According to a new report, published by KBV research, The Global Cobalt Sulphate Market size is expected to reach $1.8 billion by 2030, rising at a market growth of 6.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,006.8 Hundred Tonnes experiencing a growth of 5.3% (2019-2022).
Cobalt sulphate, a key compound derived from cobalt, is crucial in various industries, particularly in the rapidly growing electric vehicle (EV) and rechargeable battery sectors. The adoption of this compound has witnessed a significant surge, primarily driven by the global shift towards cleaner energy and the increasing demand for electric vehicles. This compound is a vital component in the cathodes of lithium-ion batteries, making it a critical material for the energy storage industry. In addition to the increasing demand for efficient energy storage solutions, the proliferation of renewable energy sources has fueled the demand.
The Batteries segment is growing at a CAGR of 5% during the forecast period. The growing recognition of the importance of environmental sustainability and the implementation of rigorous emissions regulations, which have driven the automotive sector towards electrification, have significantly augmented the need for lithium-ion batteries. Cobalt sulphate is essential for the production of high-energy-density cathodes in these batteries, making it a vital component in the EV ecosystem. Hence, the segment will experience increased demand in the coming years.
Full Report: https://www.kbvresearch.com/cobalt-sulphate-market/
The Asia Pacific region dominated the Global Cobalt Sulphate Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $847.1 million by 2030. The North America region is anticipated to grow at a CAGR of 5.5% during (2023 - 2030). Additionally, The Europe region would witness a CAGR of 5.8% during (2023 - 2030).
By Application (Volume, Hundred Tonnes, USD Billion, 2019-2030)
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