Cobalt Nitrate Market by Type (Solution, Solid), Application (Dyes and Pigments, High-purity Cobalt, Feed Additives, Catalysts, fertilizer sand Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028

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The Cobalt Nitrate market is expected to grow from USD 0.13 billion in 2020 to USD 0.20billion by 2028, at a CAGR of 6% during the forecast period 2021-2028.

Cobalt nitrate is a crystalline, highly water solution for purposes requiring low acidity and nitrates. In reality, all metallic nitrates are both inorganic and metal cation salts of a particular nitrate anion. Chemical compositions of nitrate are known to be water based, and nitrate-based compounds are considered to be oxidizing accelerators. These nitrate chemicals tend to create an explosive mixture when combined with hydrocarbons. Cobalt is a strong ferromagnetic material that is shiny, silver-white, and brittle. The element belongs to the periodic table's group VIII. Cobalt can be attracted in the same way as iron can. In terms of physical characteristics, the chemical substance is similar to nickel and iron. Cobalt is also a chemically energetic metal, producing a wide range of compounds. In addition, the element is highly stable in the air and is untouched by water. Nitrates are also excellent precursors for ultra-pure chemicals and specialized nanoscale compounds such as nano powders and nanoparticles, as well as catalysts. Cobalt nitrate is a chemical substance that is usually readily accessible in large quantities. By scientific standards, high purity and ultra-high purity mixtures improve both utility and optical clarity. According to commercial applications, cobalt nitrate is used as a surface treatment agent, plating agent, ion exchange agent, and intermediates.

The factors driving the market are catalyst demand which can be fueled by the booming chemicals industry in North America. The rapid development of the Asian textile industry may increase the demand for dyes and pigments. Due to the rise of the livestock feeding business, there is a greater demand for supplements. The factors restraining the market growth are the product's potential risks include things such as allergic skin reactions, respiratory difficulties with breathing, aquatic life damage with long-term consequences, and the possibility of genetic abnormalities.

This study delivers a comprehensive analysis of type, application, and region. The type segment includes solution and solid. The solid segment held the largest market share in 2020, as it is extensively used in catalyst production, stoneware embellishment, vitamin B12 supplements, and invisible inks. The application segment includes dyes and pigments, high-purity cobalt, feed additives, catalysts, fertilizers and others. The dyes and pigments segment holds the largest market share, owing to the growing demand in the construction and textile sectors.

The market has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia Pacific holds the largest market share. China is also the world's top user of cobalt. Its usage has increased, mostly due to an increase in the demand for battery materials. Demand for hard alloys, superalloys, and magnetic materials, on the other hand, has remained reasonably steady. China uses considerably more cobalt for battery usage than any other industry, accounting for 77% of the total cobalt consumption. The textile industry has benefited from the region's significant economic expansion since it generates money and provides a large number of job possibilities. The Asia Pacific has abundant natural resources and labour, making it possible to produce high-quality textiles at affordable rates. Because the item is used to make invisible inks, dyes, and pigments, which are essential for textile products, the expansion of the textile industry provides significant growth possibilities for the cobalt nitrate market.

Some of the notable players in the market are Thermofisher Scientific, Eastman Chemicals,Sigma Aldrich, Zimi Chemicals,Umicore,Yogi Dye Chem Industries, Otto Chemie Pvt Ltd, American Elements and Anchor Chemicals.

Cobalt Nitrate Market Analysis and Forecast, Type

  • Solution
  • Solid

Cobalt Nitrate Market Analysis and Forecast, Application

  • Dyes and pigments
  • High-purity cobalt
  • Feed additives
  • Catalysts
  • Fertilizers

Cobalt Nitrate Market Analysis and Forecast, Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Sweden
    • Netherland
    • U.K.
    • Italy
    • Spain
    • Turkey
    • Switzerland
    • Belgium
    • Rest Of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
    • Australia
    • Singapore
    • Malaysia
    • Thailand
    • Indonesia
    • Philippines
    • Rest Of APAC
  • South America
    • Brazil
    • Argentina
    • Peru
    • Colombia
    • Rest Of South America
  • Middle East And Africa
    •  UAE
    •  Saudi Arabia
    •  Egypt
    •  Nigeria
    •  South Africa
    • Rest Of MEA

