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.
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.