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.
Cobalt oxalate is a cobalt compound with oxalate ligands. It finds applications in various industrial and commercial sectors such as ceramics, Glass manufacturing, and surface treatment among others. Cobalt oxalate delivers properties such as improved mechanical strength, corrosion resistance and thermal stability to final products.
Market key trends:
One of the key trends in the Cobalt Oxalate Market is its increasing adoption in lithium-ion batteries. Cobalt oxalate plays a vital role in the manufacturing of lithium-ion battery cathodes. The rapid growth of the lithium-ion battery market especially for electric vehicles is fueling the demand for cobalt oxalate. According to studies, over 50% of the global cobalt production is used for manufacturing of lithium-ion batteries. Stringent emission norms coupled with rising environmental concerns have boosted the sales of electric vehicles worldwide thereby augmenting the need for high-performance lithium-ion batteries and subsequently cobalt oxalate.
The global cobalt oxalate market is segmented based on type and application. Based on type, the market is segmented into regular cobalt oxalate and electroplated cobalt oxalate. The regular cobalt oxalate segment is dominating the market currently as it has wide application in diverse industries like paints & coatings, agriculture, etc. Further, based on application, the market is divided into agriculture, paints & coatings, electronics, and other applications. The paints & coatings segment holds the largest market share owing to high demand for cobalt oxalate in production of corrosion-resistant coatings.
The global Cobalt Oxalate Market Share is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing demand from paints & coatings industry.
Regional analysis – Asia Pacific is currently the fastest growing as well as dominating regional market. This is attributed to robust growth of end-use industries like electronics and paints & coatings in China and India.
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). Umicore holds the dominant market share currently due to its wide product portfolio and global presence.