Report Description:

  • The base year for the study has been considered 2020, historic year 2018 and 2019, the forecast period considered is from 2021 to 2028.
  • The study delivers a comprehensive analysis of the global market for all segments and region
  • The report offers an in-depth analysis of driving factors, opportunities, and restraints for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2021 to 2028.
  • Porter's Five Forces model is used in order to recognize the competitive scenario in the market. This report incorporates the industry analysis, which is focused on providing an extensive view of the market.
  • The study also includes attractiveness analysis of all segments and regions, which are benchmarked based on their market size, growth rate, and attractiveness in terms of present and future opportunist for understanding the future growth of the market.
  • The report provides company profile of the key players operating in the market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
  • The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors, which are based on our extensive secondary research, primary research, and in-house databases.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Type
          4.3.2. Market Attractiveness Analysis By Application
          4.3.3. Market Attractiveness Analysis By Region
    4.4. Industry Trends
5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Booming chemicals sector should drive the demand for catalysts
          5.2.2. Significant expansion of the textile industry stimulating the demand for dyes &pigments
          5.2.3. Increasing demand for additives owing to growth of animal feed industry
    5.3. Restraints
          5.3.1. Potential hazards of the product
6. Global Cobalt Nitrate Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. Solution
    6.3. Solid
7. Global Cobalt Nitrate MarketAnalysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Dyes and Pigments
    7.3. High-purity Cobalt
    7.4. Feed Additives
    7.5. Catalysts
    7.6. Fertilizers
8. Global Cobalt Nitrate MarketAnalysis and Forecast, By Regional Analysis
    8.1. Segment Overview
    8.2. North America
          8.2.1. U.S.
          8.2.2. Canada
          8.2.3. Mexico
    8.3. Europe
          8.3.1. Germany
          8.3.2. France
          8.3.3. U.K.
          8.3.4. Italy
          8.3.5. Spain
    8.4. Asia-Pacific
          8.4.1. Japan
          8.4.2. China
          8.4.3. India
    8.5. South America
          8.5.1. Brazil
    8.6. Middle East and Africa
          8.6.1. UAE
          8.6.2. South Africa
9. Global Cobalt Nitrate Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in Global Cobalt Nitrate Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Product Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions
10. Company Profiles
    10.1. Thermofisher Scientific
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Product Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. Sigma Aldrich
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Product Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. Eastman Chemicals
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Product Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. Zimi Chemicals
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Product Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Yogi Dye Chem Industries
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Product Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. Umicore
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Product Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. Otto Chemie Pvt Ltd
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Product Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. Anchor Chemicals
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Product Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. American Elements.
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Product Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis

