Cobalt Sulfate Market- Covid-19 Impact, Applications, Key Players and Industry Analysis

Global Cobalt Sulfate Market: Overview

Cobalt sulfate is defined as any of the inorganic compounds with the formula CoSO4(H2O)x. Cobalt sulfate usually refers to the hydrate CoSO4.7H2O, which is one of the most commonly available salts of cobalt. Cobalt (II) sulfate heptahydrate appears as a red monoclinic crystal that liquefies at around 100°C and becomes anhydrous at 250°C. It is soluble in water, slightly soluble in ethanol, and especially soluble in methanol. The salts are paramagnetic in nature. Its formation takes place by the reaction of metallic cobalt, its oxide, hydroxide, or carbonate with aqueous sulfuric acid. In hydrated form, cobalt sulfate is used in the preparation of pigments. It is also used in the manufacture of other cobalt salts. Cobalt sulfate pigments are also employed in porcelain and glass. Cobalt (II) sulfate has wide applications in storage batteries and electroplating baths, sympathetic inks, and as additive to soils and animal feeds. Cobalt sulfate is obtained by the treatment of cobalt oxide with sulfuric acid for such purposes.

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Global Cobalt Sulfate Market: Key Segments

Development of electric and hybrid vehicles is one of the major factors propelling the cobalt sulfate market. Rise in use of Li-ion batteries in vehicles is also augmenting the cobalt sulfate market. On the other hand, rise in pressure of extracting cobalt with limited raw materials is one of the key factors hampering the cobalt sulfate market. Furthermore, surge in pricing owing to democratic imbalance in most of the major economies is acting as a hurdle in the growth of the cobalt sulfate market.

Based on product, the cobalt sulfate market can be segmented into powder form and solution form.

In terms of end-use industry, the cobalt sulfate market can be divided into coating, energy, chemical, super alloy, hard facing/HSS & other alloy, color (glass, enamel, plastic, ceramic, artistic color, fabric, tire adhesive, soap, and drier), battery, and others (feedstuff, biotech, anodizing, recording media, and electrolysis).

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Based on geography, the cobalt sulfate market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Led by China, Asia Pacific is the leading consumer of cobalt sulfate. The cobalt sulfate market in Asia Pacific is followed by that in Europe owing to the strong automotive base.

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Global Cobalt Sulfate Market: Key Players

Key players operating in the cobalt sulfate market include Freeport Cobalt Oy, Ganzhou Tengyuan Cobalt Industrial Company Limited, Jiayuan Cobalt Holdings Limited, Jilin Jien Nickel Industry Company Limited, Jinchuan Group Company Limited, Nantong Xinwei Nickel & Cobalt Hightech Development Company Limited, Nicomet Industries Limited, Umicore, and Zhangjiagang Huayi Chemical Company Limited.

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TMR projects the global anthocyanin market to reach US$ 735.9 Mn by 2026. Over this period of 2018-2026, the anthocyanin market is forecast to report a CAGR of 4.6%. Among the key end use segments, the food and beverages industry is likely to lead the market in 2018. The trend is likely to remain unchanged throughout the course of the forecast period. Regionally, the North America anthocyanin market held the leading share in the global market in 2018. The global anthocyanin market exhibits the presence of several large companies. Besides this, domestic players enjoy a stronghold in regional pockets, which has rendered the market highly competitive. According to a new study by Transparency Market Research (TMR), Archer Daniels Midlands Co., Sensient Technologies Corp, Symrise A.G., and CHR Hansen A/S held nearly 50% of the global anthocyanin market in 2018, thereby registering their dominance. To sustain growth amidst the prevailing competition, the leading players...

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