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 as it is used as catalyst is anticipated to be the major factor supporting the growth of the sub-segment during the forecast period.
The large application of the Cobalt Carbonate in various end-use industries is driving the growth of the global cobalt carbonate market during the forecast period. Thus, it is anticipated to foster a healthy CAGR during the forecast period.
By region, global cobalt carbonate market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia-Pacific is anticipated to lead the global cobalt carbonate market during the forecast period. The rapidly expanding end-use industries in the region is anticipated to upsurge the demand for the cobalt carbonate. Europe is anticipated to follow the Asia-Pacific region and is expected to showcase noteworthy growth during the forecast period. The rising industrialization in the region leads to the expansion of the automotive industry. This in turn is anticipated to boost the market growth of the global cobalt carbonate.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
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The increasing expansion of the various end-use industries is anticipated to boost the growth of the global cobalt carbonate market
The widespread expansion of the various industries especially in the developing countries such as China and India increases the application of cobalt carbonate in various end products. This is anticipated to boost the growth of the overall cobalt carbonate market.
The report titled “Cobalt Carbonate Market: Global Demand Analysis & Opportunity Outlook 2027” delivers the detailed overview of the global bioactive coating devices market in terms of market segmentation by source type, product ,by application, by end-user and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global cobalt carbonate market which includes company profiling of key companies such as Imerys Pigments, Celtic Chemicals, IS Chemical Technology, KEZI INDUSTRIES, Ark Pharm, Inc., Finetech Industry Limited, VladaChem, MP Biomedicals and Aurora Fine Chemicals LLC. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global Cobalt Carbonate market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
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