by The cobalt oxalate market consist of cobalt oxalate which is an inorganic compound and a cobalt salt of oxalic acid. Cobalt oxalate possesses properties like low solubility, high stability and are utilized to manufacture batteries, ceramics, paints and coatings. Cobalt oxalate’s ability to impart stability and good conductivity when used as a precursor material for cathode materials in lithium-ion batteries is driving its demand.
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 operating in the Cobalt Oxalate are BIOVIA, Chemical Computing Group, Agilent Technologies, Schrödinger, PerkinElmer, CambridgeSoft, ChemAxon, Molecular Discovery, OpenEye Scientific Software, Dassault Systèmes. Cobalt oxalate manufacturers are focusing on expanding their production capacities to cater to the growing demand from battery industry. The Global Cobalt Oxalate Market is driven by increasing demand for lithium-ion batteries from end use industries like automotive and consumer electronics. Cobalt oxalate market players are also focusing on establishments in Asia Pacific and North America region to leverage potential growth opportunities.
Market key trends
One of the key trends witnessed in the Cobalt Oxalate Market Size is its increasing adoption in lithium-ion battery cathode materials. Cobalt oxalate acts as a precursor to derive cobalt oxide/hydroxide which enhances stability and improves energy density when used in Li-ion battery cathodes. This is expected to propel the demand for cobalt oxalate over the forecast period. Another trend gaining traction is the increasing R&D towards developing cobalt oxalate precursors for next generation high energy lithium-ion battery technologies like solid-state batteries. This is anticipated to offer new growth avenues for players operating in the global cobalt oxalate market.
Porter’s Analysis
Threat of new entrants: New entrants will face high capital requirements to build manufacturing facilities and establish distribution channels. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and presence of several suppliers. Threat of new substitutes: Substitutes like cobalt carbonate, cobalt chloride pose threat to the market. Competitive rivalry: The market is moderately competitive due to presence of established players and availability of substitutes.
The North American region accounts for around 45% of the global market value due to growing demand from end-use industries like paints and coatings. The Asia Pacific region is expected to witness the fastest growth during the forecast period. Factors like increasing industrialization, growing end-use industries especially in China and India are driving the demand.
Geographical Regions
North America accounts for the largest share in the cobalt oxalate market in terms of value. Countries like the United States and Canada have strong presence of end-use industries like paints and coatings which drives the demand.
The Asia Pacific region is expected to witness the fastest growth during the forecast period from 2024 to 2030. Countries like China and India are expected to spearhead the growth owing to rapid industrialization and growth of end-use industries in these regions.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
