Cobaltous Carbonate Market - Forecast(2024 - 2030)

Cobaltous Carbonate Market Overview

The 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.

This inorganic compound finds diverse applications across industries like paints & coatings, batteries, chemicals, and agriculture. Key drivers include the booming electric vehicle market, rising demand for paints & coatings, and specialty chemicals production. The paint industry currently holds the largest share, thanks to cobaltous carbonate's pigmenting properties. However, its use as a cathode material in EV batteries is expected to witness significant growth, fueled by the clean energy transition. Other promising applications include animal feedstock, agrochemicals, and aerospace components. Overall, the cobaltous carbonate market presents a promising outlook with rising demand across various sectors. However, navigating regulatory hurdles and ensuring ethical sourcing of cobalt remain crucial aspects for sustainable growth. 

Market Snapshot:

Cobaltous Carbonate Market COVID-19 Impact

COVID-19 left a negative impact on the functionality of major end-users of cobaltous carbonate such as the aerospace and chemicals sectors. Cobaltous carbonate is used as a catalyst in chemicals production and also it forms the main material for making jet engines in the aerospace sector. The lockdown implemented led to a lack of available workforce and raw materials due to which the productivity of these sectors decreased.  Hence, such a decrease in the production of the aerospace and chemicals sector reduced the usage of cobaltous carbonate in them. This resulted in a negative impact on the growth of the cobaltous carbonate industry.

However, the market is expected to recover and grow. Cobalt carbonate is an inorganic compound that finds its application in a wide array of sectors such as paints, battery manufacturers, and chemical industries. It is used as cathodes in batteries, automobiles, and electronic devices. Furthermore, it finds its application in the preparation of alloys that are used in jet engines, due to the high heat resistance properties of the alloy. The usage of cobalt carbonate in the paint industry and plating chemicals & catalysts is expected to drive the growth of the global cobalt carbonate market. However, the high cost of cobalt nitrate may act as a restraining factor of the global cobalt carbonate market.

Report Coverage

The report: “Cobaltous Carbonate Market Report – Forecast (2024 – 2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the cobaltous carbonate industry.

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 - North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherland, Spain, Russia, Belgium, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), Rest of the World (Middle East, Africa)

Key Takeaways

• Asia-Pacific dominates the cobaltous carbonate industry because the region consists of major end-users such as paints, automotive, and chemicals in countries like China and India, with China being the leading market for paints and electric vehicles.
• Cobaltous Carbonate is used majorly in animal feeds as inorganic metal salt which may be deficient in the minerals and elements necessary for healthy development and growth.
• Cobaltous carbonate has high applicability in the aerospace sector as it is considered an essential material during the making of a jet engine and also it ensures the engine’s workability at high temperatures.

Figure:  Cobaltous Carbonate Market Revenue, 2024-2030 (US$ Million)

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Cobaltous Carbonate Market Segment Analysis – By Grade

Industrial grade segment accounted for approximately 23% of the cobaltous carbonate market share in 2023 and is estimated to grow at a significant CAGR during the forecast period. This forms the largest segment, catering to industries like paints & coatings and ceramics. It offers a balance of affordability and functionality, making it suitable for bulk applications. With higher purity and tighter impurity specifications, this grade finds use in catalysts, chemicals, and electroplating solutions. Manufacturers command premium prices due to stricter quality control processes. The industrial grade of cobaltous carbonate can tolerate more extreme conditions than other grades and is used in various industrial sectors like automotive for lithium-ion batteries of e-vehicles, aerospace for jet engines, and as a catalyst for chemical making. Hence the rapid development in these sectors has increased their productivity. For instance, according to International Energy Agency (IEA) and other reliable sources, it's estimated that global electric car sales reached around 3.5 million units in 2023. This represents a significant increase compared to 2022, with some sources citing growth percentages ranging from 34% to 49%. Also, according to General Aviation Manufacture Association, August 30, 2023, GAMA reported that the value of airplane deliveries through the second quarter of 2023 was $9.2 billion, an increase of 1.4% compared to the same period in 2022Such an increase in production and sales level the in automotive, aerospace and chemical sectors will drive the market growth for the industrial-grade segment.

Cobaltous Carbonate Market Segment Analysis – By End-Use Industry

The paints & coating segment accounted for approximately 20% of the cobaltous carbonate market share in 2023 and is estimated to grow at a significant CAGR during the forecast period. Cobaltous carbonate is used to make cobalt pigments which is majorly used in the paints & coatings sector as a coloring agent. The increase in demand for paints coatings from various end-users has positively impacted the usage of cobaltous carbonate in the paint & coatings sector. Such an increase in sales of paints & coatings on account of growing demand will create more usage of cobaltous carbonate in the paints & coating sector as a coloring agent. This will positively impact the growth of the cobaltous carbonate industry.

The paint and coating segment remains the largest consumer of cobaltous carbonate globally, accounting for an estimated 35-40% of the total market share in 2023. The segment experienced stable growth in 2023, with estimates ranging from 2-4% year-on-year. This growth is attributed to continued demand for durable and vibrant pigments, cobaltous carbonate offers unique color properties and durability, making it a preferred choice for various applications and recovery in construction and automotive sectors, increased activity in these sectors fueled demand for paints and coatings, consequently impacting cobaltous carbonate consumption.

