The cobalt oxalate market has witnessed significant growth over the past few years owing to wide application of cobalt oxalate in the lithium-ion battery industry. Cobalt oxalate is extensively used as a cathode material in the manufacture of lithium-ion batteries. The lithium-ion battery industry has been at the forefront of reliable and efficient energy storage solutions. The growing demand for electric vehicles and energy storage systems is expected to significantly drive the demand for lithium-ion batteries, thereby augmenting the consumption of cobalt oxalate. As cobalt oxalate is a key component imparting energy density and stability to lithium-ion batteries, higher adoption of these batteries will definitely create significant pull for cobalt oxalate during the forecast period.

The Global cobalt oxalate market is estimated to be valued at US$ 912.39 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the cobalt oxalate market are BIOVIA, Chemical Computing Group, Agilent Technologies, Schrödinger, PerkinElmer, CambridgeSoft, ChemAxon, Molecular Discovery, OpenEye Scientific Software, Dassault Systèmes.

The Cobalt Oxalate Market Trends for lithium-ion batteries from end-use industries such as automotive and consumer electronics is expected to drive the consumption of cobalt oxalate over the forecast period. Growth in electric vehicles, portable devices, and energy storage systems is projected to propel the lithium-ion battery market.

Major players are expanding their global footprint by investing in emerging regions such as Asia Pacific and Latin America. Key countries targeted by players include China, India, Brazil, and Mexico to capture the high demand and establish production and distribution facilities.

Market Drivers

Growing adoption of electric vehicles across the globe is one of the major drivers of the cobalt oxalate market. Stringent emission regulations and government incentives and subsidies for electric vehicles purchases have boosted their sales significantly. As cobalt oxalate is extensively used in lithium-ion batteries that power EVs, increasing EV sales will positively impact the consumption of cobalt oxalate.

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