Cobalt carbonate is an inorganic mineral or compound, also known as spherocobaltite. It is the derivative of the cobalt carbonyl and several other salts. It acts as an anti-caking agent and helps in the metabolism of the human body. It is insoluble in cold and hot water but soluble in acids. It is used as a dietary supplement, as a plating chemical or substance, and as a cathode material in batteries. It is also used in animal feeds as inorganic metal salts which may be deficient in the minerals and elements necessary for healthy development & growth, so by adding cobalt carbonate to livestock’s feeds can assistance the correct amount of vitamin needed to keep the animals developing normally or healthy. It is a vital material for jet engines and gas turbines in the aerospace industry. It is used in batteries, catalysts, alloys, tool materials, pigments, magnets, and soaps among others. It is very helpful in providing required vitamins to livestock and therefore it is used in their feeds. The extensive scope of applications of cobalt carbonate makes it a preferred product in the market. The key features are included enhanced shelf life, precisely processed, and convenience in mixing with other compounds.
According to study, “Global Cobalt Carbonate (CAS 513-79-1) Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global cobalt carbonate (CAS 513-79-1) market are Zhangjiagang Huayi Chemical, Ganzhou Tengyuan Cobalt Industrial, Cixi Feilan Non-ferrous Metals, Galico Cobalt & Nickel Material, Tirupati Industries, Zhejiang Huangyan Jiangkou Chemical, Jyoti Dye-Chem, Huanghua Jinhua Addtives, Jiangxi Tungsten Industry.
Based on type, cobalt carbonate (CAS 513-79-1) market is segmented into CO% > 45% and CO% ≤ 47%. Based on source type, market is segmented into synthetic and natural. Based on product type, market is segmented into dry powder and wet solid. Dry powder segment is expected to exhibit substantial growth rate owing to increase in demand from paints industry during the forecast period. Based on application, market is segmented into paint pigments, intermediates, agriculture chemicals, paint additives, and coating additives. In addition, based in end-use industry, market is segmented into automotive industry, chemical industry, paint industry, agriculture industry, aerospace industry, pharmaceutical industry and food industry.
The cobalt carbonate (CAS 513-79-1) market is driven by rise in use in paints & pigments, followed by rise in production of gas turbines & jet engines in aerospace manufacturing, rapid urbanization and increase in usage in the manufacturing of agriculture chemicals. However, high costs of cobalt carbonate may impact the market.
Based on geography, cobalt carbonate (CAS 513-79-1) market is segmented into five major regions including North America, Asia-Pacific, Europe, Latin America and Middle East & Africa region. The Asian-Pacific region holds major share in market owing to rise in industrialization, growth in product demand from developing countries and increase in per capita income in the region. Whereas, the European and North-American regions are estimated to witness higher growth rate due to growth in consumption of cobalt carbonate in the automotive industry over the forecast period.
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