Newark, NJ, Oct. 25, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global Cobalt Nitrate market is expected to grow from USD 0.13 billion in 2020 to reach USD 0.20 billion by 2028, at a CAGR of 6% during the forecast period 2021-2028.
The rising demand for additives presents a significant market potential for the cobalt nitrate industry's major players. The semiconductor and electronic sectors are driving the demand for high-purity cobalt. The textile and residential paint industries are driving the market growth for dyes and pigments.
The overall expansion of the cobalt nitrate market is expected to be hampered by possible risks connected with cobalt nitrate.
Cobalt nitrate is an inorganic cobalt salt that is most commonly encountered as a hexahydrate. It's a reddish-brown liquid that's soluble in alcohol, water, and polar solvents. It's one of several cobalt salts, like cobalt carbonate and cobalt nitrate, that can be used to make petroleum cracking catalysts. The product has solid oxidizing characteristics, making it a suitable starting material for the production of catalysts, nanoscale compounds, and high-purity chemicals. Cobalt nitrate hexahydrate is an excellent catalyst for the production of highly substituted piperidines, which are widely used in the pharmaceutical and agrochemical industries and are expected to drive the cobalt nitrate market forward. According to a new study, cobalt nitrate nanoparticles are suitable for making bifunctional electrocatalysts for use in zinc-air batteries.
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With the extensive use in catalyst production, vitamin B12 supplements, and invisible inks, the solid Cobalt Nitrate market is expected to develop. Magnetic and semiconductor characteristics, as well as electrical conductivity, are all advantages of high-purity cobalt. Because of expanding meat consumption, a growing livestock population, and the increasing outbreak of livestock diseases, too, the market for feed additives is expected to rise. The market for cobalt nitrate in Latin America is primarily driven by increased demand for catalysts in the oil, natural gas, and petroleum industries. Potential risks connected with cobalt nitrate, such as contact with other material, may cause fire, harm if swallowed or inhaled, causes irritation to skin, eyes, and respiratory tract, cause allergic skin or respiratory reaction and are expected to hamper the overall market growth.
Some of the notable players in the market are Thermofisher Scientific, Sigma Aldrich, Eastman Chemicals, Zimi Chemicals, Yogi Dye Chem Industries, Umicore, Otto Chemie Pvt Ltd, Anchor Chemicals, and American Elements.
The solid segment dominated the market and held the largest market share of more than 60% in the year 2020.
On the basis of type, the global cobalt nitrate market is segmented into solution and solid. The solid segment dominated the market and held the largest market share of more than 60% in the year 2020. Solid cobalt nitrate is used in a variety of sectors, including chemical production, research and development, pigments and coatings, and agriculture. The use of crystalline cobalt nitrate in the creation of invisible inks, cobalt pigments, porcelain, and stoneware ornamentation, and catalyst synthesis is widespread.
The dyes and pigments segment dominated the market and held the largest market share of 25.15% in the year 2020
On the basis of material, the Global cobalt nitrate market is segmented into dyes and pigments, high-purity cobalt, feed additives, catalysts, fertilizers, and others. The dyes and pigments segment dominated the market and held the largest market share of 25.15% in the year 2020. Manufacturers of dyes and pigments are investing in technological advancements and the elimination of harmful and polluting components, which boost product demand. The rapid population expansion and industrialization in emerging nations has prompted governments to boost building investment. The paints and coatings industry's strong expansion, along with the growing use of 3D printing to create unique machine components, automobile parts, and medical implants, should propel the market forward.
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Regional Segment of Cobalt Nitrate Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the Global Cobalt Nitrate market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific holds the largest market share of 40%. China is the world's top user of cobalt. Its usage has increased, mostly due to an increase in the demand for battery materials. Demand for hard alloys, superalloys, and magnetic materials, on the other hand, has remained reasonably steady. China uses considerably more cobalt for battery usage than any other industry, accounting for 77% of the total cobalt consumption. The textile industry has benefited from the region's significant economic expansion since it generates money and provides a large number of job possibilities. Asia Pacific has abundant natural resources and labour, making it possible to produce high-quality textiles at affordable rates. Because the item is used to make invisible inks, dyes, and pigments, which are essential for textile products, the expansion of the textile industry provides significant growth possibilities for the cobalt nitrate market.
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About the report:
The Global Cobalt Nitrate market is analysed on the basis of value (USD billion). All the segments have been analysed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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