$490 Million Cobalt Alloy Powder Markets – Global Opportunity Analysis and Industry Forecast, 2021-2030 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Cobalt Alloy Powder Market by Product and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
The global cobalt alloy powder market size was valued at $259.1 million in 2020, and cobalt alloy powder market forecast projected to reach $490.9 million by 2030, with global cobalt alloy powder market forecast expected at a CAGR of 6.7% from 2021 to 2030.
Cobalt alloy powder is a type mixture of two or more metals to provide wide variety of high quality coated materials to improve the development of various products. It is widely used in the coating industry and also as a feedstock in the additive manufacturing. In addition to this it is also used in the form of powder or as bars in the plasma & thermal spray applications. It is also coated for the hoses and pipes in oil refineries and thermal power plants to resist sulfur attack against the materials. These properties and applications will drive the demand for cobalt alloy powder market.
The increase in the border disputes and terrorist activities across the world led to the development of unmanned weapons, aircrafts, unmanned drones and smart missiles, which use cobalt alloy powder coated materials in the military industry is also driving the demand of cobalt alloy powder market.
The hardness and the biocompatibility nature of these cobalt alloy powder treated materials led to the usage in the production of medical implants. According to the Agency of Healthcare Research and Quality more than 959,000 annual primary and revision of hip procedures have took place in 2019. The increase in road and industrial accidents across the globe will play a major role in the development of the cobalt alloy powder market in the medical sector.
The cost of the cobalt alloy powder in 2020 is around $120-$200 per kilogram. The uneven distribution of resources and the increasing demand for cobalt is the basic reason for the increase in cost price. The health hazards due to the exposure of Cobalt alloy powder during the mining and production. In addition to this the environmental affects brought due to the eutrophication and global warming during the mining and refining is a major drawback that is hampering the growth of the cobalt alloy powder market.
Increase in the awareness among the manufacturer to reduce the wastage of raw materials led to the innovation and practical applications of 3D printing. The additive manufacturing is widely used in the industrial applications and the development of diesel vehicles such as cars, aircrafts, and military transport vehicles are major factors driving the growth of cobalt alloy powder. The increasing investments in the industrial infrastructure will provide ample opportunities for the growth of the cobalt alloy powder market.
On the basis of product, the global cobalt alloy powder market is segmented into Co-Cr alloy powder, Co-Cr-Mo alloy powder, Co-Cr-Ni alloy powder, and others. The application introduced in the study includes additive manufacturing & 3D printing, brazing, metal injection molding, plasma and thermal spray applications, and others.
Due to rapidly increasing demand for coatings and application of additive manufacturing in the industrial manufacturing led the key manufacturers expand their production capacities in order to meet market demand across the globe. Additional growth strategies such as mergers, acquisition, and business expansion strategies, are also adopted to attain key developments in the cobalt alloy powder market trends.
MARKET DYNAMICS
Drivers
- The increase in demand of cobalt in automotive and tooling industry
- Increasing demand for coating materials in the automotive and the rapid development of 3D printing
Restraint
- Exposure to cobalt dust is hazardous to health and environment which restrains the development of market globally
Opportunity
- Rapid innovation in the variety of process in the manufacturing industry
Key PLAYERS AND PROFILES
- Eramet
- Freeport Cobalt Americas LLC
- Minara Resources Pty Ltd.
- Mitsui
- Norilsk Nickel
- Sandvik Materials Technology
- Shepherd chemical company
- Sherritt International
- Sumitomo Corporation
- Umicore-Cobalt & Specialty Materials
KEY MARKET SEGMENTS
By Product
- Co-Cr Alloy Powder
- CO-Cr-Mo Alloy Powder
- Co-Cr-Ni Alloy Powder
- Others
By Application
- Additive manufacturing and 3D printing
- Brazing
- Metal Injection Molding
- Plasma and Thermal spray application
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/5b4183
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