Cobalt Oxide Market - Growth, Trends, Covid-19 Impact, And Forecasts (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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