Home > Pressrelease > Global Cobalt Nitrate Market size worth above $190 million by 2027
Global Cobalt Nitrate Market size worth above $190 million by 2027
- Published Date: February 15, 2021
According to a new research report by Global Market Insights Inc., the cobalt nitrate market size is set to surpass USD 190 million by 2027.
Cobalt nitrate is an inorganic cobalt salt which is primarily found in its hexahydrate form. It is red brown in color and is soluble in alcohol, water & polar solvents. It is among various cobalt salts such as cobalt carbonate and cobalt nitrate which are well-suited for the manufacture of petroleum cracking catalysts. Cobalt nitrate hexahydrate is a well-suited catalyst for the manufacture of highly substituted piperidines which find widespread adoption in pharmaceutical and agrochemical sectors & should boost the cobalt nitrate market growth.
Growing adoption of cobalt nitrate solution in metal finishing should augment market growth
Global cobalt nitrate solution market witnessed a consumption of over 790 tons in 2020, which is likely to exhibit significant gains up to 2027. The solution offers moderate to highly concentrated content of cobalt nitrate. Cobalt nitrate is well-suited as a catalyst, as a chemical raw material, for the synthesis of pigments and finds extensive usage in the petrochemicals industry.
Cobalt nitrate solutions are also ideal reagents for research and educational applications. The product finds extensive usage as a surface treatment and plating product in the metal finishing industry. Metal finishing is vital for various end-use sectors such as jewelry, automotive, aerospace, heavy equipment and hardware which represents substantial growth opportunities for cobalt nitrate market.
“As per industry forecast, Cobalt Nitrate solution market size should register over 4.5% gains by 2027, pertaining to rising demand for catalysts”
Browse key industry insights spread across 150 pages with 154 market data tables and 10 figures & charts from the report, “Cobalt Nitrate Market By Type (Solid, Solution), By Application (High-Purity Cobalt, Feed Additives, Catalysts, Dyes & Pigments), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing meat consumption should stimulate the business growth from feed additive application
feed additives application segment should exceed USD 49.5 million up to 2027. Changing dietary preferences primarily in developing regions such as India, China and Brazil has resulted a booming demand for meat, thereby driving the livestock population. The growing demand for feed additives to feed the growing livestock population should augment the growth of cobalt nitrate market.
Cobalt salts are ideal feed additives for ruminants which require adequate intake of dietary cobalt to synthesize vitamin B12 in their rumen. Thus, cobalt nitrate intake helps ruminants fulfill their vitamin B12 requirement. Rising outbreak of livestock diseases and consumer health concerns regarding the consumption of meat, milk and eggs has led to increasing demand for feed additives. The growing industrialization of animal husbandry and technological innovation has resulted in a booming livestock population which should trigger the growth of cobalt nitrate market.
“As per industry forecasts, Cobalt Nitrate market from feed additive applications should register gains over 6% by 2027, pertaining to increasing livestock population”
Rising demand for dyes & pigments owing to the booming textile industry should drive the product demand in Asia Pacific
Asia Pacific should exceed USD 67 million up to 2027 and is predicted to achieve substantial growth in the predicted period. Significant economic growth in the region has boosted the textile industry as the sector helps generate revenue and creates massive employment opportunities.
Asia Pacific has access to ample reserves of natural resources and manpower which enables the production of high-quality textiles at low prices. The expansion of the textile sector represents healthy growth opportunities for cobalt nitrate market as the product is used for the synthesis of invisible inks, dyes and pigments which are vital for textile products.
Rising sophistication of consumer preferences should stimulate the demand for innovative and novel textile products. Significant population growth, rising disposable incomes and varying consumption patterns should stimulate the growth of the regional textile sector. China is a leading exporter in the global textile & apparel sector owing to lower production costs and economical labor costs which should foment the growth of cobalt nitrate market.
“As per market estimates, Asia Pacific should register over 7% gains by 2027, pertaining to growing exports and changing consumer preferences”
The global cobalt nitrate industry share is highly fragmented and comprises various companies such as Sigma Aldrich, Otto Chemie, American Elements, Umicore, Zimi Chemicals, Eastmen Chemicals and Thermofisher Scientific. Companies are majorly focusing on strategic agreements such as acquisitions, mergers, and partnerships to expand their production volume, and widen their geographic distribution network.
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