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Growing popularity of electric vehicles is projected to fuel the growth of the Global Cobalt Oxide Market at a CAGR of 6.2% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Cobalt Oxide Market that contains information from 2018 to 2032. The Global Cobalt Oxide Market is estimated to register a CAGR of 6.2% during the forecast period of 2024 to 2032.


As per Market Research Future (MRFR) analysis the following companies as the key players in the Global Cobalt Oxide Market are Umicore, Zhejiang Huayou Cobalt Co., Ltd, Sajan Overseas Pvt Ltd, American Elements, Jervois Finland, Particular Materials, ICoNiChem, Eastmen Chemicals, Shanghai Greenearth Chemicals Co. Ltd, Sun Industries


Market Highlights


The Global Cobalt Oxide Market is projected to grow at a CAGR of 6.2% in the forecast period, and the market is expected to reach USD 8,358.9 million by 2032.


The increasing interest in electric vehicles (EVs) is a key factor shaping the global cobalt oxide market. With a growing focus on sustainable transportation to address climate change and lessen air pollution, the popularity of electric vehicles has surged among governments and consumers alike. The advancement in battery technology has enhanced vehicle performance, extended range, and increased affordability, thus making electric vehicles more appealing to a wider range of consumers. As the presence of electric vehicles continues to increase, the number of lithium-ion batteries reaching the end of their life cycle is also growing. This situation highlights the urgent requirement for recycling solutions that are both efficient and effective. Moreover, the rising demand for electric vehicles is not only transforming the automotive industry but also sparking advancements and growth in the cobalt oxide market. The growing need for EV batteries is the main reason behind the rising demand for essential metals such as cobalt. The demand for electric vehicle batteries surged to over 750 GWh in 2023, reflecting a 40% increase compared to 2022. Electric vehicles contribute to 95% of this increase. Internationally, the increase in battery demand attributed to electric vehicles (EVs) can be mainly attributed to the surge in EV sales. This growing demand for EV batteries is playing a crucial role in boosting the global cobalt oxide market. With the rising popularity of electric vehicles, the demand for batteries is growing rapidly, necessitating an increased supply of metals such as lithium, cobalt, and nickel. The global sales of electric vehicles are expected to reach millions in the near future, further emphasizing the necessity for these essential resources. Lithium-ion batteries are presently the most appropriate choice for electric vehicle purposes. As a result, there has been a sharp rise in the demand for LIBs, escalating from 185 GWh in 2020 to 685 GWh in 2024, and is projected to surpass 2035 GWh by 2030, as per Statista's statistical data. In 2023, the production capacity for battery cells increased by over 45% in both China and the United States compared to 2022, and by nearly 25% in Europe. Should the existing trends persist, supported by initiatives such as the US IRA, it is anticipated that by the conclusion of 2024, the United States will exceed Europe in terms of capacity. The ongoing demand from battery manufacturers is steadily increasing the need for cobalt, consequently fueling the overall Cobalt Oxide Market.


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Segment Analysis


The Global Cobalt Oxide Market segmentation, Cobalt (II) Oxide (COO), Cobalt (III) Oxide (CO2O3), Cobalt (IV) Oxide (COO2), Cobalt (II, III) Oxide (CO3O4). Cobalt (II, III) oxide (Co3O4) leads the market, growing from USD 2,614.0 million in 2023 to USD 4,732.5 million by 2032, driven by its use in batteries and catalysts, while Cobalt (IV) oxide (CoO2) also experiences growth due to its lithium-ion battery applications. Cobalt (II) oxide is a highly heat-stable compound with numerous uses in the form of producing ceramics, glazes, and lithium-ion batteries. Cobalt (III) Oxide (Co₂O₃) is an excellent source of cobalt and is very insoluble, thermally stable. Cobalt oxide is used for glass, optics, and ceramics applications. Cobalt (IV) oxide (CoO₂) is a compound of high oxidation state, which contains cobalt in +4 oxidation state. Typically, this compound is dark brown or black, an important material in chemical and energy storage applications. It is much less common than two other lower oxidation state analogues, CoO, and Co₃O₄, but it shows special chemical properties because of its higher oxidation state. Cobalt (II, III) oxide (Co₃O₄) is a mixed-valence compound. It contains both Co(II) and Co(III) ions in the crystal structure, whereas cobalt(II) oxide contains only Co(II). Co₃O₄ is usually a brownish-black powder and has been highly valued for chemical and physical properties such as high stability, catalytic activity, and the ability to carry out redox reactions.


The Global Cobalt Oxide Market segmentation, based on form the market has been segmented into powder, pellets and granules. Powder form dominates with USD 3,187.7 million in 2023 and is expected to reach USD 5,476.2 million by 2032, while granules and pellets also show growth. Powdered cobalt oxide refers to the fine solid state of cobalt oxide, which is a compound that has been commonly used in industrial applications. In general, cobalt oxide is formed through the heating in the presence of oxygen or air of any cobalt salt such as cobalt hydroxide or cobalt carbonate. Cobalt oxide (CoO) granules are large, compact cobalt oxide particles in comparison with the powder form. Generally, these granules are obtained by agglomeration of fine cobalt oxide powder through pelletizing or sintering. The final product of this process has coarse uniform-sized particles. Pellets are compact, solid forms of the chemical compound that can be compressed in the form of cobalt oxide powders into various small, uniform shapes.


