Scope of the Study
Cobalt sulfate is an inorganic salt of divalent cobalt which is formed by the interaction of carbonate, cobalt oxide or hydroxide with sulfuric acid. It is widely used in the electroplating and electrochemical industries. It produces lithium-ion nickel-cobalt-manganese and nickel-cobalt-aluminum batteries which is used in electric vehicles. The government has also taken initiative to implement electric vehicles. For instance, in July 2019, according to the Government of India, more than 3.97 Lakh registered electric/battery-operated vehicles. Hence, increasing adoption of electric vehicles and rising demand from a various application such as agricultural products, animal feed, feed grade minerals, and others are some of the major drivers which affect the growth of the market in future.
The market study is being classified, by Application (Agricultural Products, Animal Feed, Feed Grade Minerals, Micronutrient Product, Feed Premix Plant and Others) and major geographies with country level break-up.
Freeport Cobalt Oy (Finland), Ganzhou Tengyuan Cobalt Industrial Co., Ltd (China), Jiayuan Cobalt Holdings (China), Jilin Jien Nickel Industry Co., Ltd. (China), Jinchuan Group Co., Ltd. (China), Nickel & Cobalt Hightech Development (China), Nicomet Industries Limited (India), MMC Norilsk Nickel (Russia), Umicore N.V (Belgium) and Zhangjiagang Huayi Chemical Co. Ltd. (China) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Dalian Ruiyuan (China), Hebei Kingway Chemical Co., Ltd. (China), Shanghai Qingong (China) and Nantong Xinwei (China).
Research Analyst at AMA predicts that China Vendors will contribute to the maximum growth of Global Cobalt Sulphate market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Cobalt Sulphate market by Type, Application and Region.
On the basis of geography, the market of Cobalt Sulphate has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia-Pacific region held largest market share in the year 2018. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Demand Electric Vehicle across the World
- Increasing Usage of Cobalt Sulphate in Various Application
- Technology Advancements regarding Cobalt Sulphate
- Stringent Government Regulation Regarding Cobalt Sulphate
- Upsurge in Focus on High-Growth Markets Such as the Middle East and Asia Pacific
- Issue related to Ascend in Weight of Separating Cobalt with Restricted Crude Materials
In March 2018, the Metal Bulletin Company which is a provider of global metal & steel prices has announced a price assessment for cobalt sulfate, 20.5% min Co, ex-works China. Therefore, this announcement will affect the growth of the market in the future.
According to the Government of the United States, “Environmental Protection Agency (EPA) regulations for cobalt sulfate were identified. Cobalt is regulated by the EPA, Food and Drug Administration, and the Occupational Safety and Health Administration (OSHA)”. Hence, these regulations may act as a hamper for market growth.
Key Target Audience
Cobalt Sulpahte Manufacturers, Research and Development (R&D) Companies, Research Organization, Federal Agencies, Raw Material Suppliers and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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