Market Research Future has published a Half-Cooked Research Report on the Global Cobalt Oxide Market Research Report- Forecast to 2023
Market Insight:
The Global Cobalt Oxide Market is set to attain high revenues by 2023, says Market Research Future (MRFR). The market is set to expand ahead at a substantial CAGR during the forecast period till 2023.
Cobalt Oxide is considered to be an inorganic chemical compound and is widely used in the ceramics industry as an additive. It creates blue colored glazes and enamels, which finds application in various fields such as pigments, porcelain colorants, semiconductors, ceramics, and grinding wheels, and many more. Other than this, Cobalt Oxide is also termed as a catalyst in the hydro generation of fats synthesis of petrol, nitric acid, soda, and ammonium sulphate production in the chemical and petrochemical industry.
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Key Players:
The Key Players operational in the Global Cobalt Oxide Market are listed as Alfa Aesar (US), American Elements (US), Avantor Inc (US), Freeport Cobalt (Finland), Huayou Cobalt Co. Ltd (China), Santoku Corporation (Japan), Umicore Cobalt & Specialty Materials (Belgium), Reade International Corp. (US), Nicomet (India), and Eastmen Chemicals (India).
Market Drivers & Trends:
The Critical Factor Backing to the growth of Global Cobalt Oxide Market is the elevated demand for it in the manufacturing of lithium-ion batteries. These batteries are extensively used in mobile phones, cameras, and laptops. As they encompass an excellent combination of high energy and power density, it makes extensive use of technology for portable electronics, power tools, and hybrid/full electric vehicles. These factors are driving market growth over the forecast period.
Growing concerns over air pollution from the fuel-based vehicles are anticipated to boost the demand for electric vehicles, thus thriving the Cobalt Oxide Market with its demand. On the other hand, factors such as mounting consumption of Cobalt Oxide as a colorant in the ceramics industry due to its exceptional coloring ability for glass products are also further projecting the market growth in the forecast period.
In addition, the widening range of applications for Cobalt Oxide nanoparticles in photocatalysis, energy storage, gas sensing, and optics are likely to pave ways for lucrative opportunities to enter the market players to contribute to the market growth.
On the flip side, Cobalt Oxide can also pose to be as hazardous in ingested and can cause irritation of skin, eye and respiratory system, which is expected to restrict the Global Cobalt Oxide Market over the forecast period.
Market Segmentation:
The Global Cobalt Oxide Market is segmented by Type and Application.
In terms of Type: it includes cobalt monoxide and cobalt (II, III) oxide (cobaltosic oxide).
In terms of Application: it includes lithium-ion batteries, paints & ceramics, catalyst, additive, magnetic material, oxidant, porcelain enamel, and many more.
Detailed Regional Outlook:
The Global Cobalt Oxide Market Study has been done with respect to key regions of Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific, in 2017, held the largest share of this market and is now expected to be the leading regional market in the forecast period attributed to the growing electronics, automotive, and ceramics industries. Cobalt Oxide is the main compound in the manufacturing of different electronic components and mainly in the rechargeable batteries used in the electric vehicles. In the APAC region, China is progressively focusing on production and use of electric vehicles, which is probable to fuel the demand for these batteries.
The market shares in North America and Europe are possible to observe substantial growth during the review period due to the growing use of lithium Cobalt Oxide (LCO) in the manufacturing of lithium-ion batteries.
Whereas, significant growth of electronics and construction industries in the Middle East & Africa is also anticipated to lay tremendous opportunities to the Cobalt Oxide manufacturers in this region during the forecast period.
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