Cobalt oxalate is an essential precursor material used in the manufacturing of cobalt metal and cobalt chemicals. It finds wide applications in the production of lithium-ion batteries for consumer electronics and electric vehicles. Rising demand for high-performance, durable, and long-lasting batteries from the automotive and electronics industries is driving the consumption of cobalt oxalate. Moreover, governments across nations are offering favorable policies and subsidies to promote electric mobility, which is encouraging automobile OEMs to intensify their electric vehicles production. 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 key trends:
The increasing shift towards renewable and clean energy is one of the major trends contributing to the growth of the cobalt oxalate market. Cobalt is a crucial metal used in lithium-ion batteries that power electric vehicles and store electricity from solar and wind farms. Government policies and targets to reduce carbon emissions are prompting investments to expand clean energy infrastructure and electric transportation networks. For instance, the European Union aims to have at least 30 million zero-emission cars on European roads by 2030. Similarly, China has committed to peaking its carbon emissions before 2030 and achieving carbon neutrality by 2060. Such supportive initiatives are augmenting the demand for cobalt and its derivatives like cobalt oxalate.
Segment Analysis
The global cobalt oxalate market is dominated by the rechargeable battery segment as cobalt oxalate is extensively used for manufacturing lithium-ion batteries used in various electronic devices such as smartphones, laptops, tablets, power tools etc. Owing to rise in demand for portable electronic devices and adoption of electric vehicles, the rechargeable battery segment accounted for over 60% share of the global market in 2023.
Key Takeaways
The global cobalt oxalate market is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to reach a value of US$ 1,311 Mn by 2030, expanding at a CAGR of 5.6% during the forecast period.
Regional analysis
Asia Pacific dominates the global cobalt oxalate market with over 45% share in 2023. Rapid industrialization and rising consumption of electronic products in countries such as China and India has been a major factor driving the demand for cobalt oxalate in the region. In addition, presence of prominent battery manufacturers in Asia Pacific is further propelling the market growth.
Key players operating in North America and Europe are focusing on capacity expansions to gain higher market share. For instance, Umicore expanded its cobalt refinery in Finland to boost its cobalt metal production capacity.
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).
