Understanding Impact of COVID-19 on Cobalt Sulfate Market
Global Cobalt Sulfate Market: Overview
Cobalt sulfate is defined as any of the inorganic compounds with the formula CoSO4(H2O)x. Cobalt sulfate usually refers to the hydrate CoSO4.7H2O, which is one of the most commonly available salts of cobalt. Cobalt (II) sulfate heptahydrate appears as a red monoclinic crystal that liquefies at around 100°C and becomes anhydrous at 250°C. It is soluble in water, slightly soluble in ethanol, and especially soluble in methanol. The salts are paramagnetic in nature. Its formation takes place by the reaction of metallic cobalt, its oxide, hydroxide, or carbonate with aqueous sulfuric acid. In hydrated form, cobalt sulfate is used in the preparation of pigments. It is also used in the manufacture of other cobalt salts. Cobalt sulfate pigments are also employed in porcelain and glass. Cobalt (II) sulfate has wide applications in storage batteries and electroplating baths, sympathetic inks, and as additive to soils and animal feeds. Cobalt sulfate is obtained by the treatment of cobalt oxide with sulfuric acid for such purposes.
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Global Cobalt Sulfate Market: Key Segments
Development of electric and hybrid vehicles is one of the major factors propelling the cobalt sulfate market. Rise in use of Li-ion batteries in vehicles is also augmenting the cobalt sulfate market. On the other hand, rise in pressure of extracting cobalt with limited raw materials is one of the key factors hampering the cobalt sulfate market. Furthermore, surge in pricing owing to democratic imbalance in most of the major economies is acting as a hurdle in the growth of the cobalt sulfate market.
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Based on product, the cobalt sulfate market can be segmented into powder form and solution form.
In terms of end-use industry, the cobalt sulfate market can be divided into coating, energy, chemical, super alloy, hard facing/HSS & other alloy, color (glass, enamel, plastic, ceramic, artistic color, fabric, tire adhesive, soap, and drier), battery, and others (feedstuff, biotech, anodizing, recording media, and electrolysis).
Based on geography, the cobalt sulfate market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Led by China, Asia Pacific is the leading consumer of cobalt sulfate. The cobalt sulfate market in Asia Pacific is followed by that in Europe owing to the strong automotive base.
Global Cobalt Sulfate Market: Key Players
Key players operating in the cobalt sulfate market include Freeport Cobalt Oy, Ganzhou Tengyuan Cobalt Industrial Company Limited, Jiayuan Cobalt Holdings Limited, Jilin Jien Nickel Industry Company Limited, Jinchuan Group Company Limited, Nantong Xinwei Nickel & Cobalt Hightech Development Company Limited, Nicomet Industries Limited, Umicore, and Zhangjiagang Huayi Chemical Company Limited.
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