Cobalt sulfate can be used to prepare precursors such as tricobalt tetroxide, NCM hydroxide, NCA oxide, etc., and used to produce LCO, NCM, NCA and other cathode materials, and is an indispensable and important raw material for lithium-ion battery production.

Cobalt sulfate, the chemical formula is CoSO4, is toxic, the appearance is red crystal, and seven crystal waters can be lost when heated. In water, soluble in methanol, slightly soluble in ethanol. Lithium-ion battery cathode materials are an important downstream market for cobalt sulfate. Benefiting from the rapid development of China's electric vehicle and power battery industries, China's cobalt sulfate production and sales have continued to grow. At this stage, it is the world's largest cobalt sulfate market.

Cobalt sulfate can be used to prepare precursors such as tricobalt tetroxide, NCM hydroxide, NCA oxide, etc., and used to produce LCO, NCM, NCA and other cathode materials, and is an indispensable and important raw material for lithium-ion battery production. In addition to the battery field, cobalt sulfate can also be used in electroplating, pigments, catalysts, tire adhesives, paint and ink driers, foam stabilizers, ceramic glaze colorants, feed additives, analytical reagents and other fields.

my country is the largest producer of cobalt sulfate in the world. The main producers are Zhejiang Huayou Cobalt Co., Ltd., Ganzhou Tengyuan Cobalt New Materials Co., Ltd., Jinchuan Group Co., Ltd., and Nantong Xinwei Nickel-Cobalt Technology Development Co., Ltd. , Jilin Jien Nickel Co., Ltd., Zhangjiagang Huayi Chemical Co., Ltd., Dalian Ruiyuan Power Co., Ltd., etc.

In addition to supplying domestic market demand, cobalt sulfate produced in my country is also exported to overseas markets in large quantities. From 2017 to 2019, the export volume of cobalt sulfate in my country continued to rise rapidly. In 2019, the export volume was close to 14,000 tons. Japan was the largest exporter, followed by South Korea, and the combined export volume of the two accounted for about 88%.

According to the "2021-2025 In-depth Market Research and Investment Strategy Suggestions Report on the Cobalt Sulfate Industry" released by the Xinsijie Industry Research Center, since the second half of 2020, with the new crown epidemic under good control, my country's electric vehicle sales have resumed growth. The demand for batteries has increased, driving the demand for cobalt sulfate soaring, and the price has continued to soar. In mid-November 2021, the price of cobalt sulfate in my country was 98,000 yuan per ton, which continued to run strongly. In the short term, there is still room for growth.

The cobalt sulfate market is booming, but the global reserves of cobalt resources are limited. According to the development needs of the existing lithium-ion battery industry, it is expected that cobalt resources will be exhausted within 10 years. Therefore, the importance of cobalt resource recycling is becoming increasingly prominent. The number of electric vehicles in my country continues to increase, and it is expected that by 2025, the scrapped power battery will reach more than 750,000 tons. Scrap power batteries need to be treated harmlessly. At the same time, gold, silver, nickel, cobalt and other resources can be recycled and reused. In the future, companies that build power battery recovery cobalt sulfate production lines will benefit from the development.

Industry analysts from Xinsijie said that cobalt sulfate is indispensable in the production of lithium-ion batteries and is an important raw material for the preparation of cathode materials. As a major producer of electric vehicles and power batteries, my country has a strong demand for cobalt sulfate. There are few cobalt resources in my country, and the demand mainly depends on imports. Since 2019, global cobalt production has continued to decline, and since the second half of 2020, my country's power battery demand has been strong, so the price of cobalt sulfate has continued to rise. Due to the shortage of cobalt resources, companies with power battery recovery cobalt sulfate production lines have great potential for development in the future.

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