Pune, India -- (SBWire) -- 01/22/2020 --The latest report on "Cobalt Market (Application - Alloys, Batteries, Catalysts, Pigments and Coloring, Radioisotopes, and Other Uses; End User - Oil and Gas, Chemical, Automotive, Pharmaceuticals, Aerospace & Defense, Healthcare, Electronics, Construction, and Transportation): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024." The past, present and forecast market information will lead to investment feasibility by studying the essential cobalt growth factors.
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Cobalt Market: Industry Insights
Cobalt is metallic gray-colored solid materials with high melting and boiling points that allow it to retain its strength at high temperatures. Cobalt is typically found in the earth as an alloy. Cobalt has the highest Curie point of all metals as well as it has valuable catalytic properties. It has high-temperature resistance, high efficiency, hardness, and many other physical properties so it is vastly used in several industrial and biological applications.
Growing Use of Lithium-Ion Batteries in the Portable Devices, E-Mobility, Renewable Energy Power Stations and Electrical Grid is Driving the Growth of the Cobalt Market
The growing use of rechargeable batteries in the electronics and automotive applications are driving the growth of the cobalt market worldwide. Cobalt is one of the important parts of battery technologies. The growing use of lithium-ion batteries in the Portable devices, E-mobility, Renewable energy power stations and the electrical grid is driving the growth of the cobalt market. In addition, the cobalt and its compounds are dynamically used in the manufacturing of modern-day electronics such as rechargeable batteries, integrated circuits, and semiconductors. Thus, this is anticipated to escalate the growth of the cobalt market in upcoming years. Furthermore, the high use of cobalt in biomedical applications is contributing to the growth of the cobalt market. Moreover, the cobalt increases the chip performance and its ability to work at a higher density enables its applications in the new and innovative artificial intelligence field in upcoming years.
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Increasing Demand for Cobalt as A Catalyst in the Chemical Industry is Likely to Escalate the Growth Cobalt Market
The report of the global cobalt market id segmented into application, and end-user. In terms of applications, the market is further categorized as alloys, batteries, catalysts, pigments and coloring, radioisotopes, and other uses. Cobalt is used as a catalyst as it lowers the activation energy of a chemical reaction. It mainly used as a catalyst in the desulphurization reactions. In the refining of natural gas and petroleum products desulphurization reactions are used to remove the sulfur contained in petroleum products. Cobalt as a catalyst plays a significant role in the formation of the production of terephthalic acid (TPA) and dimethyl terephthalate (DMT). Increasing demand for cobalt as a catalyst in the chemical industry is likely to escalate the growth cobalt market.
By end-users, the market is divided into, oil& gas, chemical, automotive, pharmaceuticals, aerospace & defense, healthcare, electronics, construction, and transportation. Among these end-users, automotive and electronics holds a significant market share. The growing demand for cobalt metal to make light and durable batteries for electronics and automotive applications is expected to fuel the growth of the cobalt market over the forecast period.
Asia Pacific is the Largest and the Fastest Growing Region in the Cobalt Market
Geographically, Asia Pacific is the largest and the fastest-growing region in the cobalt market. It is expected to be the dominating region over the forecast period. The high consumption of cobalt for industrial applications is the major factor that drives the growth of the Asia Pacific cobalt market. In addition, growing awareness about the biomedical application of cobalt is contributing to the growth of the cobalt market in this region. Furthermore, North America and Europe are also holding a considerable share in this market.
Key Players in the Cobalt Market
The key companies in global cobalt market include Glencore, Fleurette Group, Vale S.A., Gecamines, China Molybdenum Co., Ltd., Jinchuan Nonferrous Metals Corp., Eurasian Resources Group, Huayou Cobalt Co., Ltd., Jiangsu Cobalt Nickel Metal Co., Shenzhen Green Eco-manufacture Hi-tech Co., Ltd., and Sumitomo Metal Mining Co. and among others. In March 2019, Canada's Explorex Resources announced that it wants to buy New Tech Minerals' Buena Vista Hills cobalt – iron oxide and copper-gold project in Nevada. According to the Explorex, this acquisition is expected to be a unique opportunity and setting for a large scale near-surface cobalt target.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the cobalt.
=> Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2024.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
