The increasing penetration of cobalt across multiple industrial applications, like the production of steel and alloys, to offer high-performance benefits, including high melting point, strength, and oxidation resistance has made way for a large number of cobalt compounds. One among them is cobalt nitrate, derived from metal cobalt and the nitrate ion, which is extensively used as an oxidizer. Given its high solubility in water, it bodes well with dyes and inks along with finding usage in metal-organic frameworks and polymers.
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The higher health consciousness among consumers has necessitated the preference for high-quality materials in vitamin supplements. Along with this, the demand for cobalt nitrate solutions, over the years, has been driven by increasing adoption in the decoration of porcelain and stones, production of cobalt pigments and invisible inks, and higher application scope in animal feeds, hair dyes, and catalysts preparation.
Influenced by these trends, it is estimated that the global cobalt nitrate market size will exceed USD 190 million in remuneration by 2027.
Adding to the above-mentioned factors, here is a gist of some promising trends that may accelerate the growth prospects for this market space.
Growing preference for solid compounds
The solid cobalt nitrate industry is anticipated to garner considerable momentum in the coming years due to its higher solubility in water, alcohol, and acetone. Usually coming in the form of red crystals, this compound is found to be deliquescent in moist air and soluble in most organic solvents. Apart from being utilized in decorating porcelain and stones, solid cobalt nitrate is used for manufacturing invisible inks and cobalt pigments.
Rising product adoption in vitamin preparations, sympathetic inks, hair dyes, porcelain decoration, catalysts, cobalt pigments, as well as in additives to soils and animal feeds, will act as a major booster for the market expansion.
Soaring application scope in dyes & pigments
Cobalt nitrate uses in dyes & pigment applications is expected to rise significantly as the compound is marking extensive adoption as a coloring agent, mainly to enrich blue color in glass, enamels, and porcelains. In addition, presence of cobalt in the product has led to its large utility for accelerating the drying in varnishes, oil-based paints, and inks.
The booming construction activities along with widespread usage of ceramics will add positive impetus to the demand for dyes and pigments, further complimenting the market outlook.
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Competitive business initiatives
Driven by these advancements, suppliers, and manufacturers of cobalt nitrate products are taking up marketing strategies, like partnerships and acquisitions to reinforce their market position. They are also actively implementing new product launches for bringing innovations, as it accounts for an ideal factor for the industry growth. For instance, in December 2020, Eti Bakir, a leading Turkish mining group acquired ICoNiChem, a prominent cobalt producing company, to obtain the latter’s mining and processing operations.
Some other well-known industry participants include American Elements, Thermofisher Scientific, Yogi Dye Chem Industries, Sigma Aldrich, Zimi Chemicals, Eastmen Chemicals, Otto Chemie Pvt Ltd, and Anchor Chemicals.
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