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Cobalt Sulfate Market to Register Substantial Expansion By 2021
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The market for cobalt sulfate was driven by ceramics, pollutant treatment and fertilizer industry. There is huge demand of cobalt sulfate from ceramics industry as pigments. These pigments are used in glass and porcelain. In nutrition industry, cobalt sulfate is used as a nutritional supplement in treatment of deficiency and manufacturing of cobalamin (vitamin B12). In addition, cobalt sulfate is also in removing the pollutants from industrial waste gases as well as removal of atmospheric pollutants from gases. In battery industry, cobalt sulfate is used in storage batteries. Cobalt sulfate is also used in electroplating industry for plating of metals to make them more ductile, harder and brighter. In agrochemical additives, cobalt sulfate is used as an additive in animal and soil feeds as well as in fertilizers. In inks industry, cobalt sulfate is used as drier for lithographic inks and varnishes. In spite of so many applications, the growth of the market is anticipated to be sluggish over the forecast period due to health concerns and issues associated with cobalt sulfate industry.
In terms of demand, Asia Pacific had the highest market share in 2013. Asia Pacific was also the fastest growing region for cobalt sulfate. The demand was huge due to increasing demand from fertilizers, ceramics and electroplating industry in this region. China had the highest demand for cobalt sulfate in Asia Pacific region in 2013. However, India and Japan are likely to be the fastest growing countries for cobalt sulfate market owing to increasing consumption from fertilizers and growing manufacturing industry. Asia Pacific was followed by North America. Increasing demand from electroplating, fertilizer and nutritional supplement market is driving the demand for cobalt sulfate in this region. In 2013, U.S. had the highest demand for cobalt sulfate in North America region. The demand was huge owing to growth in pollutant treatment market and nutritional supplement industry. However, regulations by US EPA and other committees are likely to hamper the growth of the market in this region. Europe had the third-largest demand for cobalt sulfate market. The demand increased due to rise in end-user industries ceramics and pigments has been driving the market for cobalt sulfate in Europe. REACH regulations will hinder the further growth of the market in next few years to come. Rest of the World market is anticipated to show potential growth for the cobalt sulfate market in near future.
Some of the key manufacturers in the cobalt sulfate market are Acros Organics, Carex Canada, Nicomet Industries Ltd., OM Group Inc. and Shanghai Shunbo Metal Materials Co., among others.
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