Cobalt Oxalate Market Set for Rapid Growth owing to Rising Demand from Catalyst Manufacturing Industry

The cobalt oxalate market has been gaining significant traction over the recent years on account of its widespread applications in the catalyst manufacturing industry. Cobalt oxalate finds extensive use in manufacturing catalysts that help accelerate a wide range of chemical reactions pertaining to petroleum refining and organic synthesis. Rising demand for catalysts from various end-use industries such as automotive, chemicals and petrochemicals has fueled consumption of cobalt oxalate over the years.

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.

Cobalt oxalate is a coordination compound comprising cobalt and oxalate ions. It is commonly available as cobaltous oxalate or cobalt(II) oxalate. Key properties that make cobalt oxalate ideal for catalyst manufacturing include thermal stability, high surface area, and dispersion of active sites. It promotes various catalytic reactions by lowering reaction energy or accelerating the reaction rate.

Key Takeaways

Key players operating in the Cobalt Oxalate Market Size are BIOVIA, Chemical Computing Group, Agilent Technologies, Schrödinger, PerkinElmer, CambridgeSoft, ChemAxon, Molecular Discovery, OpenEye Scientific Software, Dassault Systèmes. These companies are focusing on innovations in catalyst design and launch of advanced catalyst products to boost sales.

The growing demand for catalysts from automotive, petroleum refining and chemical industries is a key factor driving the cobalt oxalate market. Catalysts play a crucial role in automobile exhaust systems by reducing harmful emissions. They are also extensively used in petroleum refining to produce high-octane gasoline and liquefied petroleum gas.

Technological advancements in catalyst manufacturing such as nanotechnology, 3D printing and machine learning are allowing manufacturers to develop highly efficient and durable catalysts. This is expected to augment the consumption of raw materials like cobalt oxalate in the upcoming years.

Market Trends

Rising focus on green chemistry and sustainability: Striving for sustainable production processes, manufacturers are increasingly using bio-based and non-toxic catalyst materials like cobalt oxalate. This is expected to be a key market trend.

Growing usage of heterogeneous catalysts: Heterogeneous catalysts that use solid cobalt oxalate support have gained widespread popularity compared to homogeneous catalysts due to advantages like easier separation and recycling of the catalyst.

Market Opportunities

Increasing demand for fuel cells: Cobalt oxalate based catalysts play a vital role in reducing overpotential in fuel cells. Rising applications of fuel cells especially in the automotive industry will open up new opportunities.

Development of single-atom catalysts: Advancements towards designing next-gen single-atom catalysts using cobalt oxalate offer lucrative growth prospects with advantages like higher efficiency.

Impact of COVID-19 on Cobalt Oxalate Market Growth
The COVID-19 pandemic has impacted the global cobalt oxalate market growth negatively. Due to nationwide lockdowns imposed across countries, industrial activities came to a halt. This led to decline in demand from end-use industries like electronics, chemicals etc. which are major consumers of cobalt oxalate. Supply chain disruptions also caused shortage of raw materials required for manufacturing cobalt oxalate. Production activities were stalled as workforce was unable to reach manufacturing facilities. This affected the market growth rate during 2020. However, post pandemic the demand and growth of cobalt oxalate market is estimated to rise steadily. With resumption of industrial activities and lifting of lockdowns, consumption from end-use sectors will boost again. Investments in R&D for new applications of cobalt oxalate would also drive future market opportunities. Companies need to focus on diversifying supply chains, digitalizing operations and ensuring worker safety to sustain operations and cater rising demand.

Geographical Regions with Highest Cobalt Oxalate Market Value Concentration
Asia Pacific accounts for a major share of global cobalt oxalate market in terms of value currently. Countries like China, Japan and South Korea are key manufacturing hubs with presence of large electronics and chemical industries consuming cobalt oxalate on a large scale. Easy availability of raw materials and workforce at lower costs further drives its market in the region. North America and Western Europe are other traditional markets where end-use applications are well established. However, over next six years regions like Middle East & Africa and Latin America are expected to emerge as fastest growing markets for cobalt oxalate. Economic developments, growing manufacturing industries and exports are factors that would boost future consumption of cobalt oxalate in these regions.

Growing demand from battery technologies that use lithium-ion and cobalt batteries are driving the cobalt oxalate market growth. Various investments are being made in cobalt mining and processing projects to secure reliable supplies that can meet projected increase in cobalt requirements for energy storage and electronics sectors. China currently dominates the global supply of cobalt which could pose supply chain risks. Diversifying cobalt sources internationally through strategic partnerships is the need of hour.