Global Cobalt Oxide Market share By Company Overview, Business Summary BASF SE, DuPont, Evonik, U-PICA Company, NOF, Michelman 2027
Market Overview:
Cobalt oxide
exhibits excellent coloring, electronic, and magnetic properties, making it
applicable in the ceramics, electronics, and automotive industries. Cobalt
oxide is used in the ceramics industry in both blue and black glazes owing to
its high melt and dispersion rate and resistance to reduction or oxidation.
Moreover, the increasing demand for cobalt oxide in electronics industry is
expected to drive growth of the market during the forecast period.
Market Segmentation:
The global cobalt oxide market has been
segregated on the basis of type, application, and region.
On the basis of type, the global cobalt
oxide market has been divided into cobalt monoxide and cobalt(II,III) oxide.
The cobalt(II,III) oxide segment dominated the type segment in 2017 and is expected
to grow at a significant rate during the review period. Cobalt(II,III) oxide, a
black antiferromagnetic solid which is mainly used in the production of
lithium-ion batteries in the form of cobalt oxide nanoparticles and as an
alternative blue coloring agent to cobalt monoxide. Increasing demand for
Cobalt(II,III) oxide (cobaltosic oxide) nanoparticles in the production of
rechargeable batteries coupled with the widening scope of applications for
these rechargeable batteries is expected to propel market growth during the
forecast period.
By application, the global cobalt oxide
market has been categorized into lithium-ion batteries, paints & ceramics,
catalyst, additive, magnetic material, oxidant, porcelain enamel, and others.
The lithium-ion batteries segment accounted for the largest share of the global
cobalt oxide market in 2017. This can be attributed to the increasing demand
for lithium-ion batteries in the consumer electronics such as mobile phones,
tablets, laptops, and cameras. Cobalt oxide is one of the major compounds used
in the manufacture of these batteries. Increasing sale of the electronic goods
and growing disposable income of the individuals is likely to propel growth of
the cobalt oxide market in the years to follow.
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Regional Analysis:
Asia-Pacific, North America, Europe, Latin
America, and the Middle East & Africa are the five key regions studied for
the global cobalt oxide market. In 2017, Asia-Pacific dominated the global
cobalt oxide market owing to increasing demand for cobalt oxide in electronics
and ceramic tiles industries. Growing construction activities and increased
spending for the household products such as pottery and stoneware to improve
home aesthetics is likely to be a driving factor for the market growth.
The other significant regional markets for
cobalt oxide are North America and the Middle East and Africa. Increasing
demand of the product in lithium-ion battery and catalyst applications is
expected to favor the growth of the regional markets.
Competitive Analysis:
Some of the prominent players in the global
cobalt oxide market are Freeport Cobalt (Finland), American Elements (US),
Avantor Inc (US), Huayou Cobalt Co. Ltd (China), Alfa Aesar (US), Santoku
Corporation (Japan), Reade International Corp. (US), Umicore Cobalt &
Specialty Materials (Belgium), Eastmen Chemicals (India), and Nicomet (India).
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