Cobalt Oxide Market Size By Application, By Geographic Scope And Forecast
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.
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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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.
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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