Cobalt Powder Market Scope
Cobalt powder is a fine grain powder which appears similar to iron or nickel and extracted from earth crust where it is found in association with nickel. It has various industrial uses due to its unique properties such as high melting point, retaining its strength at a high temperature, being ferromagnetic, thermostability and being multivalent. Cobalt also possesses excellent chemical, physical and mechanical properties, which is used for fabricating various alloys, used as wear resistant and high-temperature components, cutting tools, dies and saw among others. It is also used in rechargeable batteries in mobile phones, laptops, tablets and other electronic devices. These factors are expected to drive the cobalt market in the forecasted period.
According to AMA, the Global Cobalt Powder market is expected to see growth rate of 17.49% and may see market size of USD956.31 Million by 2026.
Research Analyst at AMA estimates that Chinese Vendors will contribute to the maximum growth of Global Cobalt Powder market throughout the predicted period.
Umicore (Belgium), Freeport Cobalt (Europe), Hanrui Cobalt (China), Green Eco-Manufacturer (China), Sherritt International (Canada), Bailuoda metal Co. Ltd. (China), Minara Resources Pty Ltd. (Australia) and Norilsk Nickel. (Russia) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Sandvik Materials Technology (Sweden), Sumitomo Corporation (Japan) and Eramet (France).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Cobalt Powder market by Type (0.998 Grade, 0.993 Grade and Other), by Application (Carbide, Superalloy, Battery, Magnetic Material and Other) and Region with country level break-up.
On the basis of geography, the market of Cobalt Powder has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Trend
- Use of Cobalt Powder as a Metal Alloys
Market Drivers
- Rising Demand for Rechargeable Batteries in Consumer Electronics
- Growing Use of Cobalt Powder in Hard Metal Production
Opportunities
- Growing Demand for Automotive and Electronic Industry
- Use of Cobalt as a Metal Alloy in Aerospace Part Manufacturing Process
Restraints
- High Equipment Cost Involved in Procurement of Cobalt Powder
- Health Hazards Associated with Processing of Cobalt Powder
Challenges
- Difficulty Involved in Casting of Cobalt Powder
- Reconditioning of Used Cobalt Powder
Key Target Audience
Manufacturers of Tungsten Cobalt Powder, Traders, Distributors, and Suppliers of Cobalt Powder, End-Use Industries Operating in the Cobalt Powder Supply Chain, Government and Research Organizations, Investment Banks and Private Equity Firms and Others