Transparency Market Research in its new report titled, “Cobalt Sulfate Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the cobalt sulfate market. The TMR report states that the development of electric and hybrid vehicles will drive the cobalt sulfate market during the forecast period i.e, 2018-2026. Rise in use of Li-ion batteries in vehicles is also augmenting the cobalt sulfate market. On the other hand, rise in pressure of extracting cobalt with limited raw materials is one of the key factors hampering the cobalt sulfate market. Furthermore, surge in pricing owing to democratic imbalance in most of the major economies is acting as a hurdle in the growth of the cobalt sulfate market, says the report.
According to the report, cobalt sulfate heptahydrate appears as a red monoclinic crystal that liquefies at around 100°C and becomes anhydrous at 250°C. It is soluble in water, slightly soluble in ethanol, and especially soluble in methanol. The salts are paramagnetic in nature. Its formation takes place by the reaction of metallic cobalt, its oxide, hydroxide, or carbonate with aqueous sulfuric acid. In hydrated form, cobalt sulfate is used in the preparation of pigments. It is also used in the manufacture of other cobalt salts. Cobalt sulfate pigments are also employed in porcelain and glass. Cobalt (II) sulfate has wide applications in storage batteries and electroplating baths, sympathetic inks, and as additive to soils and animal feeds. Cobalt sulfate is obtained by the treatment of cobalt oxide with sulfuric acid for such purposes.
The TMR report has segmented the global cobalt sulfate market on the basis of product, end-use industry and geography. In terms of product, the cobalt sulfate market is segmented into powder form and solution form. On the basis of end-use industry, the cobalt sulfate market is divided into coating, energy, chemical, super alloy, hard facing/HSS & other alloy, color (glass, enamel, plastic, ceramic, artistic color, fabric, tire adhesive, soap, and drier), battery, and others (feedstuff, biotech, anodizing, recording media, and electrolysis). From a geographical perspective, the cobalt sulfate market is split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Led by China, Asia Pacific is the leading consumer of cobalt sulfate. The cobalt sulfate market in Asia Pacific is followed by that in Europe owing to the strong automotive base.
Some of the major players operating in the cobalt sulfate market are profiled in this report to give a better competitive analysis of the market and these include Freeport Cobalt Oy, Ganzhou Tengyuan Cobalt Industrial Company Limited, Jiayuan Cobalt Holdings Limited, Jilin Jien Nickel Industry Company Limited, Jinchuan Group Company Limited, Nantong Xinwei Nickel & Cobalt Hightech Development Company Limited, Nicomet Industries Limited, Umicore, and Zhangjiagang Huayi Chemical Company Limited.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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