by The cobalt oxalate market has been growing steadily over the past few years due to the increasing use of cobalt oxalate in lithium-ion battery cathode materials. Cobalt oxalate acts as a precursor to cobalt carbonate and helps produce high-quality cathode materials exhibiting high energy density. As lithium-ion batteries are increasingly adopted in electric vehicles and portable electronic devices, the demand for cobalt oxalate from battery manufacturers is rising substantially.
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 players operating in the cobalt oxalate market are BIOVIA, Chemical Computing Group, Agilent Technologies, Schrödinger, PerkinElmer, CambridgeSoft, ChemAxon, Molecular Discovery, OpenEye Scientific Software, and Dassault Systèmes. These leading players are focusing on new product launches and partnerships with cathode material manufacturers to strengthen their market position. The growing demand for high-performance lithium-ion batteries from the automotive industry is a major factor fueling the growth of the cobalt oxalate market. As per estimates, electric vehicle sales are projected to grow at a CAGR of over 30% during the forecast period, thus opening lucrative opportunities.
Geographically, Asia Pacific dominates the Cobalt Oxalate Market Trends and is expected to continue its dominance during the forecast period. This is attributed to the presence of leading cathode material and lithium-ion battery manufacturers in countries like China, Japan, and South Korea. Additionally, government initiatives to promote electric vehicles adoption are positively influencing the regional market. North America and Europe are other major markets for cobalt oxalate driven by the well-established automotive industry and growing consumer electronics sector.
One of the key trends in the cobalt oxalate market is the increasing research on developing cheaper and sustainable synthesis processes. With concerns around cobalt supply risks and costs, key players are focusing on reducing the dependence on direct cobalt sources and exploring waste-to-resource approaches. The production of cobalt oxalate from secondary cobalt resources like mine tailings offers significant opportunities. Additionally, the feasibility of biomass-derived synthesis routes is also being investigated to enhance process efficiency and lower manufacturing costs.
Porter’s Analysis
Threat of new entrants: Low capital requirements make entry easy but established players have strong brand image and distribution networks. Bargaining power of buyers: Number of buyers is large in the industry reducing their bargaining power. Bargaining power of suppliers: Suppliers have moderate bargaining power as there are few raw material suppliers but requirements are not too specialized. Threat of new substitutes: Threat from substitutes is low as cobalt oxalate has unique properties fulfilling specific industrial application requirements. Competitive rivalry: Intense competition among existing players to gain market share puts pressure on prices.
The geographical region where the cobalt oxalate market is concentrated in terms of value is Asia Pacific. Countries like China, Japan and India dominate the consumption as well as production of cobalt oxalate due to large electronics and automotive industries in the region boosting demand.
The fastest growing region for the cobalt oxalate market is North America. Increasing lithium-ion battery manufacturing plants in the US and Canada is driving up demand for cobalt oxalate which is a key component used in cathode materials. Growing electric vehicle sales and focus on renewable energy is also stimulating the need for advanced battery technologies necessitating higher cobalt oxalate consumption.
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1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
