Cobalt Oxide Market, Size, Share, Industry Analysis Report, Regional Outlook, Price Trends & 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.
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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