Global Cobalt Oxide Report In-Depth Assessment, CAGR, Demand, and Opportunity Analysis 2026 with Top Countries Data
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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