The global cobalt oxalate market is estimated to be valued at US$ 792 million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030, as highlighted in a new report by Coherent Market Insights.
Market Overview:
Cobalt oxalate is a chemical compound used in various applications such as catalysts, batteries, and pigments. It is widely used in the production of lithium-ion batteries, which are extensively used in electric vehicles and renewable energy storage systems. The increasing production of electric vehicles and the growing renewable energy sector are driving the demand for cobalt oxalate. Additionally, cobalt oxalate is used as a catalyst in various chemical reactions, further boosting its demand in the chemical industry.
Market Dynamics:
1. Driver: Increasing Electric Vehicle Production
The global demand for electric vehicles is growing at a rapid pace. Governments around the world are implementing stringent regulations to promote electric vehicles and reduce carbon emissions. This is driving the demand for cobalt oxalate, which is a key component in lithium-ion batteries used in electric vehicles. The shift towards sustainable transportation is expected to further fuel the growth of the cobalt oxalate market.
2. Opportunity: Growing Renewable Energy Sector
The renewable energy sector, including wind and solar power, is witnessing significant growth globally. Cobalt oxalate is extensively used in the production of batteries used in renewable energy storage systems. As the adoption of renewable energy sources increases, the demand for cobalt oxalate is expected to rise, presenting a significant opportunity for market growth.
Segment Analysis:
The cobalt oxalate market can be segmented based on application and end-use industry. In terms of application, the battery segment is dominating the market due to the increasing production of lithium-ion batteries for electric vehicles and renewable energy storage systems. In terms of end-use industry, the automotive sector is leading the market, driven by the growing demand for electric vehicles.
PEST Analysis:
– Political: The political landscape plays a crucial role in the cobalt oxalate market. Governments’ policies and regulations promoting electric vehicles and renewable energy sources are driving the market growth.
– Economic: The economic stability and growth of countries impact the adoption of electric vehicles and renewable energy sources, thus influencing the demand for cobalt oxalate.
– Social: The increasing awareness about environmental issues and the shift towards sustainable energy sources are driving the demand for cobalt oxalate.
– Technological: Technological advancements in battery manufacturing processes and the development of more efficient and sustainable energy storage systems are creating opportunities for the cobalt oxalate market.
Key Takeaways:
– The Global Cobalt Oxalate Market Demand is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to increasing electric vehicle production and growing renewable energy sector.
– In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the cobalt oxalate market, driven by the presence of major electric vehicle manufacturers and increasing investments in renewable energy projects.
– Key players operating in the global cobalt oxalate market include Umicore N.V., Freeport-McMoRan Inc., Glencore plc, Huayou Cobalt Co., Ltd., Sherritt International Corporation, Jinchuan Group International Resources Co. Ltd., Sumitomo Metal Mining Co., Ltd., Norilsk Nickel, ERAMET SA, and Umicore Cobalt & Specialty Materials. These players are focusing on strategic partnerships, acquisitions, and product innovations to gain a competitive edge in the market.