Based on application, the Global Cobalt Oxide Market is segmented into Batteries, Catalysts, Ceramics and Pigments, Magnetic Materials, Electrochemical Devices and Others. The battery segment remains the largest application, expanding from USD 3,263.4 million in 2023 to USD 5,685.5 million by 2032, driven by electric vehicles and energy storage needs. Cobalt oxide is widely used in batteries, especially in lithium-ion (Li-ion) batteries, because of excellent electrochemical properties and high stability along with maximum energy density. Cobalt oxide (CoO) is an important compound in catalysis because of its specific electronic structure and oxidation/reduction properties. It is a catalyst for reactions involving oxidation, such as the oxidation of organic compounds and water as a source of hydrogen. Cobalt oxide is widely used in ceramics and pigments due to its bright colorability and ability to produce stable, durable materials. Cobalt oxide (CoO) is an important material in the development of magnetic materials due to its magnetic properties and ability to form a variety of cobalt-based compounds with strong magnetic behaviour. Cobalt oxide is very much in demand in electrochemical devices due to its extraordinary electrochemical properties, such as high conductivity, stability, and redox activity. Cobalt oxide (CoO) has been used in a few sensor and superalloy applications because of its superior chemical and physical properties.


Based on end-use industry, the Global Cobalt Oxide Market is segmented Electronics and Electrical, Energy Storage, Chemical Industry, Automotive, Glass and Ceramics, Paints and Coatings and Others. The electronics and electrical industry leads, projected to grow from USD 1,843.4 million in 2023 to USD 3,179.8 million by 2032, with the automotive industry also seeing significant growth, particularly in electric vehicles. Cobalt oxide is used in a wide range of modern electronic and electrical applications. Lithium-ion batteries and specialist alloys are two major areas. Cobalt oxide is a very vital material in energy storage. It is applied especially as cathode in high-performance batteries and supercapacitors. Cobalt oxide is widely used in the chemical industry for various applications due to its flexible chemical properties and catalytic abilities. Cobalt oxide has played a highly significant role in the automotive sector, especially in the development of advanced energy storage systems and catalysts that are crucial in improving vehicle performance, reducing emissions, and ensuring sustainability. Cobalt oxide is used in the glass and ceramics industries to add vibrant colors and enhance material properties. Cobalt oxide is used mainly as a colorant in glass manufacturing to achieve a variety of deep blues. Cobalt oxide has good colors and excellent chemical properties which make it quite a big player in the paint and coatings industry. Cobalt oxide, due to its high-temperature resistance and magnetic properties, is in great demand in aerospace and defense industries.


Regional Analysis


Based on Region, the Global Cobalt Oxide Market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2023, the Global Cobalt Oxide Market is predominantly driven by the Asia-Pacific region, which holds the largest market share at 43.4%. Europe follows with 24.5%, while North America accounts for 21.6%. South America and the Middle East & Africa contribute 5.8% and 4.7%, respectively. Asia-Pacific (APAC) has been experiencing high growth rates in the cobalt oxide market, mainly due to the strong demand for its key sectors such as electric vehicles, consumer electronics, and renewable energy storage. China, Japan, and South Korea are leaders among these countries, but the largest market is in China. Not surprisingly, with the largest battery manufacturer in the world and a rapidly growing automotive industry, this region consumes more cobalt oxide, used in lithium-ion batteries, which is crucial for electric mobility and electronics


Key Findings of the Study



  • The Global Cobalt Oxide Market is expected to reach USD 8,358.9 million by 2032, at a CAGR of 6.2% during the forecast period.

  • The Asia Pacific region dominated the Global Cobalt Oxide Market with the largest market revenue share of 43.4% in 2023

  • The Cobalt (II,III) Oxide (Co3O4) segment dominated the global market with the largest revenue share of 51.96% in 2023.

  • The Powder segment dominated the global market with the largest revenue share of 63.36% in 2023.

  • The batteries segment dominated the Global Cobalt Oxide Market with the largest market revenue share of 64.87% in 2023.

  • The Electronics and Electrical segment dominated the Global Cobalt Oxide Market with the largest market revenue share of 36.64% in 2023.

  • The key players in the Global Cobalt Oxide Market include Umicore, Zhejiang Huayou Cobalt Co., Ltd, Sajan Overseas Pvt Ltd, American Elements, Jervois Finland, Particular Materials, ICoNiChem, Eastmen Chemicals, Shanghai Greenearth Chemicals Co. Ltd, Sun Industries

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Report details
Companies Covered 15
Pages 214
Certified Global Research Member
Esomar23 wcrc
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