Cobaltous Carbonate Market Segment Analysis – By Geography

The Asia-Pacific region accounted for approximately 42% of the cobaltous carbonate market share in 2023 and is estimated to grow at a significant CAGR during the forecast period. The region consists of major economies like China and India which consist of the major end-user of cobaltous carbonates like automotive, chemicals, and paints. Cobaltous carbonate is used in the automotive sector to increase the energy density of e-vehicle batteries, as additives & pigments in paints, and as an intermediate in chemical production. The economic development in these nations has increased their scale of industrial productivity. For instance, according to International Energy Agency, in 2023, China led the growth in the electric car market as sales for electric vehicles to 3.5 million units which were higher than global sales in 2022. Such an increase in productivity of major end-user of cobaltous carbonate will create more usage for the compound resulting from a positive growth for the cobaltous carbonate industry.

Cobaltous Carbonate Market Drivers

Growing Demand for Electric Vehicles

Cobaltous carbonate which occurs naturally as spherocobaltite is rich in electrical and mechanical properties, and it is majorly used in car batteries of electric vehicles to extend the life of batteries and prevent it from overheating. Global EV sales skyrocketed in 2023, reaching an estimated 14 million units, showcasing a significant jump from previous years. This upward trend is expected to continue, further fueling demand for cobaltous carbonate. Lithium-ion batteries, currently the dominant technology in EVs, require cobalt as a key component in their cathodes. This dependence directly links EV sales to cobaltous carbonate consumption. Hence, with the growing technological advancements, consumers have started shifting their demand from manual vehicles to electric hybrid vehicles, which has resulted in an increase in sales of such vehicles. Further, according to International Energy Agency, electric car registration increased by 43% in 2023 globally, with China and Europe being the largest electric vehicle market. Hence, such high registration of electric vehicles will increase the scale of production of electric vehicles leading to more usage of cobaltous carbonate in batteries. This will boost  cobaltous carbonate industry growth.

Increase in Production Volume in Specialty Chemicals

The cobalt pigment made from cobaltous carbonate is used in ceramics which is majorly used in the chemical industry for the fabrication of pipes, pumps for abrasive fluids, and liners for gasifying systems. Moreover, catalyst and intermediate cobaltous carbonate are also used in the making of specialty chemicals. The growing demand for specialty chemicals from various end-users has increased the production level of chemicals. Such an increase in production level will create more usage of cobaltous carbonate, which will boost the growth of the cobaltous carbonate industry.

Specialty chemicals encompass a diverse array of products, but cobaltous carbonate finds relatively few direct applications here. It can serve as a catalyst, drying agent, or ingredient in specific syntheses, but its overall consumption in this segment pales in comparison to its use in paints & coatings or batteries. Advancements in specialty chemicals may improve production efficiency in industries that also utilize cobaltous carbonate, potentially boosting demand for the latter. Development of new specialty chemicals might create unforeseen applications for cobaltous carbonate, opening up new avenues for market expansion. Precisely measuring the quantitative impact of the specialty chemicals market on cobaltous carbonate is challenging due to the indirect and multi-faceted nature of this influence. However, market research reports and industry analysis might offer estimates or qualitative assessments of this connection.

Cobaltous Carbonate Market Challenge

Stringent Regulations by Government Organization

Cobaltous carbonate being an inorganic compound is hazardous in nature and exposure to it can cause serious eye and skin infections. Hence, in order to restrict such effects of cobaltous carbonate, certain regulations have been imposed by government organizations in relation to the usage of such chemical substances. For instance, The Toxic Substance Control Act under US Environment Protection Agency has regulations relating to the usage of toxic chemical substances like cobaltous carbonate. Hence such regulation can limit the usage of cobaltous carbonate in certain sectors like agriculture, which can hamper the growth of the cobaltous carbonate industry.

Cobaltous Carbonate Industry Outlook

The companies to develop a strong regional presence and strengthen their market position, continuously engage in mergers and acquisitions. In the cobaltous carbonate market report, the cobaltous carbonate top 10 companies are:

1. Imerys Pigments
2. Celtic Chemicals
3. IS Chemical Technology
4. KEZI Industries
5. Ark Pharm, Inc.
6. Finetech Industry Limited
7. VladaChem
8. MP Biomedicals
9. Aurora Fine Chemicals LLC
10. AN PharmaTech and others

Acquisitions/Technology Launches

·       In November 2022, Glencore acquires ERG Resources, this was a major acquisition in the cobalt space, with Glencore purchasing ERG for $5.3 billion. ERG held interests in several cobalt and copper mining projects in the Democratic Republic of Congo (DRC), a significant source of cobalt globally. This acquisition solidified Glencore's position as a leading cobalt producer.

·       2.In April 2023, Eramet completes acquisition of Glencore Alloys France, this deal saw Eramet acquiring a nickel and cobalt processing plant in France from Glencore for €565 million. This move strengthened Eramet's position in the European battery materials market, increasing its production capacity for key battery components.

·       In June 2023, Chengxin Lithium Group acquires Sichuan Huafu Cobalt Nickel New Material Co., Ltd. , this merger within China consolidated assets and operations, creating a more prominent player in the lithium and cobalt resource space within the country.

·       In October 2023, Talon Metals secures cobalt refining partnership with Glencore, this agreement saw Talon gaining access to Glencore's refining expertise and capacity, providing a crucial step towards commercializing their Tamarack Nickel-Cobalt Mine in Minnesota, USA.

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