Cobalt is a silver-gray mineral that is hard and brittle in nature. Cobalt is used for a wide range of chemical and metallurgical applications worldwide. Cobalt oxides having different cobalt content are widely used in the ceramics market and in the coloring applications. The specific particle size of cobalt oxide is used for specific applications. Cobalt oxides find major applications in the catalyst, magnet and electronic industry. Cobalt oxides are widely used as a precursor for manufacturing cathode material to be used in the rechargeable batteries.
The growing electronic industry is expected to boost the overall demand of cobalt oxide. Cobalt oxide exhibits efficient electronic and magnetic bonding properties making it a suitable choice for the electronics applications. Cobalt oxides exhibit the property of ferromagnetic at extremely low temperature. Thus, the magnetic semiconductor property of the cobalt oxide has helped it in capturing the market share in the electronic industry. There are several scientific evidences that prove cobalt oxide to have high catalytic properties. Thus, cobalt oxides are widely used in the chemical industry as a catalyst to manufacture various chemicals. Cobalt oxide is also used as a catalyst in the petrochemical and plastic industry.
China and Japan being the largest producer of the electronic market is expected to boost the overall demand for cobalt oxide in Asia Pacific. However, China lacks as far as the resources of cobalt are concerned. Hence, cobalt has to be imported from various other countries in China. Cobalt oxide also is used widely for manufacturing cathode material that has applications in the rechargeable batteries. Many companies are investing in research and development to produce modified cobalt oxides which can be used for many other applications.
The key participants of the cobalt oxide market include READE Speciality Chemicals, Anchor chemical industries, Nicomet, Umicore cobalt and specialty chemicals among others.
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