IndustryARC, in its latest report, predicts that the cobalt sulphate market size is forecast to reach $1.2 billion by 2026, after growing at a CAGR of 2.4% during 2021-2026. Rise in Demand for storage batteries in electric Vehicles driving the cobalt sulphate market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Key takeaways:
This IndustryARC report on the cobalt sulphate market highlights the following areas –
1. Asia Pacific dominates the Cobalt Sulphate Market owing to rapid increase in usage in the electrochemical industries for drying paints, in storage batteries, as pigments and others.
2. The market drivers and restraints have been assessed to understand their impact over the forecast period.
3. The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
4. The other key areas of focus include the various applications and end use industry in Cobalt Sulphate Market and their specific segmented revenue.
5. Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Cobalt Sulphate Market related industries has been negatively affected, thus hampering the growth of the market.
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Segmental Analysis:
1. Reagent and Technical Grade held the largest share of 38% in the Cobalt Sulphate Market in 2020. The reagent and the technical grade is used in the commercial and the industrial purpose when the highest purity of grade is not specified.
2. Consumer Use segment held the largest share in the Cobalt Sulphate Market in 2020 with a CAGR of 4.2% during the forecast period of 2021-2026. The rise in consumer use segment is due to the increase in the usage of cobalt sulphate in storage batteries. Approximately 50% of the cobalt sulphate produces globally is found in the rechargeable batteries which have become a sustainable technology for future.
3. The industrial use of Cobalt Sulphate is also increasing due to the rise in demand in agricultural chemicals, corrosion inhibitors and anti-scaling agents, planting and surface treatments and others.
4. Asia-Pacific (APAC) dominated the Cobalt Sulphate Market growing in the year 2020 with a market share of 40%, followed by North America and Europe. In APAC, China is driving much of the Cobalt Sulphate Market demand in Asia-Pacific region because of presence of major manufacturers in the region.
Competitive Landscape:
The top 5 players in the Cobalt Sulphate industry are –
1. Jilin Jien Nickel Industry Co., Ltd
2. Jinchuan Group Co., Ltd.
3. Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd.
4. Nicomet Industries Limited
5. MMC Norilsk Nickel
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