Global Cobalt Sulfate Market (By Type: Cobalt Sulfate Heptahydrate, Cobalt Sulfate Hexahydrate, Cobalt Sulfate Monohydrate, Anhydrous Cobalt Sulfate; By Application: Chemicals, Ceramics, Electrical, Coatings, Construction, Pharmaceuticals, Others; By Region: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Industry Size, Share, Growth, Trends 2025 to 2034.
The global cobalt sulfate market, valued at USD 1,842 million in 2024, is projected to reach USD 2,524 million by 2034, growing at a CAGR of 3.2% fueled by rising demand in EV batteries, energy storage, and advanced material applications.
| Reports Attributes | Statistics |
| Market Size in 2024 | USD 1,842 Million |
| Market Size in 2025 | USD 1,901 Million |
| Market Size in 2031 | USD 2,296 Million |
| Market Size by 2034 | USD 2,524 Million |
| CAGR 2025 to 2034 | 3.2% |
| Base Year | 2024 |
| Forecast Period | 2025 to 2034 |
The cobalt sulfate market is growing at a decent pace due to the rising EV adoption in emerging countries that promote the demand for cobalt sulfate in their batteries. The growing demand is also leading to more advancements in batteries that focus on improving energy storage, lifespan, and other parameters. The governments are promoting EV adoption by providing subsidies or incentives as part of their sustainable promotion. However, the supply chain is disturbed for some markets due to high tariffs and tensions that may stand as a barrier to market growth. Many companies are now focusing on recycling cobalt from used batteries, which is expected to help in the growing business in many regions.
The use of AI and machine learning is expected to help in the extraction and refining process by lowering energy loss and costs. The cobalt sulfate market is expected to grow rapidly as its use is also expected to expand in other applications like aerospace, electroplating, and many more.
| Regions | Shares (%) |
| North America | 15% |
| Asia Pacific | 58% |
| Europe | 16% |
| Latin America | 6% |
| Middle East & Africa | 5% |
| Segments | Shares (%) |
| Cobalt Sulfate Heptahydrate | 46% |
| Cobalt Sulfate Hexahydrate | 22% |
| Cobalt Sulfate Monohydrate | 20% |
| Anhydrous Cobalt Sulfate | 12% |
| Segments | Shares (%) |
| Chemicals | 48% |
| Ceramics | 18% |
| Electrical | 8% |
| Coatings | 7% |
| Construction | 5% |
| Pharmaceuticals | 4% |
| Others | 10% |
Published by Saurabh Bidwai
