Cobalt Acetate Solution Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Know the Russia Ukraine Impact On Cobalt Acetate Solution Industry
The global cobalt acetate solution market size is set to enter a period of prolific expansion owing to the rapid growth of the construction industry, shares Fortune Business Insights™ in its report, According to a report by Oxford Economics and Global Construction Perspectives, by 2030, the volume of global construction output will reach a value of USD 15.5 trillion, growing at a rate of 85% over the next decade. Published by the Institute of Civil Engineers, a UK-based professional association, the report projects that the surge in construction activities will be driven by the US, China, and India. The exponential growth in construction will simultaneously stoke the demand for paints, coatings, and varnishes, which favors the market for cobalt acetate solution. This is because solutions derived from cobalt act as additives to paints and are also highly demand for the manufacturing of dyes and pigments. Moreover, increasing focus on beautification of the exteriors and interiors of homes is expanding the adoption of paints and varnishes, which will further fuel this market.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Cobalt Acetate Solution Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Cobalt Acetate Solution Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
Highlights of the Report
- Unparalleled study of the factors driving and restraining market growth;
- Detailed examination of the market segments and opportunities;
- Valuable insights into the regional dynamics shaping the market; and
- Microscopic diagnosis of the leading players and their key strategies.
Asia Pacific to Occupy Enviable Market Position; North America to Follow
Among regions, Asia Pacific is expected to have a commanding influence on the cobalt acetate solution market share in the forthcoming years on account of the strong operations of the chemicals manufacturing plants in China and India. Supplementing the robust chemicals industry is the region’s speedily growing construction industry, led by the massive demand for housing and commercial spaces in India and China.
The market in North America will be mainly driven by the rising investments in research into developing energy-efficient paint and coating products. The high demand for construction in the US will also aid the regional market growth. In Europe, on the other hand, increasing demand for coatings and varnishes for industrial applications will feed the growth of the market in the upcoming years.
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Strategic Takeovers by Leading Players to Reshape Competitive Dynamics
Key players in the cobalt acetate solution market are intensely focused on fortifying their market position. To achieve this, these players are engaging in acquisition activities by strategically taking over rival companies and adding new products and technologies to their existing portfolios. In the process, these companies are also bolstering their presence in the international sphere.
- December 2019: Umicore, the Belgian minerals company, completed the purchase of US-based Freeport-McMoRan’s cobalt refinery and cobalt cathode business in Finland for an estimated cash consideration of USD 200 million. Freeport will, however, retain the part of its cobalt business that is engaged in the production of cobalt pigments, ceramics, catalysts, chemicals, and powders.
List of Key Players Covered in the Cobalt Acetate Solution Market Report:
- American Elements
- Freeport Cobalt
- Jinhaiwan Chemical
- Jiangxi Nuclear Industry
- Nanjing Chemical Reagent
- Mechema Chemicals International
- XiaXian Yunli Chemical
- Dalian Well
- Liaoyang Synthetic Catalyst
- Coremax Corporation
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