List of Table

1. Global Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

2. Global Solution, Cobalt Nitrate Market, By Region, 2018-2028 (USD Billion) 

3. Global Solid, Cobalt Nitrate Market, By Region, 2018-2028 (USD Billion)

4. Global Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

5. Global Dyes and Pigments, Cobalt Nitrate Market, By Region, 2018-2028 (USD Billion)

6. Global High-purity Cobalt, Cobalt Nitrate Market, By Region, 2018-2028 (USD Billion)

7. Global Feed Additives, Cobalt Nitrate Market, By Region, 2018-2028 (USD Billion)

8. Global Catalysts, Cobalt Nitrate Market, By Region, 2018-2028 (USD Billion)

9. Global Fertilizers, Cobalt Nitrate Market, By Region, 2018-2028 (USD Billion)

10. North America Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

11. North America Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

12. U.S. Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

13. U.S. Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

14. Canada Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

15. Canada Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

16. Mexico Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

17. Mexico Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

18. Europe Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

19. Europe Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

20. Germany Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

21. Germany Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

22. France Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

23. France Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

24. U.K. Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

25. U.K. Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

26. Italy Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

27. Italy Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

28. Spain Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

29. Spain Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

30. Asia Pacific Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

31. Asia Pacific Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

32. Japan Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

33. Japan Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

34. China Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

35. China Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

36. India Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

37. India Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

38. South America Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

39. South America Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

40. Brazil Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

41. Brazil Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

42. Middle East and Africa Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

43. Middle East and Africa Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

44. UAE Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

45. UAE Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

46. South Africa Cobalt Nitrate Market, By Type, 2018-2028 (USD Billion)

47. South Africa Cobalt Nitrate Market, By Application, 2018-2028 (USD Billion)

List of Figures 

1. Global Cobalt Nitrate Market Segmentation

2. Global Cobalt Nitrate Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Cobalt Nitrate Market Attractiveness Analysis By Type

9. Global Cobalt Nitrate Market Attractiveness Analysis By Application

10. Global Cobalt Nitrate Market Attractiveness Analysis By Region

11. Global Cobalt Nitrate Market: Dynamics

12. Global Cobalt Nitrate Market Share by Type(2021&2028)

13. Global Cobalt Nitrate Market Share by Application (2021&2028)

14. Global Cobalt Nitrate Market Share by Regions (2021&2028)

15. Global Cobalt Nitrate Market Share by Company (2020)

Research Methodology

Market research is a method of gathering, assessing and deducing data & information about a particular market. Market research is very crucial in these days. The techniques analyze about how a product/service can be offered to the market to its end-customers, observe the impact of that product/service based on the past customer experiences, and cater their needs and demands. Owing to the successful business ventures, accurate, relevant and thorough information is the base for all the organizations because market research report/study offers specific market related data & information about the industry growth prospects, perspective of the existing customers, and the overall market scenario prevailed in past, ongoing present and developing future. It allows the stakeholders and investors to determine the probability of a business before committing substantial resources to the venture. Market research helps in solving the marketing issues challenges that a business will most likely face.

Market research is valuable because of the following reasons:

  • Market research helps businesses strengthen a company’s position
  • Market research helps in minimizing the investment risks associated with the businesses in any industry vertical
  • Market research helps in identifying the potential threats and opportunities associated with the business industry
  • Market research aids in spotting the emerging trends and facilitates strategic planning in order to stay ahead in the competition

Our research report features both the aspects; qualitative and quantitative. Qualitative part provides insights about the market driving forces, potential opportunities, customer’s demands and requirement which in turn help the companies to come up with new strategies in order to survive in the long run competition. The quantitative segment offers the most credible information related to the industry. Based on the data gathering, we use to derive the market size and estimate their future growth prospects on the basis of global, region and country.

Our market research process involves with the four specific stages.

  • Data Collection
  • Data Synthesis
  • Market Deduction & Formulation
  • Data Screening & Validation

Data Collection: This stage of the market research process involves with the gathering and collecting of the market/industry related data from the sources. There are basically two types of research methods:

