Cobalt Nitrate Market Analysis

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.