Global Cobalt Oxalate Market Is Estimated To Witness High Growth Owing To Increasing Demand from Battery Manufacturing and Chemical Industries
The global Cobalt Oxalate Market is estimated to be valued at US$792 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cobalt oxalate is a chemical compound composed of cobalt and oxalate ions. It finds extensive application in various industries, including battery manufacturing and chemical industries. In the battery manufacturing sector, cobalt oxalate is used as a cathode material due to its excellent electrical conductivity and stability. It is also used as a precursor in the production of cobalt-based catalysts for chemical reactions. The increasing demand for batteries in electric vehicles, portable electronics, and energy storage systems is expected to drive the growth of the cobalt oxalate market.
Market Dynamics:
Two key drivers for the growth of the cobalt oxalate market are:
1. Growing Demand from Battery Manufacturing: The rapid adoption of electric vehicles and the increasing demand for portable electronics have led to a significant surge in the demand for cobalt oxalate. Cobalt oxalate is an essential component in lithium-ion batteries, which are widely used in electric vehicles and portable electronic devices. The increasing focus on renewable energy sources and energy storage solutions is further propelling the demand for cobalt oxalate.
2. Increasing Demand from Chemical Industries: Cobalt oxalate is extensively used as a precursor in the production of cobalt-based catalysts. These catalysts find application in various chemical reactions, such as hydrogenation, oxidation, and polymerization. The growing chemical industry, particularly in emerging economies, is driving the demand for cobalt oxalate.
SWOT Analysis:
Strengths:
1. High conductivity and stability of cobalt oxalate make it suitable for battery applications.
2. Growing demand for electric vehicles and portable electronics is driving the demand for cobalt oxalate.
Weaknesses:
1. Limited availability of cobalt reserves may affect the supply of cobalt oxalate.
2. High cost of cobalt oxalate compared to other battery materials may hinder its adoption in some applications.
Opportunities:
1. Increasing research and development activities for the development of cobalt-based catalysts offer growth opportunities for the cobalt oxalate market.
2. Growing demand for renewable energy storage systems creates opportunities for the use of cobalt oxalate in batteries.
Threats:
1. Environmental concerns related to cobalt mining and extraction may impact the growth of the cobalt oxalate market.
2. Stringent regulations regarding the use of cobalt in batteries and chemical industries can pose challenges for market growth.
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 demand from battery manufacturing and chemical industries.
- The Asia-Pacific region is expected to be the fastest-growing and dominating region in the cobalt oxalate market. The region is witnessing significant growth in the electric vehicles and electronics industries, driving the demand for cobalt oxalate.
- Key players operating in the global cobalt oxalate market are 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 (formerly known as Cobalt & Specialty Materials).
In conclusion, the global cobalt oxalate market is poised for significant growth, driven by the increasing demand from the battery manufacturing and chemical industries. The market is expected to expand at a steady pace, with the Asia-Pacific region emerging as a key growth driver. However, environmental concerns and regulatory challenges pose potential threats to market growth. The key players in the market are focusing on research and development activities to capitalize on the growing demand for cobalt oxalate in various applications.
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Russian
Romaian