The new report by Expert Market Research titled, ‘Global Cobalt Acetate Crystals Market Size, Share, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global cobalt acetate crystals market assessing the market based on its segments such as types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6.1%
Increasing demand from the paints and coatings industry is expected to drive the market growth for cobalt acetate crystals as it is used as precursors for drying agents transition metal complex and salcomine is expected to drive the market growth for cobalt acetate crystals. Also, the rising demand from chemical industries that employ cobalt acetate crystals as precursors for other chemicals is likely to augment the overall market growth. The high expenditure on the research and development for additives in the paints and coatings industry is further accelerating the market growth.
Cobalt Acetate Crystals Industry Definition and Major Segments:
Cobalt acetate is a moderately water-soluble crystalline cobalt source that, when heated, degrades into cobalt oxide. It is thought to be a predecessor to several sorts of oil drying agents. As an ACS grade quality reagent, its chemical requirements are de facto standards for chemicals used in a variety of high-purity applications, and they often denote the highest quality chemical accessible for laboratory use.
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By type, the market is segmented into:
The major applications of the market are as follows:
• Paint Driers
• Pigment and Textile Dyeing
On the basis of the region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Cobalt Acetate Crystals Market Trends
Increasing global population and welfare drive the demand for textiles. Textile colouring employs cobalt acetate crystals. Cobalt acetate is used in the textile, wood, and paper industries as a catalyst or colourant. The demand for wood-based textile pulps is expected to grow significantly in the near future. Further, pulp and paper would continue to play a major role in the world. Despite technological advancements, the use of and demand for wood pulp and paper are expected to grow further in the coming years. These factors are expected to drive the global cobalt acetate crystals market. Further. The new advancements in the production technologies is also expected to invigorate the market growth.
Key Market Players
The major players in the market are American Elements, Umicore, ICoNiChem Widnes Ltd, Freeport Cobalt, and Liaoyang Synthetic Catalyst Co., Ltd, among others.The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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