Cobalt Oxide Market Share 2022, Size Global Current and Future Plans ,Regional Trend, Industry Demand by Forecast to 2030
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 Share 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 share 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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