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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