The global cobalt nitrate market estimated to record substantial gains over the forthcoming time period owing to high product usage across various application avenues like dyes & pigments, feed additives, catalysts, fertilizers, high purity cobalt among others.
Cobalt is a hard ferromagnetic, lustrous, silver-white and brittle element. The element is a member of group VIII in the periodic table. Much like iron, cobalt too can be magnetized. The chemical element is also like nickel and iron in its physical properties. Cobalt is also very active chemically, thus forming numerous compounds. The element is also very stable in air, further being unaffected by water.
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Cobalt nitrate is a highly water-soluble crystalline source of Cobalt for uses compatible with lower pH (acidic) and nitrates. In fact, all the metallic nitrates are inorganic salts of a given nitrate anion as well as metal cation. Nitrate chemical compounds are known to be soluble in water and the nitrate-based materials are also known to be oxidizing agents. When mixed along with hydrocarbons, these nitrate compounds tend to form a flammable mixture.
Nitrates are also brilliant precursors mainly for ultra-high purity compounds production and specific nanoscale like nano powders and nanoparticle materials as well as catalyst. The chemical compound cobalt nitrate is normally immediately available in large volumes.
High purity and ultra high purity compositions enhance both usefulness as well as optical quality as scientific standards. Meanwhile, as per industry uses, cobalt nitrate is used a surface treating agent, plating agents, ion exchange agents as well as intermediates.
The global cobalt nitrate market is bifurcated in terms of type, application, and regional landscape.
In terms of application, the overall cobalt nitrate market is bifurcated in terms of dyes & pigments, catalysts, feed additives, high-purity cobalt, and others. Among these, high-purity cobalt segment will register over 6.5% by the end of the analysis time period. Cobalt nitrate is an essential source of high-purity cobalt for use in the electronics and other related industries.
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The others segment includes fertilizers, porcelain marking and vitamin preparations such as to produce vitamin B12 supplements. It comprises about 6% market share by volume and is estimated to follow robust growth over the coming time period.
From a regional frame of reference, LATAM cobalt nitrate market size is likely to surpass $11.5 million by 2027. Meanwhile, cobalt nitrate market is expected to register gains of over 5.5% over the assessment time period owing to rising infrastructural projects which is expected to drive the demand for paints & coatings.