Global cobalt oxalate market has been growing steadily over the past few years. Cobalt oxalate is an inorganic compound that finds numerous applications across various end-use industries like electronics, aerospace, metallurgy, and chemicals. It exhibits high thermal stability and is characterized by properties like corrosion resistance and excellent binding strength. Rising consumption from lithium-ion battery industry has been a major factor driving growth in the cobalt oxalate market. Increasing reliance on rechargeable batteries to power various consumer electronics and electric vehicles is anticipated to significantly boost market demand over the coming years. Expanding production capacities of cobalt oxalate by key manufacturers to cater to growing need from diverse application sectors will further support the market expansion through 2030.
Market Dynamics
Lithium-ion batteries are essential ingredients which are widely used in portable electronic gadgets, electric cars, and energy storage systems, are made with the help of cobalt oxalate. The demand for cobalt oxalate has greatly increased since electric vehicles and renewable energy sources are being adopted at a growing rate. Growing adoption of Electric Vehicle (EVs) worldwide in line with increasing focus on reducing vehicular emissions offers significant opportunities for market players. The use of cobalt oxalate as a cathode material in lithium-ion batteries is particularly increasing. On the other hand, stringent environmental regulations pertaining to cobalt mining and processing may hinder the market growth. Key market players are investing in research and development (R&D) to develop advanced and more efficient production technologies to capitalize on opportunities.
The cobalt supply chain is intricate and susceptible to errors. The Democratic Republic of the Congo (DRC) is the main country where cobalt is produced, which offers geopolitical dangers and worries about stability and transparency. Cobalt oxalate availability and pricing may be impacted by supply chain issues such as potential political instability, trade limitations, and price volatility.
Key features of the study:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook