황산 코발트 시장 : 시장 점유율 분석, 업계 동향 및 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the cobalt sulphate market size is expected to increase from USD 1.72 billion in 2025 to USD 1.81 billion in 2026 and reach USD 2.35 billion by 2031, growing at a CAGR of 5.33% over 2026-2031.

This report is Segmented by Grade (Battery Grade and Industrial Grade), Application (Batteries, Catalysts, Drying Agents, Electroplating, Pigments and Dyes, and More), End-User Industry (Automotive, Electronics, Chemicals, Paints and Coatings, and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD).

Global Cobalt Sulphate Market Trends and Insights

Western Supply-Chain Localization Subsidies Drive Refining Capacity Outside China

Roughly USD 2 billion in announced projects since 2023 are flowing into North American and European cobalt sulphate market refineries as the Inflation Reduction Act and the EU Critical Raw Materials Act seek to cut Chinese dependence. Electra Battery Materials secured CAD 100 million (USD 71.57 million) for a 6,500 tons per annum Ontario plant backed by U.S. Department of Defense funding and a long-term LG Energy Solution offtake, illustrating defense-led underwriting when spot prices alone would not justify construction. South Korea has earmarked 45.8 trillion won in financing and a 10 trillion-won stockpile to lower single-country reliance below 50% by 2030, complementing a 2026 Canada-Korea memorandum on battery metals.

Nickel-By-Product Expansions in Indonesia Reshape Cost Curves

GEM's Qingmei Bang and Huayou's MHP hubs ship cobalt at marginal cost, undercutting primary mines such as Jervois' Idaho Cobalt Operations, which halted in 2024 and filed Chapter 11 in 2025. Life-cycle analyses show Indonesia HPAL routes carry 70% higher greenhouse-gas footprints than DRC-China hydromet processes, putting low-cost output at odds with EU carbon-footprint declarations. As cobalt becomes a residual from nickel revenue, production responds to nickel, not cobalt, signals, complicating price discovery in the cobalt sulphate market.

ESG and Human-Rights Scrutiny Constrains DRC Artisanal Mining Supply

Artisanal operations delivered about 5-6% of DRC cobalt in 2024, yet allegations of child labor have pushed battery makers toward zero-tolerance sourcing policies. While 82% of refined cobalt was RMAP-conformant in 2024, the residual volume exposes auto OEMs to reputational hazards. Industrial sites like ERG's Metalkol and CMOC's Tenke Fungurume have secured Copper Mark and PwC assurance, but enforcement across the 255,000 km2 Copperbelt is inconsistent. South Korea's 2024 strategy to cut single-source exposure mirrors the U.S. Department of Defense's USD 20 million Electra investment, highlighting geopolitical diversification in the cobalt sulphate market. Contract clauses referencing ISO 26000 and OECD due diligence are becoming standard, excluding smaller miners lacking audit capacity.

Other drivers and restraints analyzed in the detailed report include:

1. Recycled Cobalt-Sulfate Streams Offer Supply Flexibility Amid Regulatory Mandates
2. Grid-Scale Energy Storage Chemistries Evolve Toward Mid-Nickel Formulations
3. Rapid Cathode Thrifting and LFP Market-Share Gains Reduce Cobalt Intensity

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Battery-grade material captured 76.22% of 2025 demand, and its Cobalt Sulphate market size for this segment is expected to grow at a 5.57% CAGR during the forecast period (2026-2031). Industrial-grade is advancing at a slower pace as catalysts, pigments, and plating applications grow in line with GDP.

Tighter impurity thresholds, less than or equal to 10 ppm metals and less than or equal to 50 ppm sulfate, allow battery-grade to command a 30-50% premium over industrial grades, a spread likely to widen as ultra-high-nickel cathodes become mainstream. Electra's Ontario plant will supply 6,500 tons per annum of battery-grade cobalt, or 27% of ex-China output, when commercial production starts in 2027. Industrial producers such as Eastmen Chemicals ship over 300 tons monthly to 25 countries, signaling a stable but less regulated niche. The Cobalt Sulphate market nevertheless remains bifurcated, with premium pricing tied to Responsible Minerals Assurance Process certification.

Geography Analysis

Asia-Pacific commanded 61.34% Cobalt Sulphate market share in 2025 and should advance at 5.89% CAGR through 2031, buoyed by China's 78.6% refined output and Indonesia's HPAL surge. Beijing's 16,600-ton strategic purchase in 2024 helped stabilize prices after China Molybdenum's surplus, affirming state intervention capacity in the Cobalt Sulphate market.

In North America, the Inflation Reduction Act and Electra's 6,500 tons per annum Ontario plant could lift the Cobalt Sulphate market size regionally by 2031. Sherritt's 2,729-tonne Alberta refinery remains the continent's only significant producer until 2027, while Jervois' Idaho mine stays on care-and-maintenance.

Europe's share hinges on the EU's 40% processing target and 16% recycled-cobalt mandate. Umicore's Belgian and Finnish assets processed 18,500 tons in 2024, though margins tightened as auto cathode demand softened. South America and MEA, dominated by the DRC's 62% mined share, remain price setters; the 2025 DRC export ban that spiked sulfate prices 92% within six weeks exemplifies that leverage.

1. American Elements
2. CMOC
3. Cobalt Blue Holdings Limited
4. Electra Battery Materials
5. Eurasian Resources Group
6. Fortum
7. GEM Co., Ltd.
8. Glencore Plc
9. Huayou Cobalt
10. Jervois
11. Jiangsu Xiongfeng Technology Co., Ltd
12. Jinchuan Group International Resources Co. Ltd
13. Norilsk Nickel
14. Sherritt International Corporation
15. Sumitomo Metal Mining Co., Ltd.
16. Umicore
17. Vale S.A.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Grid-scale LFP + LMFP storage pivot needs Co-rich stabiliser additives
  • 4.2.2 Western supply-chain localisation subsidies (IRA and EU CRM Act)
  • 4.2.3 Nickel-by-product expansions raising low-cost CoSO4 output
  • 4.2.4 AI-server thermal-management fluids using CoSO4 inhibitors
  • 4.2.5 Recycled cobalt-sulfate from high-Ni battery streams expanding supply flexibility
• 4.3 Market Restraints
  • 4.3.1 ESG and human-rights scrutiny in DRC artisanal mines
  • 4.3.2 Rapid cathode thrifting and LFP share gains
  • 4.3.3 Recycled-content mandates dampen virgin demand growth post-2029
• 4.4 Value Chain Analysis
• 4.5 Porter's Five Forces
  • 4.5.1 Bargaining Power of Suppliers
  • 4.5.2 Bargaining Power of Buyers
  • 4.5.3 Threat of New Entrants
  • 4.5.4 Threat of Substitutes
  • 4.5.5 Competitive Rivalry

5 Market Size and Growth Forecasts (Value)

• 5.1 By Grade
  • 5.1.1 Battery Grade
  • 5.1.2 Industrial Grade
• 5.2 By Application
  • 5.2.1 Batteries
  • 5.2.2 Catalysts
  • 5.2.3 Drying Agents
  • 5.2.4 Electroplating
  • 5.2.5 Pigments and Dyes
  • 5.2.6 Other Applications
• 5.3 By End-user Industry
  • 5.3.1 Automotive
  • 5.3.2 Electronics
  • 5.3.3 Chemicals
  • 5.3.4 Paints and Coatings
  • 5.3.5 Energy Storage Integrators
  • 5.3.6 Others
• 5.4 By Geography
  • 5.4.1 Asia-Pacific
    • 5.4.1.1 China
    • 5.4.1.2 Japan
    • 5.4.1.3 India
    • 5.4.1.4 South Korea
    • 5.4.1.5 ASEAN Countries
    • 5.4.1.6 Rest of Asia-Pacific
  • 5.4.2 North America
    • 5.4.2.1 United States
    • 5.4.2.2 Canada
    • 5.4.2.3 Mexico
  • 5.4.3 Europe
    • 5.4.3.1 Germany
    • 5.4.3.2 United Kingdom
    • 5.4.3.3 France
    • 5.4.3.4 Italy
    • 5.4.3.5 Spain
    • 5.4.3.6 Russia
    • 5.4.3.7 Rest of Europe
  • 5.4.4 South America
    • 5.4.4.1 Brazil
    • 5.4.4.2 Argentina
    • 5.4.4.3 Rest of South America
  • 5.4.5 Middle-East and Africa
    • 5.4.5.1 Saudi Arabia
    • 5.4.5.2 South Africa
    • 5.4.5.3 Rest of Middle-East and Africa

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share(%)/Ranking Analysis
• 6.4 Company Profiles (includes Global Overview, Market Overview, Core Segments, Financials, Strategic Information, Products and Services, and Recent Developments)
  • 6.4.1 American Elements
  • 6.4.2 CMOC
  • 6.4.3 Cobalt Blue Holdings Limited
  • 6.4.4 Electra Battery Materials
  • 6.4.5 Eurasian Resources Group
  • 6.4.6 Fortum
  • 6.4.7 GEM Co., Ltd.
  • 6.4.8 Glencore Plc
  • 6.4.9 Huayou Cobalt
  • 6.4.10 Jervois
  • 6.4.11 Jiangsu Xiongfeng Technology Co., Ltd
  • 6.4.12 Jinchuan Group International Resources Co. Ltd
  • 6.4.13 Norilsk Nickel
  • 6.4.14 Sherritt International Corporation
  • 6.4.15 Sumitomo Metal Mining Co., Ltd.
  • 6.4.16 Umicore
  • 6.4.17 Vale S.A.

7 Market Opportunities and Future Outlook

• 7.1 White-space and Unmet-Need Assessment