Allied Market Research added new research report on “Cobalt Sulphate Market” includes Industry Size, Share, Trends, Growth, Demand, Supply, Market Development, Analysis and Forecast
The battery segment was the highest revenue contributor to the global cobalt sulphate market in 2016. Asia accounted the lead position, both in terms of value & volume, in 2015, and is expected to grow at the highest rate during the study period.
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The battery segment accounted for the highest share of cobalt sulphate market in 2016, owing to the highest consumption of batteries in passenger electric vehicles, consumer electronics, and stationary storage. As per industry experts, the demand for lithium is expected to reach at 50,000 MT by 2020. At present, there are around 350 lithium mining projects active to accomplish the rise in demand for lithium batteries in various applications. The growth in end-use industries such as pigment, ceramic, glass, and battery drives the market for cobalt sulphate. However, the growth for cobalt sulphate market is expected to get affected, owing to the health concerns related to cobalt sulphate industry.
The rechargeable battery segment accounted for more than 40% of the share in the global cobalt sulphate market in 2016, as is employed in the growth of applications, such as passenger electric vehicles, consumer electronics, and stationary storage. Segments such as hard facing/HSS alloy and catalyst are projected to grow at a significant growth rate during the forecast period.
Asia accounted for the highest market share in 2016, and is projected to grow at the highest CAGR of 2.4%, owing to the presence of major manufacturers in China. In addition, the demand from the passenger electric vehicles, consumer electronics, and stationary storage sector are expected to drive the market growth in Asia. Europe was estimated to be the second highest consumer for cobalt sulphate in 2015. Belgium & Finland are the major suppliers of cobalt sulphate in the region followed by Norway.
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