by Cobalt oxalate is an inorganic compound widely used in various applications such as lithium-ion batteries, catalysts, pigments, and others. It has high energy density and conductivity which makes it a suitable cathode material in lithium-ion batteries. The increasing adoption of electric vehicles and rise in demand for portable consumer electronics are fueling the need for high-performance batteries, propelling the growth of the global cobalt oxalate market. The Global Cobalt Oxalate Market is estimated to be valued at US$ 912.39 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Key players operating in the cobalt oxalate market are BIOVIA, Chemical Computing Group, Agilent Technologies, Schrödinger, PerkinElmer, CambridgeSoft, ChemAxon, Molecular Discovery, OpenEye Scientific Software, and Dassault Systèmes.
Key opportunities: Rising demand for Cobalt Oxalate Market Trends from rechargeable battery manufacturers and technological advancements in lithium-ion batteries are expected to present substantial growth opportunities for players in the cobalt oxalate market.
Technological advancements: Advancements in materials sciences have led to the development of new cathode materials like lithium cobalt oxalate and sodium cobalt oxalate with higher energy density and cycle stability for improving the battery performance.
Market Drivers
Increasing demand for electric vehicles: Stringent emission norms and government policies promoting electric vehicles adoption are fueling the demand for lithium-ion batteries used in EVs, which is driving the consumption of cobalt oxalate as a battery cathode material.
Growth of portable electronics industry: Rapid urbanization, rising disposable incomes, and changing consumer lifestyles have increased the sales of smartphones, laptops, tablets, and other portable devices that require high-performance batteries using cobalt oxalate.
Current challenges in Cobalt Oxalate Market:
The cobalt oxalate market is facing challenges due to fluctuating prices of raw materials. Cobalt is mainly produced as a by-product of copper and nickel mining. The prices are dependent on the production of primary metals. Environmental regulations regarding cobalt mining are becoming stricter. This is increasing production costs for manufacturers. Supply chain disruptions due to the ongoing COVID-19 pandemic have also negatively impacted the market. Manufacturers face difficulties in sourcing raw materials and delivering end products to customers.
SWOT Analysis
Strength: High demand from battery industry due to usage in lithium-ion batteries. Wide applications as catalyst, drying agent etc boost market volume.
Weakness: Raw material price volatility makes operations uncertain. Stringent mining laws increase production costs.
Opportunity: Investments to develop alternatives to cobalt will open new growth avenues. Developing economies increasing consumption of electronic devices.
Threats: Trade disputes and geo-political tensions can affect material sourcing. Lithium iron phosphate batteries require less or no cobalt posing competition.
North America region accounts for the largest share in cobalt oxalate market in terms of value due to extensive usage in automotive batteries and electronic goods manufacturing. Fast growing demand for EVs is driving market revenue. The Asia Pacific region is the fastest growing market on account of increasing consumption of lithium ion batteries by various end use industries in major economies like China and India. Low cost of production attracts suppliers and manufacturers to establish facilities in the region.
Europe has a significant presence in the overall cobalt oxalate market led by Germany, Italy and UK. Large automobile manufacturers spur domestic demand. Latin America and Middle East & Africa regions also offer untapped potential for market participants over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
