Cobalt Nitrate Market Size & Share 2021 to 2027
Market Size by Type (Solid, Solution), by Application (High-Purity Cobalt, Feed Additives, Catalysts, Dyes & Pigments) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, & Forecast.
Report ID: GMI4939
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Published Date: February 2021
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Cobalt Nitrate Market Size
Global cobalt nitrate market size exceeded USD 125 million in 2020 and is estimated to grow at a CAGR of 6.5% between 2021 and 2027 owing to rising demand for high-purity cobalt from the semiconductor and electronics industries. Rising demand for dyes and pigments from the textiles and architectural paint industries should drive the business growth during the forecast period.
Cobalt nitrate, also known as cobaltous nitrate, is a crystalline inorganic salt soluble in water. The product has excellent oxidizing properties and is an ideal precursor for the synthesis of catalysts, nanoscale materials and high purity compounds. Recent research indicates that cobalt nitrate nanoparticles are ideal to produce bifunctional electrocatalysts for use in zinc-air batteries.
Significant expansion of the chemicals, polymers, automotive and the petroleum refining sectors has resulted in the growing requirement of catalysts. Moreover, rising environmental concerns have forced manufacturers to focus on energy conservation, cost saving, yield improvement, and process optimization which should stimulate the consumption of environmental catalysts that allow manufacturers to comply with stringent emission norms.
Cobalt Nitrate Market Analysis
Global solid cobalt nitrate value surpassed USD 115 million in 2020 and should register significant gains in the predicted period. The product is widely available as an American Chemical Society (ACS) grade reagent which indicates its high quality and suitability for high purity applications. Solid cobalt nitrate finds widespread usage in various industries such as chemical manufacturing, research & laboratory, pigments & coatings, and agriculture.
Crystalline cobalt nitrate finds extensive adoption in the production of invisible inks, cobalt pigments, porcelain & stoneware decoration, and catalyst synthesis. The product is precipitated on several substrates for Fischer-Tropsch catalysis and is routinely reduced to metallic cobalt. The product also utilised as an analytical reagent for the determination of potassium which should accelerate the cobalt nitrate market growth.
Based on application, dyes and pigment segment should surpass USD 70 million by 2027. Substantial growth of the paints & coatings industry coupled with rising adoption of 3D printing technology to produce customised machine components, automotive parts and medical implants should accelerate market growth. Significant rise in infrastructural projects primarily in China, India and Indonesia and growth of residential construction sector should boost the cobalt nitrate market growth.
Dye & pigment manufacturers are engaged in technological innovation and the removal of hazardous & polluting ingredients which should stimulate product demand. Emerging economies are witnessing tremendous population growth and industrialization which has influenced governments to increase construction spending. Moreover, growing demand for textiles and fabrics owing to an increase in consumer disposable income and changing lifestyles should boost the requirement for dyes & pigments and accelerate the cobalt nitrate market revenue.
Europe business should register about 6% gains by the end of 2027. The region is witnessing rising meat consumption and growing consumer concerns regarding the safety of meat & dairy products owing to widespread disease outbreaks in livestock, which should increase the cobalt nitrate market demand for animal feed additives. The European Union authorizes six cobalt salts as animal feed additives which include cobalt nitrate, sulfate, dichloride, acetate, and carbonate which represents ample growth opportunities.
Changing dietary preferences, economic development and population growth primarily in Germany, France and Spain has resulted in increasing meat consumption. The restricted availability of water & land resources for feed production and increasing life expectancy in the region has increased the demand for premium feed additives. European consumers increasingly prefer animal protein and healthy meat products which has influenced livestock farmers to adopt feed additives to enhance animal health and reduce feed cost.
Cobalt Nitrate Market Share
Cobalt nitrate industry is substantially fragmented and includes various market players such as :
Companies are primarily engaged in strategic acquisitions to expand production capacity and distribution network.
ICoNiChem, a global provider of cobalt and nickel salts was acquired by Eti Bakr A.., a leading Turkish mining company in December 2020. This acquisition allows Eti Bakir to both, mine cobalt and process it further for the company’s end users. ICoNiChem’s cobalt processing operations enhances the ability of Eti Bakir to achieve market leadership in the cobalt salts sector.
Global cobalt nitrate market report includes in-depth coverage of the industry with estimates & forecast in terms of volume (Tons) and revenue in USD million from 2016 to 2027 for the following segments:
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The above information has been provided for the following regions:
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Research methodology, data sources & validation process
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Our 6-step research process
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