Cobalt Sulphate Market to Soar to USD 1.81 Billion by 2030, Driven by 6.2% CAGR

The Cobalt Sulphate Market was valued at USD 1.18 billion in 2023 and is expected to grow to USD 1.81 billion by 2030, expanding at a steady compound annual growth rate (CAGR) of 6.2% during 2024-2030. This growing market is fueled by rising demand in lithium‐ion batteries, pigments, catalysts, and superalloys.

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United States - Growth & Opportunities

The United States is experiencing sustained growth driven by increasing EV battery production and robust demand from aerospace and electronics industries.

M&A & Consolidation:

Freeport‐McMoRan's divestment of certain cobalt assets to Nicomet (2024) reflects strategic portfolio focusing.

Key Developments:

Recent investments in battery-grade cobalt production facilities underscore efforts to secure domestic supply chains and reduce import dependence, especially as EV adoption accelerates.

Asia Pacific - Opportunity & Trends

The Asia Pacific region dominates with nearly 50% market share, driven by booming lithium‐ion battery manufacturing in China, India, South Korea, and Japan.

M&A & Partnerships:

Huayou Cobalt's acquisition of a strategic cobalt mine in the DRC (2023) strengthens feedstock security.
Freeport‐McMoRan's joint venture with Umicore in Indonesia (2024) focuses on refining battery‐grade cobalt sulphate.

Key Developments:

Rapid expansion of battery gigafactories, especially in China, has led to new processing plants and stronger vertical integration across the region.

Europe - Trends & Consolidation

Europe's market growth is propelled by stringent environmental regulations, EV incentives, and strong demand from automotive and aerospace sectors.

M&A & Consolidation:

Norilsk Nickel's merger with Zhangjiagang Huayi Chemical's cobalt refining arm (2024) enhances efficiency across EU-China supply chains.
Umicore's acquisition of a French cobalt sulphate facility (2023) supports its European battery materials strategy.

Key Developments:

The EU's Critical Raw Materials Act has encouraged investments in regional cobalt processing capacity and recycling infrastructure.
Middle East & Africa - Updation & Opportunity

While still emerging, the Middle East & Africa region is gaining traction due to projects targeting downstream battery material capabilities.

M&A & Partnerships:

CMOC Group Limited's acquisition of a South African cobalt processing plant (2024) marks its expansion in Africa.
Strategic alliances between regional players and Freeport‐McMoRan focus on improving supply chain resilience.

Key Developments:
Several GCC governments announced funding for battery materials hubs in 2024, signaling early-stage initiatives to enter the EV materials space.

Industry Outlook & Strategic Takeaways

With global cobalt demand projected to exceed supply by early 2030s-growing roughly at 7% CAGR, driven by electric vehicles contributing 57% of usage-cobalt sulphate markets are positioning for premium pricing and strategic resource investment:

Asia Pacific: Continue leading with massive EV battery manufacturing and integration.
Europe & U.S.: Capitalize on policies promoting domestic material processing and supply chain security.
Middle East & Africa: Position emerging facilities to serve battery OEMs and support diversification away from traditional sectors.

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Cobalt Sulphate Market Segmentation:

by Application

Superalloy
Hard facing/HSS & Other Alloy
Magnet
Hard Material
Catalyst
Color
Battery
Others

Because batteries are used most frequently in consumer electronics, stationary storage, and passenger electric vehicles, the battery category held the largest proportion of the cobalt sulphate market in 2023. By 2030, it is anticipated that the demand for lithium would reach 50,000 MT. To meet the growing demand for lithium batteries in a variety of applications, there are now about 350 active lithium mining operations. The market for cobalt sulphate is driven by the expansion of end-use sectors such pigment, ceramic, glass, and batteries. However, because of the health risks associated with the cobalt sulphate sector, the market's growth is anticipated to be impacted.

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Key Players:

Freeport-McMoRan
Huayou Cobalt
Nicomet
Norilsk Nickel
Umicore
Zhangjiagang Huayi Chemical
Jiayuan Cobalt Holdings
Shepherd Chemical
Flexsys
Katanga
Josephine Mining
PJSC MMC Norilsk Nickel
Freeport Cobalt Oy
Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd.
ALT Cobalt & Nickel Products (Dalian) C o., Ltd.
Jiayuan Cobalt Holdings Limited
INCASA SA
Cangzhou Tengyuan Cobalt Industry Co., Ltd.
Zhangjiagang Huayi Chemical Co., Ltd.
MMC Norilsk Nickel
Dalian Ruiyuan
Hebei Kingway

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