Cobalt Oxide Market Future Scope, Demands and Projected Industry Growths

January 03, 2022

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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