A key factor driving the growth of the market is the increasing demand for EVs which is expected to boost the market for lithium-ion batteries during the forecast period. Cobalt sulfate is mainly used in batteries. Therefore, the growth of the battery market is expected to directly drive the global cobalt sulfate market during the forecast period.
This market research report on the global cobalt sulfate market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the discovery of primary cobalt mines as one of the key emerging trends in the global cobalt sulfate market:
Global cobalt sulfate market: Discovery of primary cobalt mines
New cobalt mines are being discovered to meet the low supply of cobalt. With the increasing demand for EVs and energy storage devices, the demand for nickel, cobalt, and aluminum lithium-ion battery is increasing. This is leading to a higher demand for cobalt. However, the prices of cobalt have been increasing owing to the low supply of the metal. Many mining firms in Canada have identified new sources of cobalt and many primary cobalt projects are gaining attention. Similarly, eCobalt is developing the Idaho Cobalt Project, which is the only advanced primary cobalt development project in the US.
“Another trend is the recycling and cobalt recovery to meet the increasing demand for cobalt. Manufacturers are looking for different methods to meet the growing demand for cobalt and one such emerging technology is electrowin. It is one of the best ways of recovering cobalt from low-concentration solutions,” says a senior analyst at Technavio.
Global cobalt sulfate market: Segmentation analysis
This market research report segments the global cobalt sulfate market by application (battery, pigments, and others), and geographical regions (APAC, EMEA, and the Americas).
The battery segment dominated the market with a share of close to 83%, which is expected to increase by over 2% during the forecast period. The market share of the other two segments namely pigments and others will decrease by 2022.
APAC led the market in 2017 with close to 66% of the market share in 2017, followed by EMEA and the Americas respectively. The market in APAC is expected to exhibit the highest increase in its market share over the forecast period while EMEA and the Americas are expected to see a decline in their market share.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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