ID: MRFR/CnM/5449-HCR | 140 Pages | Published By Chitranshi Jaiswal on March 2023
The cobalt oxide market is projected to register a CAGR of Significant from 2022 to 2030. Cobalt oxide is a chemically produced substance used in glazes and enamels in the ceramics industry. The cobalt oxide market size is expected to reach approximately USD Significant value by 2030. Along with its application as a catalyst in the synthesis of gasoline and the petrochemical sector, it is also utilized as pigments, colorants, semiconductors, and other materials. Cobalt oxide applications and uses in lithium-ion batteries have become more varied due to the market for cobalt oxide trends, which have continuously changed the market's shape and structure. The demand for cobalt oxide has risen quickly due to the growing popularity of smartphones and the constant requirement for lithium-ion batteries. The great density, strength, and functionality of cobalt oxide-produced batteries make cell phones, laptops, i-pads, and other electronic devices highly attractive.
COVID-19 Impact Analysis
Since the market for cobalt oxide materials has decreased due to the Covid-19 pandemic, the cobalt oxide business has been significantly impacted. As a result, the cobalt oxide industries have experienced staffing shortages, stockpiles, and forced closures. People are avoiding unnecessary expenses due to the lockdowns in many nations, which has drastically decreased demand for automobiles and slowed the market growth. The market revenue is anticipated to increase significantly during the post-lockdown period. Moreover, it has been determined that each category will majorly contribute to the rising market value of cobalt oxide.
Cobalt Oxide Market Dynamics
The rising populations and per capita incomes have changed consumer demand for highly sophisticated and technologically advanced products and equipment, which has acted as a motivating factor for the market for cobalt oxide. The market for cobalt oxide has been experiencing diversified growth in all segments and regions. With cobalt oxide generated in laboratories and using cutting-edge technological procedures and techniques, this market is technology-based. This market is expected to increase due to modern equipment and enhanced infrastructure usage. Through numerous cutting-edge methods and inputs, cobalt oxide is also employed to create automobile batteries. With new advancements being made to speed up the manufacture of cobalt oxide elements and protect workers from the health risks connected with the production of cobalt oxide components, the future of the market for cobalt oxide certainly appears to be extremely technologically sophisticated.
The best combination of high voltage, high energy density, and ease of moving Li+ ions around is provided by cobalt oxide. Since cobalt oxidizes readily to form the stable lithium cobalt oxide complex, which eliminates extra oxygen molecules from posing a fire risk, it is now employed in the cathode of a lithium-ion battery. It allows for a high rate of lithium-ion supply to the anode. Cobalt helps extend the life of batteries, which manufacturers typically guarantee for eight to ten years, and guarantees that cathodes do not quickly overheat or catch fire.
The market for cobalt oxide has been rapidly expanding overall. Still, issues impede this expansion, including the high startup costs for cobalt oxide businesses, preventing many new players from entering the market. The risks associated with the extensive use of cobalt oxides, which can varyingly result in health-related problems like asthma, lung infections, respiratory problems, etc., act as a barrier to market share growth. As a result, a sizable portion of the workforce appears uninterested in working in such industries.
The cobalt oxide sector is a technology-based market because cobalt oxide is produced in laboratories utilizing state-of-the-art technological technologies and processes. The market for cobalt oxide is expected to increase due to the usage of modern equipment and enhanced infrastructure. Through numerous cutting-edge methods and inputs, cobalt oxide is also employed to create automobile batteries. With new advancements being made to speed up the manufacture of cobalt oxide elements and protect workers from the health risks connected with the production of cobalt oxide components, the market's future likewise appears to be extremely technologically sophisticated. As a result, innovative robotics and artificial intelligence technologies have been created to address production issues and enable rapid development.
