The Cobalt Acetate Market revenue would grow with a CAGR of ___% from 2018 to 2026. In terms of volume, the market was valued at xxx kilotons of cobalt in 2018.
The Cobalt market size which is the parent market for cobalt acetate is expected to grow by 55,982 metric tons during the forecast period. Cobalt metal is obtained from Cobalt or refined Cobalt. As per the recent Cobalt market report, China has been a major contributor to the market in terms of revenue. The total consumption of cobalt by this country was estimated to be __ Kt in 2018 which is expected to reach __8 Kt by the end of 2023. The parenting industry of Cobalt can be categorized as cobalt chemicals and metallic cobalt. Metallic cobalt is used in manufacturing high-temperature superalloys, medical prosthetics, stainless steels, and hard-facing products. On the other hand, cobalt chemicals are prominently used in manufacturing Li-ion batteries. It is further used in the manufacture of pigments, catalyst, and tires. In addition, cobalt acetate, cobalt oxide, and cobalt sulfate are some of the majorly used and marketed cobalt chemicals. Cobalt metal was highest in demand couple of years ago, but with wide applications into battery and paint industry cobalt chemicals have now superseded the demand for cobalt metal. Cobalt Acetate is one major derivative of cobalt holding nearly __% of total demand in the cobalt industry.
Cobalt Acetate locates its wide application in drying lacquers and bleaching industries. It acts as a foam stabilizer in beverages and used majorly in animal feed, as a catalyst for oxidation, as a mineral supplement and in sympathetic inks. In addition, the major influential Cobalt Acetate market trends include recyclable nature of cobalt and increasing use of Cobalt in manufacturing batteries for electric vehicles. EV trend at the start of 2018 had created a big impact on the Cobalt Acetate market by increasing its price to a significant level. This increase was due to political reasons related to mining in Congo, which was a result of hype in the probable shift of the automotive industry from fossil fuel to Electric Vehicle. On the other hand, the cobalt prices are expected to experience a considerable deviation from 2020 to 2022 due to the commercialization of some EVs in the passenger vehicle segment. For instance, the cobalt prices plunged more than 60% in April 2018 across the world. With an increase in construction activities and refurbishing businesses around the globe, the cobalt acetate market is subjected to high growth due to its key presence in the manufacturing of paints.
The Cobalt market size which is the parent market for cobalt acetate is expected to grow by 55,982 metric tons during the forecast period. Cobalt metal is obtained from Cobalt or refined Cobalt. As per the recent Cobalt market report, China has been a major contributor to the market in terms of revenue. The total consumption of cobalt by this country was estimated to be __ Kt in 2018 which is expected to reach __8 Kt by the end of 2023. The parenting industry of Cobalt can be categorized as cobalt chemicals and metallic cobalt. Metallic cobalt is used in manufacturing high-temperature superalloys, medical prosthetics, stainless steels, and hard-facing products. On the other hand, cobalt chemicals are prominently used in manufacturing Li-ion batteries. It is further used in the manufacture of pigments, catalyst, and tires. In addition, cobalt acetate, cobalt oxide, and cobalt sulfate are some of the majorly used and marketed cobalt chemicals. Cobalt metal was highest in demand couple of years ago, but with wide applications into battery and paint industry cobalt chemicals have now superseded the demand for cobalt metal. Cobalt Acetate is one major derivative of cobalt holding nearly __% of total demand in the cobalt industry.
Cobalt Acetate locates its wide application in drying lacquers and bleaching industries. It acts as a foam stabilizer in beverages and used majorly in animal feed, as a catalyst for oxidation, as a mineral supplement and in sympathetic inks. In addition, the major influential Cobalt Acetate market trends include recyclable nature of cobalt and increasing use of Cobalt in manufacturing batteries for electric vehicles. EV trend at the start of 2018 had created a big impact on the Cobalt Acetate market by increasing its price to a significant level. This increase was due to political reasons related to mining in Congo, which was a result of hype in the probable shift of the automotive industry from fossil fuel to Electric Vehicle. On the other hand, the cobalt prices are expected to experience a considerable deviation from 2020 to 2022 due to the commercialization of some EVs in the passenger vehicle segment. For instance, the cobalt prices plunged more than 60% in April 2018 across the world. With an increase in construction activities and refurbishing businesses around the globe, the cobalt acetate market is subjected to high growth due to its key presence in the manufacturing of paints.
Based on product type, the global cobalt acetate market has been segmented as purity > 98%, purity > 99%, purity >99.9% and others. Further, cobalt acetate is used comprehensively in paint industries as paint driers. Cobalt acetate is also used as zinc plate additives and transesterification catalyst. Apart from this, talking about the chemical properties of cobalt acetate, it is partially soluble in water and highly toxic in nature. Cobalt acetate is majorly used in the production of high purity compounds, nanoscale materials, and catalyst.
The Cobalt Acetate Market Growth
The Cobalt Acetate market was valued at USD ___ million and 2018 and is projected to reach USD ___ by 2026 growing at a CAGR of __% during the forecast period. The growth is mainly attributed to the significant use of cobalt acetate in paint industries.
