Cobalt Hydroxide Market Size, Share, Growth, and Global Industry Analysis, By Type (Industrial Grade and Battery Grade), By Application (Cobalt Compound Preparation, Drying Agent in Paints/Inks, Battery Electrode Manufacturing, and Others), Regional Insights, and Forecast From 2024 To 2032

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Cobalt Hydroxide Market Report Overview

The global cobalt hydroxide market size was valued at USD 0.15 billion in 2023 and is projected to grow from USD 0.16 billion in 2024 to USD 0.33 billion by 2032, exhibiting a CAGR of 9.4% during the forecast period. Asia-Pacific holds leading position in cobalt hydroxide market share in 2023.

Cobalt hydroxide is a synthesized nanomaterial through simple soft chemistry. It is an inorganic compound that consists of hydroxide anions and divalent cobalt cations. The pure compound is also called the beta form and is pink in color. It is insoluble in water. The name is also applicable in a related compound known as “blue” or “alpha” form. Many anions are incorporated into their molecular structure. It is an unstable compound and has a blue color. It is mostly used in inks, varnishes, and paints as a drying agent.  It is used in the manufacturing of battery electrodes.  

Cobalt hydroxide is prepared by reacting the cobalt nitrate in water in the presence of trimethylamine. Both bases are a complexing agent, and thus the presence of trimethylamine is significant. It can be prepared by electrolyzing the cobalt nitrate solution with a platinum cathode. It turns into cobalt oxide when decomposed at 168 degrees Celsius under a vacuum and gets oxidized by air. It is a basic hydroxide and reacts with some acids for the formation of cobalt salts. It forms dark blue solutions of cobaltate anions when reacted with strong bases. 

COVID-19 Impact: Shutdown of Transportation and Construction Industry Declined Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the cobalt hydroxide market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the cobalt hydroxide market growth and demand returning to pre-pandemic levels once the pandemic is over.

Every market was affected by the epidemic, which had a long-lasting impact on its expansion. The rapid pandemic epidemic had an impact on the market in a number of ways, including by impeding demand, manufacturing, and shipping. In the international cobalt hydroxide market, there have been significant upheavals. The market experienced a decline in manufacturing, supply, and demand. Due to decreased production and supply of the product, the chemicals, and advanced materials sector also saw a decline in growth. The market's growth rate was impacted by the market's slow demand-supply balance. In the coming years, it is projected that the market will recover from the effects of the epidemic. The construction industry was put on hold, which affected the cobalt hydroxide market growth. Additionally, the transportation industry was majorly affected as transportation was prohibited, which retarded the adoption of e-vehicles. The sudden announcement of the lockdown affected the market and is projected to recover in the foreseeable future. 

LATEST TRENDS

"Adoption of E-Vehicles to Boost Product Demand"

The rising demand for advanced electronic vehicles is expected to surge the demand for cobalt hydroxide as it requires batteries. Cobalt hydroxide is critical to the safety, recharge ability, and performance of the vehicle. The market is likely to grow due to the unique properties induced in the product and is responsible for the integrity of the cathode and thermal stability of batteries of cobalt ions, and both these factors are critical for performance and safety. Additionally, the rising fuel prices are encouraging the population to adopt e-vehicles. These factors are projected to surge growth. 

Cobalt Hydroxide Market Segmentation

• By Type Analysis

By type, the market is segmented into industrial grade and battery grade.

• By Application Analysis

Based on application, the market is classified into cobalt compound preparation, drying agent in paints/inks, battery electrode manufacturing, and others. 

DRIVING FACTORS

"Rising Construction Activities and Improved Living Standards to Foster Market Growth"

The rising population leads to increasing demand for buildings. The rising construction activities demand more paints, which is expected to increase the product demand. The construction industry is rapidly expanding by building great apartments and living spaces for the population. Additionally, the rise in per capita income coupled with the population’s improving standard of living is leading to the demand for home renovation. The population is focused on their living place look and thus, requires renovation after a period of time. The construction industry is rapidly expanding by building great apartments and living spaces for the population. These factors are projected to propel cobalt hydroxide market growth.  

"Rising Urbanization to Increase Product Demand in the Market"

The increasing urbanization is leading to the growing adoption of electronic devices. The use of electronic devices induced with rechargeable batteries is increasing due to the rising per capita income of the population. Moreover, the steady adoption of advanced electronic devices such as inverters, fans, digital cameras, smartwatches, and other electronic devices. Furthermore, the adoption of smartwatches is increasing due to increasing health concerns. These factors are projected to surge market growth. 

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Cobalt Hydroxide Market Regional Insights

"Side Effects Associated With the Product to Hamper the Market Growth"

Consuming beta pinene in excess quantities may cause skin irritation or affect the respiratory system. It has flammable and viscous properties, which is forecasted to hamper the adoption of the product. It may cause allergies to the skin and develop rashes or itching. Moreover, excess inhalation of cobalt hydroxide also causes asthma-like allergies. Constant exposure to this chemical may also cause shortness of breath, cough, chest tightness, or asthma attacks. These factors are likely to retard growth in the market. 

REGIONAL INSIGHTS

"Asia Pacific to Lead the Market Due To the Presence of Large Production Mines"

Asia Pacific is projected to dominate the global market owing to the large reserves of cobalt associated with the increasing production of the product in China. The presence of key players in the region is likely to tract growth in the market. 

Europe is forecasted to hold a sizable contribution to the cobalt hydroxide market share due to the increase in mining activities in the countries existing in the region. 

KEY INDUSTRY PLAYERS

"Companies to Invest On Research and Development to Gain a Competitive Advantage"

Leading manufacturers are concentrated on continuously improving their product line by introducing cutting-edge features to set their products apart from those of other companies. Competitors underline the need of maintaining the market's intense rivalry. The main rivals are using a range of analytical techniques. Major players also place a strong emphasis on expanding their reach through partnerships, agreements, joint ventures, expansions, and investments. The introduction of cutting-edge chemicals is anticipated to boost product demand and promote the expansion of the cobalt hydroxide market. Additionally, the key players are investing more on the development of cobalt hydroxide. 

LIST OF TOP COBALT HYDROXIDE COMPANIES

• Freeport Cobalt (U.S.)
• The Shepherd Chemical Company (U.S.)
• Umicore (Belgium)
• Huayou Cobalt (China)
• Great Power (China)
• Hanrui Cobalt (China)
• Xinwei Nickel & Cobalt (U.S.)
• ALT Cobalt & Nickel Products (China)
• ICoNiChem (U.K.)

REPORT COVERAGE

The report offers a comprehensive overview of the market, which includes various factors such as growth rate, COVID-19 impact, market drivers, and other such factors. The qualitative and quantitative insights of the market are represented in the report. The report also offers an elaborative analysis of the market and factors expected to surge or retard the growth of the market. Various market insights are covered in the report. Porter’s five force analysis and SWOT analysis are completed to gain market insights. The report also represents the information about the key market players. The trends driving growth in the industry are also shown in the report.