Global Cobalt Carbonate Market to Reach USD 2,092.25 Million by 2032 | CAGR of 6.6%
Category : Materials And Chemicals | Published Date : Jan 2025 | Type : Press Release
Cobalt Carbonate Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Cobalt Carbonate Market size was valued at USD 1,254.80 million in 2024 and is projected to grow at a CAGR of 6.6%, reaching USD 2,092.25 million by 2032. Cobalt carbonate is a versatile compound widely used in various industries for its catalytic, pigmenting, and nutritional properties. Key applications include battery precursors, pigments, catalysts, and animal feed additives. This compound plays a vital role in enhancing energy storage, improving product performance, and supporting biological processes in the pharmaceutical and agricultural sectors.
The report comprises the Cobalt Carbonate Market Share, Size & Industry Analysis, based on Grade (Industrial Grade, Battery Grade, Pharmaceutical Grade), Manufacturing Process (Hydrometallurgical Process, Pyrometallurgical Process, Biotechnological Process), Application (Battery Precursors, Pigments & Dyes, Catalysts, Feed Additives, Ceramic Glazes, Others), End-Use Industry (Automotive, Electronics, Chemicals, Pharmaceuticals, Ceramics, Agriculture, Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, Latin America), and Forecast, 2025-2032.
The report contains detailed information on Cobalt Carbonate Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The rising demand for battery-grade cobalt carbonate in electric vehicles (EVs) and renewable energy storage systems is driving market growth. However, environmental concerns and ethical issues related to cobalt mining pose significant challenges.
Segmental Analysis :
Based on grade, the market is segmented into Industrial Grade, Battery Grade, and Pharmaceutical Grade.
- The battery-grade segment accounted for the largest share in 2024, driven by its critical role in lithium-ion battery manufacturing for EVs and energy storage systems.
- The pharmaceutical-grade segment is anticipated to register the fastest CAGR, supported by its use in dietary supplements and animal feed additives for enhanced livestock health.
Based on manufacturing process, the market is segmented into Hydrometallurgical Process, Pyrometallurgical Process, and Biotechnological Process.
- The hydrometallurgical process segment held the largest revenue share in 2024, owing to its efficiency in producing high-purity cobalt carbonate for industrial applications.
- The biotechnological process segment is projected to grow at the fastest rate, driven by its sustainable and energy-efficient approach to extracting cobalt.
Based on application, the market is segmented into Battery Precursors, Pigments & Dyes, Catalysts, Feed Additives, Ceramic Glazes, and Others.
- The battery precursors segment dominated the market in 2024, fueled by increasing EV production and renewable energy projects globally.
- The feed additives segment is expected to grow at the fastest rate, supported by rising demand for animal nutrition products and enhanced productivity in livestock farming.
Based on end-use industry, the market is segmented into Automotive, Electronics, Chemicals, Pharmaceuticals, Ceramics, Agriculture, and Others.
- The automotive segment accounted for the largest revenue share in 2024, driven by its reliance on lithium-ion batteries for EVs.
- The electronics segment is projected to witness the fastest CAGR, supported by the increasing adoption of high-performance batteries in consumer electronics and smart devices.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
- North America: Held a significant market share in 2024, with the U.S. contributing 72.80% of the regional revenue, driven by demand for cobalt carbonate in battery production and catalysts.
- Asia-Pacific: Expected to grow at the fastest CAGR of 7.0%, fueled by EV production and renewable energy projects in China, Japan, and South Korea.
| Report Attributes | Report Details |
| Study Timeline | 2019-2032 |
| Market Size in 2032 | USD 2,092.25 Million |
| CAGR (2025-2032) | 6.6% |
| Grade | Industrial Grade, Battery Grade, Pharmaceutical Grade |
| Manufacturing Process | Hydrometallurgical Process, Pyrometallurgical Process, Biotechnological Process |
| Application | Battery Precursors, Pigments & Dyes, Catalysts, Feed Additives, Ceramic Glazes, Others |
| End-Use Industry | Automotive, Electronics, Chemicals, Pharmaceuticals, Ceramics, Agriculture, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Cobalt Carbonate Industry:
- Zhejiang Huayou Cobalt Co., Ltd. (China)
- American Elements (USA)
- Umicore S.A. (Belgium)
- GFS Chemicals, Inc. (USA)
- Nanochemazone (Canada)
- Noah Technologies Corporation (USA)
- Shanghai Xinglu Chemical Technology Co., Ltd. (China)
- SkySpring Nanomaterials, Inc. (USA)
- Spectrum Laboratory Products, Inc. (USA)
- Strem Chemicals, Inc. (USA)
Recent Industry Developments :
- August 2024: Glencore announced the sale of cobalt inventories, highlighting shifts in supply chain strategies for cobalt derivatives essential for EV batteries.
