Cobalt Oxalate market

Electrochemical is the largest segment driving the growth of Cobalt Oxalate Market


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 used in the manufacturing of various lithium-ion batteries that power electric vehicles and electronic devices. It serves as a key component in cathodes offering high voltage stability and longer life to batteries.

Market key trends:
One of the major trends fueling the growth of the cobalt oxalate market is the rising demand for electric vehicles. The sales of electric vehicles have increased manifold in the recent past owing to stringent emission norms and government initiatives to promote greener mobility solutions. As cobalt oxalate helps power lithium-ion batteries that are key to electric drivetrains, its consumption is expected to rise steadily with increasing electric vehicle production worldwide over the forecast period. Additionally, rising demand for portable consumer electronics is also augmenting the need for high-performance lithium-ion batteries containing cobalt oxalate.
Market key trends:
One of the key trends in the cobalt oxalate market is increasing lithium-ion battery production for electric vehicles and energy storage systems. Cobalt oxalate is a critical component used in the manufacturing of cathode materials for lithium-ion batteries. With stringent government policies and consumers shifting towards electric vehicles for their lower carbon footprint, the demand for lithium-ion batteries is growing substantially. This is directly increasing the consumption of cobalt oxalate in the battery industry.

SWOT Analysis
Strength: Cobalt oxalate has high energy density and stability which makes it suitable for use in lithium-ion batteries. It allows batteries to store more energy and last longer.
Weakness: Volatility in cobalt prices can negatively impact the margins and supply stability of cobalt oxalate producers. Cobalt mining is also associated with environmental and social issues.
Opportunity: Growing demand for electric vehicles and battery storage systems due to supportive government policies on clean energy transitions presents an opportunity for cobalt oxalate producers to expand.
Threats: Substitution of cobalt with other alternatives in cathode materials of lithium-ion batteries can threaten the demand growth of cobalt oxalate. Supply chain disruptions can also impact the stability of cobalt oxalate supply.

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 adoption of electric vehicles. Production of lithium-ion batteries, which are heavily dependent on cobalt oxalate, is growing significantly with rising EV sales.

The Asia Pacific region dominated the global cobalt oxalate market in 2023, accounting for around 35% of the global volume, owing to the large production of lithium-ion batteries in China for domestic use as well as exports. Countries like China, Japan, and South Korea are focusing on electrification of transport and have announced bans on fossil fuel vehicles, which is increasing the regional demand for cobalt oxalate.

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). These companies are focusing on capacity expansions as well as long-term offtake agreements with cathode material producers to maximize profits in the high growth market.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile