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Market Scenario:Market Research Future (MRFR) speculates that the Global Cobalt Oxide Market is predicted to demonstrate a robust CAGR during the forecast period (2016-2023). High demand for Cobalt Oxide in the manufacturing process of lithium-ion batteries favors the market growth. Cobalt Oxide is referred to as an inorganic chemical compound which is extensively used in the ceramics industry and is used as an additive in order to create blue colored enamels and glazes. It finds applications in porcelain colorants, pigments, ceramics, semiconductors, and grinding wheels. Cobalt oxide plays the role of a catalyst in the synthesis of petrol, hydrogenation of fats, and in the production of soda and ammonium sulfate and nitric acid in the petrochemical and chemical industry.
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Industry Updates:
February 12, 2019: Tyranna Resources has recently identified some base metal and cobalt targets at its Goodsprings project near Las Vegas. This has indicated the potential for a larger mineralized system across the historic Whale mine.
Competitive Dashboard:
The prominent players operating the Global Cobalt Oxide Market are Avantor Inc (US), Eastmen Chemicals (India), American Elements (US), Freeport Cobalt (Finland), Huayou Cobalt Co. Ltd (China), Santoku Corporation (Japan), Umicore Cobalt & Specialty Materials (Belgium), Reade International Corp. (US), Alfa Aesar (US), and Nicomet (India).
Market Potential and Pitfalls:
With the augmenting demand for Cobalt Oxide in the manufacturing of lithium-ion batteries, the global market for cobalt oxide is predicted to flourish. Lithium-ion batteries are extensively used in cameras, mobile phones, and laptops and offer an excellent combination of power density and high energy, thereby making it the widely-used technology for power tools, portable electronics, and hybrid/full electric vehicles. The accelerating concerns associated with air pollution from fuel-based vehicles is triggering the demand for electric vehicles, which has resulted in the market to propel throughout the appraisal period. The accelerating consumption of cobalt oxide as a colorant in the ceramics sector, owing to its intense coloring ability for the production of glass is fostering the market growth globally. Moreover, the mounting scope of applications for Cobalt Oxide nanoparticles in energy storage, photocatalysis, and gas sensing and optics is likely to offer lucrative opportunities to the market players. Moreover, with the growing demand for Cobalt Oxide in the electronics industry, the market is estimated to flourish in the coming years.
On the contrary, Cobalt Oxide can be very hazardous if ingested. It can even irritate the eyes, skin, and the respiratory system. Such factors are estimated to dampen the market growth to a large extent globally.
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Global Cobalt Oxide Market: Segmental Analysis
The Global Cobalt Oxide Market has been segmented on the basis of Type and Application.
By Mode of Type, the Global Cobalt Oxide Market has been segmented into cobalt monoxide and cobalt (II, III) oxide. Among these, the cobalt (II, III) oxide is estimated to dominate the segment and is predicted to expand at a substantial rate in the coming years. It is a black antiferromagnetic solid which is used in the production of lithium-ion batteries in the form of cobalt oxide nanoparticles. It is also used as an alternative blue coloring agent to cobalt monoxide. The augmenting demand for cobalt (II, III) oxide to produce rechargeable batteries along with the extensive scope of applications for such rechargeable batteries is likely to foster the market growth.
By Mode of Application, the Global Cobalt Oxide Market has been segmented into paints & ceramics, lithium-ion batteries, additive, catalyst, oxidant, magnetic material, porcelain enamel, and others. Among these, the lithium-ion batteries are estimated to occupy the largest market share owing to the rising demand in consumer electronics such as tablets, mobile phones, cameras, and laptops. With the accelerating sales of electronic goods coupled with disposable income, the segment is predicted to generate revenues in the coming years.
Regional Insights:
Geographically, the Cobalt Oxide Market spans across regions namely, North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Among all the regions, the APAC region is predicted to occupy the largest market share and is likely to lead the regional market in the coming years. The growth is credited to the growing automotive, electronics, and ceramics sector in this region. Being a primary compound, cobalt oxide finds its application in the manufacturing of several electronic components as well as in the rechargeable batteries used in electric vehicles. In this region, China is likely to increase its focus on the production and the use of electric vehicles, which is further estimated to trigger the demand for these batteries.
The European and North American regions are estimated to experience a significant growth rate throughout the assessment period owing to the rising use of lithium Cobalt Oxide (LCO) to manufacture lithium-ion batteries.
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