Global Cobalt Oxide Market trends Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Landscape & Forecast, 2021 – 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.
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.
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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).
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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