Cobalt Carbonate Market Size, Share, Growth, Trends, and Forecast 2030

The size of the worldwide cobalt carbonate market is expected to reach earnings of almost USD 1,547.18 million by 2030, with a compound annual growth rate (CAGR) of almost 4.99% expected between 2023 and 2028. In 2022, the market size was estimated to be worth USD 1,047.99 million.

Global Cobalt Carbonate Market: Overview

Spherocobaltite, or cobalt carbonate, is an inorganic compound or mineral. While soluble in acids, cobalt carbonate is insoluble in both hot and cold water. Among other things, it’s utilized in alloys, batteries, catalysts, tool materials, pigments, and soaps. They are also useful in giving cattle the vitamins they need, which is why their feeds contain them. Cobalt carbonate is a highly sought-after product on the market due to its extensive range of applications.

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Global Cobalt Carbonate Market: Growth Factors

The market for cobalt carbonate is being driven by demand from the paint sector since these materials are widely employed in the production of pigments and paints. In addition to being a cathode material in batteries, cobalt carbonate is utilized as a food supplement and as a plating chemical or catalyst. In the aerospace sector, it is a crucial component for gas turbines and jet engines. The growth of the cobalt carbonate market will be impacted by each of these applications. The market demand for cobalt carbonate is rising due to features like easy combining with other compounds to get the appropriate chemical composition, improved shelf life, and accurately processed product. Cobalt carbonate will become more in demand since it’s utilized in animal feed to give animals the necessary quantity of vitamins for their healthy development. High costs of cobalt carbonate will, however, be a restraining factor to the market growth.

Global Cobalt Carbonate Market: Segmentation

Segments such as source type, product type, application, end users, and geography make up the worldwide cobalt carbonate market. The natural and synthetic segments of the market are separated based on the type of source. The market is divided into wet solid and dry powder cobalt carbonate segments based on the type of product. The market is divided into agricultural chemicals, paint pigments, coating additives, paint additives, intermediates, and others based on application. The food industry, aerospace, pharmaceutical, automotive, paint, chemical, and agricultural industries are the sectors into which the market is divided based on end users.

Global Cobalt Carbonate Market: Regional Analysis

Asia Pacific has the most geographical market share in the cobalt carbonate industry. The main driver of growth in Asia Pacific is the rising demand for cobalt carbonate in China and India. Due to the region’s expanding need for cobalt carbonate in the automotive sector, Europe will be closely monitoring growth in Asia Pacific. Particularly in the European zone, growth will be observed in Germany, the United Kingdom, France, Spain, Russia, Italy, and Poland. The Middle East and African regions have more potential for growth as a result of developments in the South African region. In the upcoming years, North America and Latin America will also play a major role in the growth of the cobalt carbonate market.

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