Cobalt Oxalate Market Poised to grow at a Robust Pace Owing to Growing Demand from Batteries Industry

The global cobalt oxalate market is estimated to exhibit significant growth opportunities attributed to accelerating demand for lithium-ion batteries. Cobalt oxalate finds widespread use in lithium-ion batteries as it helps improve their performance characteristics. Burgeoning electric vehicle industry coupled with growing focus on renewable energy is providing a fillip to the lithium-ion battery market, in turn driving sales of cobalt oxalate.

Cobalt oxalate is a salt used as a precursor to synthesize lithium cobalt oxide, a key cathode material in lithium-ion batteries. Lithium cobalt oxide batteries have high energy density and capacity retention, which makes them ideal for applications requiring high power and longer run times such as in smartphones, laptops and electric vehicles. The global lithium-ion battery market is expected to grow at over 10% annually through 2031 on account of widespread electrification across industries and nations pledging to reduce carbon emissions. This bodes well for the cobalt oxalate market which is estimated to be valued at US$ 883.19 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the cobalt oxalate market are BIOVIA, Chemical Computing Group,

Agilent Technologies, Schrödinger, PerkinElmer, CambridgeSoft, ChemAxon, Molecular Discovery, OpenEye Scientific Software, Dassault Systèmes. These players are focusing on expansion plans and new product launches to meet the growing demand for cobalt oxalate.

Cobalt Oxalate Market size is being propelled by the growing demand for lithium-ion batteries from a host of industries including automotive, consumer electronics, and energy storage. The expanding electric vehicle industry and focus on renewable energy adoption are augmenting lithium-ion battery demand.

Key players are expanding their production capacities globally to leverage the rising demand for cobalt oxalate from developing regions of Asia Pacific and Latin America. New production plants and strategic deals with end-use industries will help meet global cobalt oxalate requirements.

Market Key Trends

Accelerated shift towards greener transportation solutions driven by government policies and regulations focusing on curbing emissions is one of the major trends shaping the cobalt oxalate market. As electric vehicles rely on lithium-ion batteries for power, their increased adoption translates to higher cobalt oxalate consumption. Most automakers now have ambitious EV production targets over the next decade to transition to electric fleets. This is creating robust opportunities for cobalt oxalate suppliers and manufacturers to tap into the burgeoning EV industry.

Porter’s Analysis

Threat of new entrants: New entrants will face high costs for production facilities and distribution systems.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products.

Bargaining power of suppliers:suppliers having moderate bargaining power due to dependence on a few producers for raw material supply.

Threat of new substitutes: Substitute products like cobalt carbonate and cobalt chloride pose moderate threat.

Competitive rivalry: The industry players compete based on product quality and pricing.

Cobalt Oxalate Market Regions Analysis indicates that North America has the highest value concentration, with over 40% of global cobalt oxalate demand coming from the region. This demand is mainly driven by established end-use industries like mining and metal finishing.Asia Pacific region is projected to be the fastest growing regional market for cobalt oxalate during the forecast period. Countries like China, India and Japan are witnessing rapid industrial expansion in end use sectors which will support Asia Pacific to be the most lucrative regional market going ahead.

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About Author:

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. (https://www.linkedin.com/in/money-singh-590844163)