Cobalt Powder Market Size, Share, Growth, and Industry Analysis by Type (0.998, 0.993 & Others), By Application (Carbide, Superalloy, Battery, Magnetic Material & Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Cobalt Powder Market REPORT OVERVIEW

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The global cobalt powder market size was USD 891.6 million in 2022 and is projected to touch USD 1585 million by 2031, exhibiting a CAGR of 6.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with cobalt powder industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The granular, fine form of the chemical element cobalt is known as cobalt powder. Cobalt is a hard, brittle, silver-gray metal that is a member of the periodic table's transition metals group. It is renowned for having a high melting point, magnetic characteristics, and the capacity to maintain strength at high temperatures. It is made via a variety of processes, such as mechanically grinding cobalt metal or reducing cobalt compounds. Due to its special qualities, it has a wide range of uses in numerous sectors.

To increase their tensile strength, hardness, and corrosion resistance, these powders are frequently alloyed with other metals. High-speed steels, tool steels, and materials that are resistant to wear are all made using alloys that contain cobalt. In ceramics, glass, and paints, specific cobalt compounds made from cobalt are employed as pigments. These pigments produce vibrant shades of blue and green. It's crucial to remember that cobalt, especially in the form of fine powder, can be poisonous and dangerous to your health. To prevent inhalation or skin contact, proper safety procedures should be followed when handling cobalt.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

For chemicals and advance materials, the COVID-19 outbreak resulted in issues like unstable markets, a decline in client confidence, and challenges with import and export business. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, chemicals, and other items has become challenging due to lockdowns. It had a financial impact on the markets for material in addition to having an immediate impact on markets, supply chains, supply and demand, and all of these other things. Producers of chemicals are focusing on protecting their workforce, operations, and supply networks in order to handle this urgent situation. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall chemicals and advanced materials industry. This has partially impacted the cobalt powder industry. 

LATEST TRENDS

"Technological Advancement to Boost the Market Growth"

Technological advancements in the cobalt powder industry are a key trend which are aimed at improving the manufacturing processes, enhancing the properties of these powders, and expanding their applications. It is frequently created by the process of atomization. The quality and uniformity of cobalt particles are being improved by the development of atomization processes, such as gas atomization and water atomization. These developments aid in managing the powder's purity, shape, and particle size distribution, which enhances performance in a variety of applications. To improve its qualities, it might be coated with substances or alloyed with other metals. They can be strengthened, made harder, and more resistant to corrosion by alloying it with substances like nickel, tungsten, or chromium. This makes it ideal for use in the chemical, automotive, and aerospace sectors. Thus, a key trend that is opening up potential for the industry to grow is the growing technological advancement. These new developments are mostly to blame for the market's overall growth.

Cobalt Powder Market SEGMENTATION

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• By Types 

Based on type, the market is classified into 0.998, 0.993 & Others.

• By Application

Based on the market is categorized into Carbide, Superalloy, Battery, Magnetic Material & Others.

DRIVING FACTORS

"Pharmaceutical Industry that Gives the Market Extra Boost"

The market is driven by the pharmaceutical sector. Radiation therapy and medical imaging are its two main applications. Cobalt-60, a radioactive isotope of cobalt, is frequently employed in gamma cameras and positron emission tomography (PET) scanners, among other pieces of medical imaging technology. Gamma rays, which are emitted by cobalt-60, are utilized to provide high-resolution pictures of inside body structures. The diagnosis and treatment of a number of medical problems, including as cancer, cardiovascular diseases, and neurological disorders, are made easier by these images. Radiation therapy, a popular cancer treatment method, also uses cobalt-60. Gamma rays released by cobalt-60 are targeted at and used to kill malignant cells via radiation therapy devices known as cobalt-60 teletherapy units or cobalt units. These devices minimize radiation exposure to healthy tissues while administering precise and regulated doses of radiation to the tumor. As a result, the growth, and the growth in pharmaceutical products will boost the industry. It will contribute to the expansion of the chemicals & advanced materials industry and it will improve the cobalt powder market growth.

"Aerospace Industry to Encourage Market Expansion"

In the aerospace and defense industries, cobalt powder plays a significant role in the manufacturing of high-performance materials and components. Superalloys based on cobalt are high-temperature, high-strength materials that are extensively employed in aerospace and defense applications. Cobalt powder-based superalloys provide exceptional strength, corrosion resistance, and thermal stability at high temperatures. They are employed in crucial parts such as the turbine blades of jet engines, combustion chambers, and rocket nozzles. This powder is a crucial component used in the creation of these superalloys. In order to increase components' durability and resistance to wear, corrosion, and high temperatures, the process of hard facing, which involves depositing a wear-resistant coating onto the surface of components, uses this powder. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"Price Volatility to Impede Market Expansion"

The market is hampered by price volatility. In the past, supply-demand dynamics, geopolitical happenings, and market speculation have all had an impact on cobalt pricing. Cobalt powder buyers and consumers may experience uncertainty due to fluctuating pricing, which may affect their purchasing choices and encourage the investigation of substitute materials. This obstacle prevents the market from growing. This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

Cobalt Powder Market REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for cobalt powder is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the cobalt powder market share is the growing demand of product in the carbide, superalloy, battery & magnetic material is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Freeport Cobalt (U.S.)
• Umicore (Belgium)
• Hanrui Cobalt (China)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost cobalt powder market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.