by 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cobalt oxalate is an inorganic compound that contains cobalt and oxalate ions. It exists as crystals or crystalline powder and is usually blue or violet in color. Cobalt oxalate is used in the manufacturing of lithium-ion batteries as it helps improve the stability and charging capacity of battery cathodes. Lithium-ion batteries containing cobalt oxalate offer higher energy density and longer lifespan than conventional batteries. The growing demand for portable electronic devices and electric vehicles is driving the need for high-performance rechargeable batteries, which in turn is fueling the growth of the cobalt oxalate market.
Market key trends:
One of the key trends in the cobalt oxalate market is the rising production of electric vehicles. Automakers are heavily investing in EVs to comply with stringent emission regulations. Cobalt oxalate plays a vital role in the lithium-ion batteries that power EVs. Therefore, increasing EV sales will continue to drive cobalt oxalate consumption over the forecast period. Another major trend is the growing demand for consumer electronics such as smartphones, laptops, and tablets. Modern gadgets require powerful yet compact batteries to support their advanced features and functionalities. This is augmenting the use of cobalt oxalate in the consumer electronics sector.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the cobalt oxalate market is moderate. Establishing manufacturing facility for cobalt oxalate production requires huge capital investment and technology which creates entry barriers.
Bargaining power of buyers: The bargaining power of buyers is low to moderate. Buyers have limited options, and switching costs are high, giving advantage to existing players.
Bargaining power of suppliers: The bargaining power of suppliers is high due to the limited availability of raw materials. Suppliers can influence prices to their advantage.
Threat of new substitutes: Threat of substitutes is low as there are limited alternatives to cobalt oxalate which can fulfill diverse applications across industries.
Competitive rivalry: Intense competition exists among existing players to gain market share. Players differentiate through product quality and supply chain management.
Key Takeaways
The global Cobalt Oxalate Market Share is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing use in lithium-ion batteries for EVs.
Regional analysis: Asia Pacific region dominates the global cobalt oxalate market, with China being the major producer and consumer. Supportive government policies towards electric vehicles adoption in China is significantly driving the demand. Europe and North America are other major markets boosted by rapid investment in charging infrastructure for EVs.
Key players operating in the 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, Umicore Cobalt & Specialty Materials (formerly known as Cobalt & Specialty Materials). players aim to expand production capacity and strengthen supply chain to cater to the rising demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