Cobalt Oxide Market Segmentation
The cobalt oxide market segmentation, based on type, is cobalt(II) oxide (cobaltous oxide), CoO, cobalt(III) oxide (cobaltic oxide), Co2O3, and cobalt(II, III) oxide, Co3O4. The cobalt oxide market growth was prominently high under the cobalt(II, III) oxide category in 2021. An inorganic chemical with the formula Co3O4 is cobalt(II, III) oxide. It is a mineral compound dissolved in alkalis but not in water. It appears as a dense, black powder. It is one of two cobalt oxides with good characterization. As an alternative to cobalt(II) oxide, cobalt(II, III) oxide is used as a blue coloring agent for glass and ceramic enamel. It is also utilized as an electrode in some lithium-ion batteries, possibly in the form of cobalt oxide nanoparticles.
The cobalt oxide market segmentation, based on application, is lithium-ion battery, varistor, hard alloy, catalyst, and others. In 2021, the lithium-ion battery segment accounted for the largest market share of the market. The recent boom in the popularity of electric cars and the rising demand for electronic goods like laptops, tablets, and smartwatches have both been anticipated to have a significant positive impact on the market for lithium-ion batteries. Currently, the lithium-cobalt oxide (LCO) battery, which features a cathode made of LiCoO2, is the most widely used lithium-ion technology in batteries. High energy density, which translates into a lengthy runtime for portable devices like cell phones, tablets, laptops, and cameras, is the key feature of the LCO battery. 60% of the weight of the cathode is made up of the substance that makes up the cathode.
Global Cobalt Oxide Market Share, by Region, 2021 (%)
Cobalt Oxide Market Overview, by Region
By region, the cobalt oxide market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. Europe will exhibit the highest CAGR during the forecast period.
Asia-Pacific dominated the market for cobalt oxide share in 2021, where the major factors influencing the development of the cobalt oxide sector were created. The population appears to be highly interested in market innovations in the form of new products. China, Japan, Korea, and India are anticipated to account for much of the market for cobalt oxide revenue. The cobalt oxide figures show that these countries' populations and disposable incomes have been growing, which has caused changes in lifestyles and shifting preferences.
Europe accounted for the fastest growth rate in the market for cobalt oxide in 2021. Since the countries in this region have reaped the benefits of technology, operations have been maximized, and costs have been reduced, the European region has been witnessing significant growth with contributions from developed nations like France, Germany, Denmark, Belgium, etc.
Cobalt Oxide Market Competitive Landscape
The market for cobalt oxide has a fiercely competitive landscape, with new firms easily entering the market and established players investing heavily in this industry. The major market participants are more concerned with creating long-term plans and organizing joint ventures to expand the market's size and share. It has recently been emphasized in the development of batteries for electric vehicles and cars that cleaner batteries are needed for the future; as a result, improvements in the production of cobalt oxide and the creation of new compounds to meet the demands of the automotive industries have been made.
Prominent players in the cobalt oxide market research include Umicore, OMG, Freeport, KLK, Huayou Cobalt, Jinchuan Group, COBOTO, Galico, Haina New Material, and Dongxin Energy, among others.
Scope of the Cobalt Oxide Market Report
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Cobalt Oxide Market Forecast & Size:
To identify and estimate the market size for the cobalt oxide market report segmented by type and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the cobalt oxide market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the cobalt oxide market growth
Market Influencing Factors:
To find out the factors which are affecting the cobalt oxide market size oxide among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: Significant value|
|CAGR||2022–2030: Substantial CAGR|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Umicore, OMG, Freeport, KLK, Huayou Cobalt, Jinchuan Group, COBOTO, Galico, Haina New Material, and Dongxin Energy|
|Key Market Opportunities||Application of cobalt oxide nanoparticles in photocatalysis and energy storage|
|Key Market Drivers||The growing demand for cobalt oxide in manufacturing the lithium-ion batteries|
The cobalt oxide market forecast period is 2022 - 2030
The market is expected to register a CAGR of Significant% over the next 10 years, according to cobalt oxide market research.
Europe is expected to register the highest CAGR during 2022 - 2030
Asia-Pacific held the largest share in 2021
The market size is expected to be USD Significant by 2030.
Umicore, OMG, Freeport, KLK, Huayou Cobalt, Jinchuan Group, COBOTO, Galico, Haina New Material, and Dongxin Energy are the major companies operating in the market.