The Cobaltous Carbonate Market is to Touch $1617.2 Million by 2030; the cobaltous carbonate market is poised for growth, driven by expanding applications in batteries, ceramics, and pigments, coupled with the ongoing transition towards sustainable en

The Cobaltous Carbonate Market size is estimated to reach $1617.2 Million by 2030, growing at a CAGR of 6.2% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Cobaltous Carbonate Market  – By Grade  (Industrial Grade, Technical Grade, Chemical Grade, Bio-Tech Grade, and Others), By Packaging (Cardboard Box, Drum (Fibre, and Steel), Bags, and Others), By Application (Agriculture Chemical, Catalyst, Pigments, Additives, Dietary Supplements, Ion Exchange Agents, Laboratory Chemicals, Metal Base Production, and Others), By End-Use Industry (Agriculture, Pharmaceutical, Chemical, Paints & Coatings, Automotive, Aerospace (General Aviation, and Commercial Aviation), Power Industry (Wind, Thermal, and Hydro), and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”.

The market for cobaltous carbonate is expanding significantly due to the growing need for cobalt compounds in a variety of industries, especially in the production of batteries, ceramics, and pigments. With the chemical formula CoCO₃, cobaltous carbonate is a cobalt salt that is mostly used as a precursor to make cobalt oxide and other cobalt compounds, which are necessary for the creation of lithium-ion batteries. The need for high-performance batteries has increased due to the growth of electric vehicles (EVs) and renewable energy storage systems, which has increased cobaltous carbonate usage.

APAC dominated the Cobaltous Carbonate Market in 2023 with a market share of 42%. Due to a strong production base and an increasing focus on technical improvements, the Asia-Pacific (APAC) region became the market leader for cobaltous carbonate in 2023. The region's market domination has been aided by the growing use of cobaltous carbonate in a variety of applications, such as catalysts, ceramics, and battery manufacturing. Cobaltous carbonate is widely consumed by nations like China and Japan, mainly for their huge electronics and electric vehicle (EV) production industries. Since cobaltous carbonate is an essential part of lithium-ion batteries, the move to renewable energy sources and electric vehicles has increased demand for it even more. Furthermore, APAC has established itself as a market leader for cobaltous carbonate thanks to its aggressive approach to battery technology research and development.

The market for cobaltous carbonate is significantly influenced by the emphasis on renewable energy technology. The need for effective energy storage systems increased as countries worked to lower their carbon footprints and switch to more sustainable energy sources. Lithium-ion batteries, which are necessary for renewable energy applications like solar and wind energy systems, are made in large part using cobaltous carbonate. These batteries improve the overall effectiveness and dependability of renewable energy sources in addition to making energy storage easier. The demand for cobaltous carbonate has increased as a result of government programs supporting electric vehicles and renewable energy sources, as well as rising investments in clean energy projects across the globe. Additionally, battery performance and longevity are increasing as technological developments in battery manufacturing continue to progress.

One major factor influencing the market environment is the growing need for cobaltous carbonate in the manufacturing of batteries. When making the cathodes for lithium-ion batteries, which are widely utilized in a variety of applications such as consumer electronics, electric vehicles (EVs), and energy storage systems, cobaltous carbonate is an essential precursor material. The need for high-performance batteries has increased dramatically as a result of the global push towards electrification and the growing popularity of EVs. Cobaltous carbonate is a crucial component for fulfilling the performance criteria of contemporary batteries since it improves battery efficiency, energy density, and thermal stability. The demand for cobaltous carbonate is anticipated to rise in tandem with automakers' increased manufacturing of electric vehicles. 

Key companies profiled in the Cobaltous Carbonate Market 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., and others.