Introduction to Cobalt Carbonate Market Overview
The cobalt carbonate is the derivative of the cobalt carbonyl and different other salts. The applications of the cobalt carbonate include the alloys, pigments and soaps. The cobalt carbonate acts as an anti-caking agent and it helps in the metabolism of the human body. Cobalt carbonate is used in the paint, agriculture, automotive and chemical industry.
Market Size and Forecast
The large application of the cobalt carbonate in various end-use industries in turn drives the growth of the global cobalt carbonate market during the forecast period. Thus, it is anticipated to grow with healthy CAGR during the forecast period.
The global cobalt carbonate market can be segmented on the basis of source type, product, application, end-user and region. On the basis of source type, it is sub-segmented into natural and synthetic. On the basis of product, it is sub-segmented into wet solid and dry powder. Dry powder is anticipated to be the major sub-segment on the account of the increasing application of the powder form of the cobalt carbonate in the paints industry. On the basis of application, it is sub-segmented into paint additives, intermediates, paint pigments, coating additives and agricultural chemicals. Paints pigment is anticipated to be the leading sub-segment for the application segment. On the basis of end-users, it is sub-segmented into paint industry, automotive industry, agriculture industry, chemical industry, pharmaceutical industry, aerospace industry and food industry. Paint industry is anticipated to be the largest sub-segment during the forecast period. The large applications of the cobalt carbonate in the paint industry are anticipated to be the major factor enhancing the growth of the sub-segment during the forecast period.
High Application in various end-use industries
The increasing application of the cobalt carbonate in the various end-use industries is anticipated to be the major growth driver for the global cobalt carbonate market during the forecast period. It is primarily used as dietary supplement and is anticipated to drive the growth 0f the global cobalt carbonate market. The various properties of the cobalt carbonate such as shelf life and enhanced mixing properties of the compound is anticipated to be the major growth driver for the global cobalt carbonate market.
High Integration Cost
Gesture Recognition System has high integration cost with respect to its usage in the automotive industry as the technology is still tapered with high end vehicles thus, expected to dampen the growth of market in the coming future.
Our-in depth analysis of the global Cobalt Carbonate Market market includes the following segments:
By Source Type:
On the basis of regional analysis, global Cobalt Carbonate Market market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia-Pacific is anticipated to hold the largest market share for the global cobalt carbonate market during the forecast period. The rising industrialization in the region leads to the expansion of the various end-use industries in the region. For instance, the countries such as China and India constitute the 75% of the paints and coatings industry which is anticipated to increase the demand for the cobalt carbonate.
Europe is anticipated to follow the Asia-Pacific region and it is expected to showcase significant growth during the forecast period. The increasing expansion of the automotive industry in the region is anticipated to boost the growth of the cobalt carbonate in the region.
Global cobalt carbonate market is further classified on the basis of region as follows:
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