  • Primary Research: By conducting primary research, it involves with the two types of data gathering; exploratory and specific. Exploratory data is open-ended and helps us to define a particular problem involving surveys, and pilot study to the specific consumer group, knowing their needs and wants catering to the industry related product/service offering. Explanatory data gathering follows with the bit of unstructured way. Our analyst group leads the study by focusing on the key crowd, in this manner picking up bits of knowledge from them. In light of the points of view of the clients, this data is used to plan advertise techniques. In addition, showcase overviews causes us to comprehend the current scenario of the business. Specific data gathering on the hand, involves with the more structured and formal way. The primary research usually includes in telephonic conversations, E-mail collaborations and up close and personal meetings/interviews with the raw material suppliers, industrial wholesalers, and independent consultants/specialists. The interviews that we conduct offers important information on showcase size and industry development patterns. Our company likewise conducts interviews with the different business specialists so as to increase generally bits of knowledge of the business/showcase.
  • Secondary Research: The secondary research incorporates with the data gathering from the non-profit associations and organizations, for example, World bank, WHO, investor relations and their presentations, statistical databases, yearly(annual reports) reports, national government records, factual databases, websites, articles, white papers, press releases, blogs and others. From the annual report, we deduce an organization's income/revenue generation to comprehend the key product segment related to the market. We examine the organization sites and implement product mapping strategy which is significant for determining the segment revenue. In the product mapping technique, we choose and categorize the products offered by the companies catering to the industry specific market, derive the segment revenue for each of the organizations to get the market estimation. We also gather data & Information based on the supply and demand side of the value chain involved with the domain specific market. The supply side denotes the distributors, wholesalers, suppliers and the demand side denotes the end-consumers/customers of the value chain. The supply side of the market is analyzed by examining the product growth across industry in each of the region followed by its pricing analysis. The demand side is analyzed by the evaluating the penetration level and adoption rates of the product by referring to the historical/past data, examine the present usage and forecasting the future trends. 
  • Purchased Database: Our purchased data provides insights about the key market players/companies along with their financial analysis. Additionally, our data base also includes market related information. 
    • We also have the agreements with various reputed data providers, consultants and third party vendors who provide information which are not limited to:
      • Export & Import Data
      • Business Information related to trade and its statistics
      • Penetration level of a particular product/service based on geography mainly focusing on the unmet prerequisites of the customers.
  • In-house Library: Apart from these third-party sources, we have our in-house library of quantitative and qualitative data & information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, internal audit reports, historic databases, archives and journal publications. Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those particular cases, we utilize our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopts a robust research technique in order to deduce the market size and its estimates:
  • Examining demographic along with psychographic segmentation for market evaluation
  • Analyzing the macro and micro-economic indicators for each demography
  • Evaluating the current industry trends popular in the market.

Data Synthesis: This stage includes the evaluation and assessment of all the data acquired from the primary and secondary research. It likewise includes in evaluating the information for any disparity watched while information gathering identified with the market. The data & information is gathered with consideration to the heterogeneity of sources. Scientific and statistical methods are implemented for synthesizing dissimilar information sets and provide the relevant data which is fundamental for formulating strategies. Our organization has broad involvement with information amalgamation where the information goes through different stages:

  • Information Screening: Information screening is the way toward examining information/data gathered from the sources for errors/mistakes and amending it before data integration process. The screening includes in looking at raw information, identifying and distinguishing mistakes and managing missing information. The reason for the information screening is to ensure information is effectively entered or not. Our organization utilizes objective and precise information screening grades through repetitive quality checks.
  • Data Integration: The data integration method involves with the incorporation of numerous information streams. The data streams is important so as to deliver investigate examines that give overall market scenario to the investors. These information streams originate from different research contemplates and our in house database. After the screening of the information, our analysts conduct efficient integration of the data streams, optimizing connections between integrated surveys and syndicated data sources. There are two research approaches that we follow so as to coordinate our information; top down methodology and bottom up methodology. 
    • Top-down analysis generally refers to using broad factors as a basis for decision making. The top-down approach helps in identifying the overall market scenario along with the external and internal factors effecting the market growth.
    • The bottom-up approach takes a completely different approach. Generally, the bottom-up approach focuses its analysis on micro attributes and specific characteristics of the domain specific market.

Market Formulation & Deduction: The last stage includes assigning the data & information in a suitable way in order to derive market size. Analyst reviews and domain based opinions based on holistic approach of market estimation combined with industry investigation additionally features a crucial role in this stage.

This stage includes with the finalization of the market size and numbers that we have gathered from primary and secondary research. With the data & information addition, we ensure that there is no gap in the market information. Market trend analysis is finished by our analysts by utilizing data extrapolation procedures, which give the most ideal figures to the market.

Data Validation: Validation is the most crucial step in the process. Validation & re-validation through scientifically designed technique and process that helps us finalize data-points to be used for final calculations. This stage also involves with the data triangulation process. Data triangulation generally implicates the cross validation and matching the data which has been collected from primary and secondary research methods.

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