Cobaltous Carbonate Market Size to Reach USD $1617.22, Globally, By 2030 at CAGR of 6.2 % – IndustryARC

Research Reports

May 15, 2024

cobaltous carbonate market presents opportunities for growth, driven by its diverse applications across various industries and the increasing demand for energy storage solutions and sustainable materials. However, challenges related to supply chain sustainability and ethical sourcing of cobalt may impact market dynamics in the long term.  

Cobaltous Carbonate Market size is estimated to reach US$1617.22 million by 2030 after growing at a CAGR of 6.2% from 2024 to 2030. Cobaltous carbonate is an inorganic compound that occurs as Sphero cobaltite in crystalline form. The compound is formed by combining cobaltous sulphate and sodium bicarbonate due to which it adopts a structure like calcite. Cobaltous carbonate has various applications and is used in additives for paints & coatings, as a cathode in e-vehicles batteries, as an anti-caking agent in dietary supplements, as an intermediate and catalyst in chemicals, and also it is used in animal feedstock and agrochemicals. Hence, due to such high applicability, cobaltous carbonate is majorly used in sectors like automotive, aerospace, chemicals, paints & coatings, and agriculture. Factors like growing demand for electric vehicles, increase in paints & coating production and growing production of specialty chemicals are driving the growth of the cobaltous carbonate market. However, cobaltous carbonate is hazardous and can cause skin & eye infections. Hence, the regulation imposed by a government organization to curb this hazardous effect can limit the production output of cobaltous carbonate which can hamper the growth of the cobaltous carbonate industry.

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Cobaltous Carbonate Market and Future Trends:

  • Growing Demand in Battery Production: Cobaltous carbonate is a key ingredient in the production of lithium-ion batteries, which are widely used in electric vehicles (EVs), consumer electronics, and energy storage systems. As the demand for EVs and renewable energy storage solutions continues to rise, the demand for cobaltous carbonate is expected to increase significantly.

 

  • Shift Towards Ethical and Sustainable Sourcing:Cobalt mining has been associated with environmental and social concerns, including child labor and unsafe working conditions in some regions. As a result, there is a growing emphasis on ethical and sustainable sourcing practices in the cobalt industry. Companies are increasingly seeking cobalt from sources that adhere to responsible mining practices, and this trend is likely to continue in the future.3. Health Concerns and Regulations:

 

  • Diversification of Supply: The majority of the world’s cobalt production comes from the Democratic Republic of Congo (DRC), which has led to concerns about supply chain risks and geopolitical instability. In response, there is a push to diversify cobalt supply sources by exploring deposits in other regions such as Canada, Australia, and the United States. Additionally, efforts are underway to develop recycling technologies to recover cobalt from end-of-life batteries, thereby reducing reliance on primary production.

 

  • Technological Advancements: Ongoing research and development efforts are focused on improving battery technology to increase energy density, reduce costs, and enhance safety. This includes exploring alternative battery chemistries that use less or no cobalt, as well as developing new manufacturing processes to streamline production and minimize waste. These advancements could impact the future demand for cobaltous carbonate depending on the specific composition of future battery designs.

 

  • Price Volatility and Market Dynamics: Cobalt prices have historically been volatile due to factors such as supply constraints, demand fluctuations, and geopolitical tensions. While prices have stabilized in recent years, they remain sensitive to changes in market conditions. Factors such as regulatory policies, trade disputes, and technological breakthroughs can all influence cobalt prices and market dynamics in the future.

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Cobaltous Carbonate Market – Scope :

Cobaltous Carbonate Market– Scope: As been segmented By Grade, By Packaging, By Application , By End-Use Industry ,By Geography. The report provides insights into the market dynamics, including market drivers and challenges.

Cobaltous Carbonate Market with top country data and analysis. The report also highlights the market potential, growth rates, and alternative relevant statistics.

The competitive landscape section features company profiles of major players such as   Imerys Pigments ,Celtic Chemicals, IS Chemical Technology, KEZI Industries Ark Pharm, Inc. This report is a valuable source of guidance and direction for companies and individuals interested in The Benzoic Acid Market.

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The top 10 players in the Cobaltous Carbonate industry are:

  • Imerys Pigments
  • Celtic Chemicals
  • IS Chemical Technology
  • KEZI Industries
  • Ark Pharm, Inc.
  • Finetech Industry Limited
  • VladaChem
  • MP Biomedicals
  • Aurora Fine Chemicals LLC
  • AN PharmaTech and others

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