Selbyville, Delaware, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the Cobalt Nitrate Market size was estimated at $125 million in 2020 and is slated to surpass $190 million by 2027, registering a CAGR of 6.5% from 2021 to 2027 owing to increasing demand for dyes & pigments from the textile, construction and automotive sectors. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Global cobalt nitrate market from dyes and pigment applications should surpass USD 70 million by 2027. Significant infrastructure development owing to population growth and industrialization in emerging economies such as China and India have boosted the requirement for paints & coatings which should drive the demand for dyes & pigments.
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Some of the major findings in the Cobalt Nitrate Market report include:
- The solid Cobalt Nitrate market should grow at a CAGR of over 6.5% owing to its widespread adoption in catalyst preparation, stoneware decoration, vitamin B12 supplements and invisible inks.
- The cobalt Nitrate market from high-purity cobalt applications surpassed USD 7.5 million in 2020 pertaining to excellent magnetic & semiconductor properties and electrical conductivity.
- Feed additive applications is likely to surpass USD 49.5 million by 2027 owing to its rising meat consumption, growing livestock population, and the increasing outbreak of livestock diseases.
- Latin America Cobalt Nitrate demand is majorly driven by rising demand for catalysts from the oil, natural gas, and petroleum sector.
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North America should register over 6.5% gains by 2027 on account of a significant expansion of the chemicals sector which has resulted in a growing requirement for catalysts. Cobalt nitrate serves as an essential precursor for the synthesis of catalysts required for organic chemical reactions. The U.S. chemical industry is likely to witness a broad recovery in 2021 pertaining to a rise in industrial & consumer spending after the recession caused by the COVID-19 pandemic in 2020 which should stimulate cobalt nitrate market growth.
The market share is highly fragmented and major players in the cobalt nitrate industry include manufacturers such as Thermofisher Scientific, Sigma Aldrich, Eastman Chemicals, Zimi Chemicals, Yogi Dye Chem Industries, Otto Chemie Pvt Ltd, Anchor Chemicals, and American Elements. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.