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Growing Demand for Electric Vehicles leading to more usage of cobaltous carbonate in batteries. This will boost Cobaltous Carbonate Market growth.

HYDERABAD, TELANGANA, INDIA, December 2, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that The Cobaltous Carbonate Market size is estimated to reach US$1,350.2 million by 2027 after growing at a CAGR of 6.2% from 2022 to 2027. Cobaltous carbonate is an inorganic compound that occurs as spherocobaltite in crystalline form. The compound is formed by combining cobaltous sulfate and sodium bicarbonate due to which it adopts a structure like calcite. Cobaltous carbonate has various applications and is used in additives for paints & coatings, as a cathode in e-vehicles batteries, as an anti caking agent in dietary supplements, as an intermediate and catalyst in chemicals, and also it is used in animal feedstock and agrochemicals.The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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https://www.industryarc.com/Research/Global-Cobaltous-Carbonate-Market-Research-511874

Key takeaways:

This IndustryARC report on the Cobaltous Carbonate Market highlights the following areas -

1. Asia-Pacific dominates the cobaltous carbonate industry because the region consists of major end-users such as paints, automotive, and chemicals in countries like China and India, with China being the leading market for paints and electric vehicles.

2. Cobaltous Carbonate is used majorly in animal feeds as inorganic metal salt which may be deficient in the minerals and elements necessary for healthy development and growth.

3. Cobaltous carbonate has high applicability in the aerospace sector as it is considered an essential material during the making of a jet engine and also it ensures the engine’s workability at high temperatures.

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Segmental Analysis:

1. Industrial grade segment accounted for approximately 22% of the cobaltous carbonate market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The industrial grade of cobaltous carbonate can tolerate more extreme conditions than other grades and is used in various industrial sectors like automotive for lithium-ion batteries of e-vehicles, aerospace for jet engines, and as a catalyst for chemical making.

2. The Asia-Pacific region accounted for approximately 38% of the cobaltous carbonate market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The region consists of major economies like China and India which consist of the major end-user of cobaltous carbonates like automotive, chemicals, and paints.

3. The paints & coating segment accounted for approximately 16% of the cobaltous carbonate market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Cobaltous carbonate is used to make cobalt pigments which is majorly used in the paints & coatings sector as a coloring agent. The increase in demand for paints coatings from various end-users has positively impacted the usage of cobaltous carbonate in the paint & coatings sector.

Competitive Landscape:

The top 5 players in the Cobaltous Carbonate Industry are -

1. Celtic Chemicals
2. Imerys Pigments
3. KEZI Industries
4. IS Chemical Technology
5. AN Pharma Tech

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https://www.industryarc.com/Report/16177/nickel-carbonate-market.html

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https://www.industryarc.com/Research/Battery-Materials-Market-Research-500044

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