by Cobalt oxalate is a compound utilized as intermediary in manufacturing of pigments and dyes. It provides excellent color properties owing to which it finds application in producing brilliant shades of color for inks, paints and colorants. The compound exhibits high resistance to fading on exposure to light due to its photo stability. It is soluble in water owing to which its usage provides uniform distribution of pigments.
The Global Cobalt Oxalate Market is estimated to be valued at US$ 912.39 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the cobalt oxalate market are BIOVIA, Chemical Computing Group, Agilent Technologies, Schrödinger, PerkinElmer, CambridgeSoft, ChemAxon, Molecular Discovery, OpenEye Scientific Software, Dassault Systèmes.
The market provides high growth opportunities owing to rising consumption of dyes and pigments in paints, textiles, coatings and plastics industries. The increasing demand for these end use industries is fueling market growth.
Major market players are investing in geographical expansion plans across regions such as North America, Europe, Asia Pacific and Latin America to leverage new opportunities.
Market Drivers
Increasing consumption of paints and coatings across industries such as construction and automotive is a key factor driving the demand for Cobalt Oxalate Market Trends. Cobalt oxalate based pigments provide properties such as high durability, tinting strength and color fastness owing to which their usage is rising in manufacturing of these end use products. This acts as a major growth driver for global cobalt oxalate market.
PEST Analysis
Political: Cobalt oxalate production is affected by mining laws and regulations around cobalt extraction. Changes in policies around mining licenses and environmental norms can impact the availability of raw materials.
Economic: The global economy influences demand trends for end-use industries like batteries. Recessionary pressures or slowdowns in major economies can dampen demand growth projections for cobalt oxalate over the forecast period.
Social: Growing consumer electronics usage and push for electric vehicles drives demand for lithium-ion batteries containing cobalt. Increasing priorities around sustainability also impact material choices in industries relying on cobalt oxalate.
Technological: New battery technologies that replace cobalt with other materials can threaten the demand outlook for cobalt oxalate over time if commercialized successfully. However, the market may continue relying on lithium-ion batteries, ensuring steady technological use of cobalt oxalate in the near future.
The geographical regions where the cobalt oxalate market is concentrated in terms of value are North America and Europe. These developed markets account for a major share of the materials used in end-use industries like batteries and pigments & dyes production. Within Europe, countries like Germany and France hold leading positions as consumers of cobalt oxalate.
The fastest growing regional market for cobalt oxalate is expected to be Asia Pacific. With rising electronics consumption as well as electric vehicle demands in large economies like China and India, the requirements for lithium-ion batteries will expand substantially. This will drive higher consumption of raw materials including cobalt oxalate across the Asia Pacific region over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
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