Cobalt is hard ferromagnetic, silver-white, brittle and lustrous element. It can also be magnetized like iron. It is chemically very active and hence can form many compounds. It is unaffected by water and is stable in air. Cobalt nitrate is also known as cobaltous nitrate. It is a crystalline inorganic salt and is soluble in water. Thus, it is used as precursor for nanoscale material, synthesis of catalysts and high purity compound. Cobalt nitrate has good oxidizing properties. The nitrate compounds are soluble in water and nitrate-based materials are known as oxidizing agents. When this is mixed with hydrocarbons, the nitrate compounds are expected to form a flammable mixture. The purity of this composition is very high which increases the optical quality and usefulness of compound cobalt nickel. In many industries, cobalt nitrate is used in pigments & dyes, catalysts, feed additives, and other applications.
COVID-19 Impact analysis
- The cobalt nitrate market was negatively affected due to the COVID-19 outbreak.
- The production and demand for cobalt nitrate decreased and it caused the disruption in supply chain and affected the cobalt nitrate market.
- In many industries, the usage of cobalt nitrate such as dyes and pigments, catalyst, feed additives and others decreased during the COVID-19 pandemic, which decreased the demand for cobalt nitrate.
Top Impacting Factors
Cobalt nitrate is available as an American Chemical Society (ACS) grade reagent indicating that it is of high quality and is appropriate for high purity applications. Solid cobalt nitrate is used in many applications such as pigments & coatings, chemical manufacturing, agriculture, and research & laboratory. The production of cobalt pigments, stoneware decoration, porcelain, invisible inks, and catalyst synthesis is done by using crystalline cobalt nitrate. Cobalt nitrate precipitates on a variety of substrates for Fischer-Tropsch catalysis and is frequently reduced to metallic cobalt. It is also used as an analytical reagent for potassium determination which is projected to promote the expansion of the cobalt nitrate market. The increased demand for paints and coating industry and the expansion of 3D printing technology to produce machine components, medical implants, and automotive parts is expected to drive the growth of the market. Technological innovation and the removal of dangerous and polluting ingredients is adopted by the manufacturer of dye and pigment. This will boost the growth of the cobalt nitrate market.
Market Trends
- The consumption of meat and the concern with respect to the safety of dairy and meat products with the spread of disease in livestock is increasing in Europe. This is projected to increase the demand for cobalt nitrate as animal feed additive.
- European Union permits six cobalt salts as animal feed additives which are cobalt dichloride, nitrate, carbonate, sulfate and acetate. This is anticipated to be opportunistic for the cobalt nitrate market growth.
- In France, Germany, and Spain the dietary performance is changing and the meat consumption is increasing.
- The demand for premium feed additive is increasing in Europe due to the less availability of land and water resources for feed production and the increasing life expectancy.
- The key market players are adopting many strategies such as acquisition, mergers, contract, agreement and partnership to expand their business.
- In December 2020, the global provider of cobalt and nickel salt ICoNiChem was acquired by a leading Turkish mining company Eti Bakir. This acquisition allows Eti Bakir to both mining cobalt and further process to company’s end user. ICoNiChem’s cobalt processing operation increase the ability of Eti Bakir to achieve market leadership in the cobalt salts sector.
Key Benefits of the Report
- This study presents the analytical depiction of the cobalt nitrate industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the cobalt nitrate market share.
- The current market is quantitatively analysed to highlight the cobalt nitrate market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed cobalt nitrate market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the cobalt nitrate market Report
- •Who are the leading market players active in cobalt nitrate market?
- •What current trends will influence the market in the next few years?
- •What are the driving factors, restraints, and opportunities in the market?
- •What future projections would help in taking further strategic steps?
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Cobalt Nitrate Market Report Highlights
| Aspects | Details |
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 By Application |
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 Key Market Players | Zimi Chemicals, Eastmen Chemicals, Umicore, INTEGRA Chemical Company, American Elements, Flinn Scientific, Yogi Dye Chem Industries |
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