Cobalt
is a hard, grey metal and is generally found in association with
nickel in the Earth's crust. Cobalt has many industrial uses due to
its unique properties such as retaining its strength at a high
temperature, high melting point (1493°C), high thermo-stability,
being ferromagnetic, and being multivalent. All these properties of
cobalt make it effective for enhancing catalytic action. As cobalt
possess excellent chemical, physical, and mechanical properties, it
is commonly used for fabricating various alloys which are used as
wear resistant and high-temperature components, cutting tools, dies,
saws, etc. Cobalt is an important ingredient for portable batteries.
The growing demand for rechargeable batteries in mobile phones,
laptop, tablets, and other portable electronics would be the major
growth driver for global cobalt consumption.
Cobalt
has a wide range of industrial uses which varies from rechargeable
batteries to aircraft engines. Furthermore cobalt is used for
industrial chemical processes due to its catalytic properties and is
used for the removal of nitrous oxide, desulphurisation of
hydrocarbons and others. The typical properties of such as hardness
and high temperature resistance of cobalt is used effectively to
alloy with other metals. Cobalt alloys is suitable in turbine blades
for gas jet aircraft engines and turbines. Various cobalt compounds
are used as catalyst in chemical reactions. Furthermore, cobalt’s
chemical and physical properties make it an essential ingredient for
electroplating, coloring of pigments and ceramics, manufacture of
automobile tires and permanent magnets. Cobalt powder is used as
bonding tools in diamond industry and for high speed cutting tools it
is used as binder for the production of cemented tungsten carbides.
Owing to all such applications of cobalt, is growingly used in
end-user industries such as electronic batteries, automotive tires,
and other industries across the globe.
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The
growing demand of automotive and electronic industry would have
positive impact on cobalt powder market in years to come. Therefore,
based on the uses of electronics, Asia Pacific is projected to be the
fastest growing market for cobalt powder in the next six years. The
main reason for this is the growing demand of electronics batteries
from developing countries such as China and India. However, some
countries of Africa, South America and the Middle East have shown
economic and industrial growth since the last few years which would
have a positive impact on the use of cobalt powder in various
industries. The U.S. and countries of European region is would have
major application of cobalt powder as they are recovering from the
economic dispersion. All such factors would enhance the uses of
cobalt powder across the globe. Considering this prospect automotive,
batteries and other cobalt application related industries are
expected to witness a strong growth in the coming years. Furthermore,
the disposable income of individuals and increasing uses of portable
electronics would have a tremendous market potential for cobalt
powder. Due to this, the demand for cobalt powder in the automotive
and electronic industry is anticipated to grow at an outstanding rate
in the next few years.
Some
of the major companies operating in the global cobalt powder market
are Sandvik Materials Technology, Umicore - Cobalt & Specialty
Materials, Freeport Cobalt Oy, Sherritt International, Sumitomo
Corporation, Minara Resources Pty Ltd., Eramet and Norilsk Nickel.
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This
research report analyzes this market on the basis of its market
segments, major geographies, and current market trends. Geographies
analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
This
report provides comprehensive analysis of
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- Current market trends
- Market structure
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