the global market.
However, inhalation and exposure of cobalt sulphate over the threshold value leads to carcinogenicity and skin irritation is hampering the market growth. Moreover, exceeding the consumption and inhalation of cobalt sulphate over few milligrams per day can be dangerous and imparts negative impact on vital organs of the body such as kidneys, lungs, and heart, which hamper the market growth.
Cobalt sulphate finds application during production of polyvinyl chloride, dyes, and animal feed, which is anticipated to offer new growth opportunities during the forecast period. In addition, key-players in the cobalt sulphate market have launched innovative products to extend its application in storage battery application. For instance, Primobius GmbH launched battery grade cobalt sulphate that has low impurity level and high crystallinity that makes it suitable to be used a raw material for predecessor cathode active material production, which is anticipated to offer new growth opportunities during the forecast period.
The global cobalt sulphate market report provides in-depth competitive analysis as well as profiles of these major players.
Key benefits for stakeholders
- Porter's five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building
- It outlines the current trends and future estimations of the market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study
- The profiles of key players and their key strategic developments are enlisted in the report
Key Market Segments
By Application
- Alloys
- Magnets
- Hard Materials
- Catalyst
- Inks and Dyes
- Batteries
- Others
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Topics Covered:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Cobalt Sulphate Market, by Application
Chapter 5: Cobalt Sulphate Market, by Region
Chapter 6: Competitive Landscape
Chapter 7: Company Profiles:
Companies Mentioned
- 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
- Jinchuan Group International Resources Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/sayanl
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