Overview:
The global market for cobalt oxide has been studied in detail in the report released by Market Research Future (MRFR) during the forecast period of 2018 to 2023. This report focuses much on factors with possibilities to influence market growth.
Among the major factors, the market on the cobalt oxide would gain much from the inclusions of various gadgets like mobile phones, cameras, and others. This is because of the growing need for the manufacturing of Li-ion batteries. In fact, recent discoveries regarding safety measures are expected to ensure a better growth rate for the market. Rising awareness regarding fossil energy depletion has initiated a shift in the market, where electric cars are gaining acceptance. This is also a positive thing for the cobalt oxide market. In the ceramic industry, it is getting significant acceptance as a coloring agent. Various glass products are creating this demand as well. The market is also enjoying a substantial rise in the making of nanoparticles for photocatalysis and energy-storing facilities.
The global market for cobalt oxide may find some hindrances in terms of its toxic effects. It has health issues like it can cause irritation in your eyes and skin. This can restrict its use in various industries and lower the earned revenue amount.
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Segmentation:
The global market for cobalt oxide can be studied on the basis of a segmentation that deals with type and application. This report has its focus on various dynamics that can trigger growth by assisting in strategy-making policies.
By type, the market report on the cobalt oxide market can be segmented into oxide (cobaltosic oxide), cobalt monoxide and cobalt (II, III).
By application, the report on the cobalt oxide can be segmented into paints & ceramics, lithium-ion batteries, additive, catalyst, oxidant, porcelain enamel, magnetic material, and others. The lithium-ion batteries would gain significant growth in the coming years.
Regional Analysis:
The global cobalt oxide market is all set to benefit from a regional study of the market that has its focus on growth pockets that can be explored later for better market benefits. The market in the Asia Pacific region is on its course to retain high profits. Its global market coverage outperforms its peers. This can be attributed to the booming industries like automotive and electronics in countries like Taiwan, China, Thailand, India, Japan, and South Korea. China would make substantial use of the market both as producer and consumer.
In Europe, the automotive industry is set to benefit more and the regional players are spending much on the research sector. North America and Europe, both have substantial funds locked in for the research and development sector, which could boost the intake of the product and ensure strong growth.
Competitive Analysis:
The global market for the cobalt oxide is set to benefit from the strategic moves launched by companies like Avantor Inc (US), Alfa Aesar (US), American Elements (US), Santoku Corporation (Japan), Nicomet (India), Freeport Cobalt (Finland), Huayou Cobalt Co. Ltd (China), Reade International Corp. (US), Umicore Cobalt & Specialty Materials (Belgium), and Eastmen Chemicals (India). These companies are launching strategic moves like innovations, marketing changes, mergers, acquisitions, and others to solidify their own presence along with a proper scope of growth for the global cobalt oxide market.
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Industry News:
In February 2020, researchers from Washington State University revealed that the safety issues of lithium batteries can be increased using cobalt oxide in its manufacturing.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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