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Cobalt Nitrate Market Size
style="text-align:justify">Global cobalt nitrate market size exceeded USD 125 million in 2020 and is estimated to grow at a CAGR of 6.5% between 2021 and 2027 owing to rising demand for high-purity cobalt from the semiconductor and electronics industries. Rising demand for dyes and pigments from the textiles and architectural paint industries should drive the business growth during the forecast period.
Cobalt nitrate, also known as cobaltous nitrate, is a crystalline inorganic salt soluble in water. The product has excellent oxidizing properties and is an ideal precursor for the synthesis of catalysts, nanoscale materials and high purity compounds. Recent research indicates that cobalt nitrate nanoparticles are ideal to produce bifunctional electrocatalysts for use in zinc-air batteries.
Significant expansion of the chemicals, polymers, automotive and the petroleum refining sectors has resulted in the growing requirement of catalysts. Moreover, rising environmental concerns have forced manufacturers to focus on energy conservation, cost saving, yield improvement, and process optimization which should stimulate the consumption of environmental catalysts that allow manufacturers to comply with stringent emission norms.
What is the influence of dyes & pigment production on cobalt nitrate industry forecast?
The dyes and pigment application segment is anticipated to exceed USD 70 million annually by 2027.
Why will the solid cobalt nitrate market size grow through 2027?
The industry size for solid cobalt nitrate had reached USD 115 million during 2020 and will grow through 2027 due to high quality suited for high purity applications like chemical manufacturing and research.
What are the factors driving cobalt nitrate consumption worldwide?
The global market for cobalt nitrate had cross USD 125 million in 2020 and will witness around 6.5% CAGR up to 2027 with increased consumption across semiconductor and electronics applications.
How will the cobalt nitrate market players fare across Europe up to 2027?
Europe cobalt nitrate industry share is projected to register gains at more than 6% between 2021-2027 with continued demand for the substance from animal feed additives segment.