Global Cobalt Carbonate Market: Overview
Cobalt carbonate is an inorganic compound or mineral, also known as spherocobaltite. Cobalt carbonate is insoluble in hot and cold water but soluble in acids. It is used in alloys, batteries, catalysts, tool materials, magnets, pigments, and soaps among others. They are also helpful in providing required vitamins to livestock and hence it is used in their feeds. The wide scope of applications of cobalt carbonate makes it a desired product in the market.
Global Cobalt Carbonate Market: Segmentation
The global cobalt carbonate market is segmented into its source type, product type, application, end-users, and geography. On the basis of source type, the market is divided into natural and synthetic. Based on product type, the market is segregated into wet solid and dry powder cobalt carbonate. On the basis of application, the market is categorized into agricultural chemicals, paint pigments, coating additives, paint additive, intermediates, and others. Based on end-users, the market is classified into the food industry, aerospace industry, the pharmaceutical industry, automotive industry, paint industry, chemical industry, and agricultural industry.
Global Cobalt Carbonate Market: Growth Factors
Demand from the paint industry is driving the cobalt carbonate market as they are extensively used in the manufacturing of pigments and paints. Cobalt carbonate is used as a dietary supplement, as a plating chemical or catalyst, and as a cathode material in batteries. It is an important material for gas turbines and jet engines in the aerospace industry. All these applications will influence the market growth of cobalt carbonate. Features such as precisely processed, enhanced shelf life, and convenience in mixing with other compounds to obtain desired chemical composition escalate the demand for cobalt carbonate in the market. Demand for cobalt carbonate will be further fuelled as they are used in livestock’s feed to provide them with the required amount of vitamins for their healthy development. High costs of cobalt carbonate will, however, be a restraining factor to the market growth.
Global Cobalt Carbonate Market: Regional Analysis
Geographically, the largest market share in the cobalt carbonate market is held by Asia Pacific. Rising demand for cobalt carbonate in China and India is the major influencing factor for growth in Asia Pacific. Europe will be following the growth in Asia Pacific closely owing to the growing consumption of cobalt carbonate in the automotive industry in this region. Growth will be specifically seen in the countries of Germany, the U.K., France, Spain, Russia, Italy, and Poland in the European region. Developments in the South African region will increase the potential for growth in the Middle East and African regions. North America and Latin America will also be contributing a significant share in the cobalt carbonate market growth in the coming periods.
Global Cobalt Carbonate Market: Competitive Players
Some of the major companies in the cobalt carbonate market include Celtic Chemicals, Kezi Industries, IS Chemical Technology, Imerys Pigments, Ark Pharm Inc., AN PharmaTech, abcr GmbH, MP Biomedicals, Finetech Industry Limited, VladaChem, and Aurora Fine Chemicals LLC.
Global Cobalt Carbonate Market: Regional Segment Analysis
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