Cobalt Alloy Powder Market Size Expected to Reach $490.9 Million by 2030

According to a new report published by Allied Market Research, titled, "Cobalt Alloy Powder Market by Product and Application: Global Opportunity Analysis and Industry Forecast, 2020-2030," The global cobalt alloy powder market size was valued at $259.1 million in 2020, and cobalt alloy powder market forecast projected to reach $490.9 million by 2030, with global cobalt alloy powder market forecast expected at a CAGR of 6.7% from 2021 to 2030.

The increasing demand for permanent magnets as cobalt forms special alloy powder with aluminum, nickel, and iron, which has applications in the generators, pump coupling, sensors, motors, marine applications and in the automotive, aerospace, military and food manufacturing industries. The increasing disputes among the neighboring countries and for the energy raw materials has led to the outbreak of small scale wars which has fostered the demand for military transportation vehicles and the large scale destructive weapons. Cobalt alloy powders are also used to manufacture various parts which have application in the aircraft. The rapid development in the air transport infrastructure across the globe and increase in the exports and imports among the countries have driven the demand for cobalt alloy powder in the aerospace sector. The increase in the demand for environmental control systems ducting, and custom aircraft interior components, rocket engines and UAV components has fostered the demand for additive manufacturing while boosting the cobalt alloy powder market. The above-mentioned factors are the major driving factors for the growth of the cobalt alloy powder market.

The emission of nitrogen dioxide and carbon dioxide during the mining process led to the environment pollution through eutrophication and global warming. The improper distribution of cobalt minerals across the globe and the strict environment regulations implemented by the state ruling party has increased the complexity of manufacturing. The above-mentioned factors are hampering the development of cobalt alloy powder market. 

The increase in the demand for heavy duty diesel engines in the construction and mining sector increased the demand for cobalt alloy powder for the production of the required heat resistance parts. The increase in the application of cobalt alloy powder across the globe will increase the demand for all the above-mentioned products and provide ample opportunities for the growth of the cobalt alloy powder market during the forecast period.

The global cobalt alloy powder market is segmented on the basis of product, application and region.

On the basis of product, the global cobalt alloy powder market is segmented into Co-Cr alloy powder, Co-Cr-Mo alloy powder, Co-Cr-Ni alloy powder, and others. The applications introduced in the study includes additive manufacturing & 3D printing, brazing, metal injection molding, plasma and thermal spray applications, and others.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe and Asia-Pacific.

The major companies profiled in this report include Eramet, Freeport Cobalt Americas LLC, Minara Resources Pty Ltd., Mitsui, Norilsk Nickel, Sandvik Materials Technology, Shepherd chemical company, Sherritt International, Sumitomo Corporation, and Umicore- Cobalt & Specialty Materials. Due to rapidly increasing demand for coatings and application of additive manufacturing in the industrial manufacturing led the key manufacturers expand their production capacities in order to meet market demand across the globe. Additional growth strategies such as mergers, acquisition, and business expansion strategies, are also adopted to attain key developments in the cobalt alloy powder market trends.

Impact Of Covid-19 On The Global Cobalt Alloy Powder Market

• Emergence of COVID-19 had a negative impact on the growth of the global cobalt alloy powder market during this period.
• This impact is mostly attributed to significant disruptions in the raw material transportation, presence of low-labor, and decline of demand for cobalt alloy powder in the industries due to shut-down.
• The decrease in demand for many non-essential products and shut down of electrical, automotive, and aerospace related industries has created a negative impact on the development of cobalt alloy powder market
• The increasing demand for environment-friendly coating applications in various fields such as EV’s, electronic gadgets, and other sectors. The increase in awareness among the people regarding the advantages of these products will provide good opportunities for cobalt alloy powder market.
• Thus, the abovementioned factors are expected to boost the global cobalt alloy powder market growth during the forecast period.

Key findings of the study

• Region wise, North America is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
• As per cobalt alloy powder market analysis, by product, the Co-Cr alloy powder segment accounted for the largest share in 2020.
• On the basis of application, the coatings & adhesives segment was the major share contributor in 2020.