Cobalt Alloy Powder Market Outlook - 2021-2030
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 market forecast expected at a CAGR of 6.7% from 2021 to 2030.
Cobalt alloy powder is a type of the powder which is combination of cobalt and other metal elements in a particular ratio to produce high quality parts. The increasing installation of cooling, heating, refrigeration systems in the commercial and industrial sector is one of the major driving factors for the growth of the cobalt alloy powder market. Cobalt alloy powder is also used for fastening of pipe fittings, heat exchangers, radiators, axles, and others. Cobalt alloy powder is also used to join parts of the automotive and bicycle such as frames and rims. The increasing demand for automotive in the commercial and industrial sector is driving the demand for brazing process. The above-mentioned applications will provide ample opportunities for the growth of cobalt alloy powder market during the forecast period. The increasing demand for highly efficient metalworking process among the developing and developed countries is driving the growth of the market. The broad range of materials available when utilizing MIM and increase in awareness among the people and government towards the greenhouse gas emission from the traditional metalworking process is also driving the demand for the growth of the cobalt alloy powder market. It is considered as green technology due to significant reduction in wastage compared to “traditional” manufacturing methods such as 5 axis CNC machining and also does not generate toxic gases such as formaldehyde, chlorinated solvents, and burn off wax, which can lead to greenhouse gas emissions. The above-mentioned application and demand are the major factors fostering the growth of the cobalt alloy powder market.
The high cost of the cobalt raw material for the production of cobalt alloy powder market and the uneven distribution of mineral resources across the globe is one of the restraining factors. The health hazards due to exposure of the cobalt in the mining and manufacturing and the environmental impact of cobalt mining due to release of nitrogen dioxide and carbon dioxide during mining and refining are hampering the development of the market.
The increase in innovation and demand for coating and welding material to manufacture aerospace, automotive, and military products will increase the demand for cobalt alloy powder materials. The increasing demand for EV’s in the modern society and increasing awareness regarding the depletion of material resources across the globe led to the development of green technologies such as 3D printing, cold spraying process will provide ample opportunities for the growth of market.
The global cobalt alloy powder market is segmented on the basis of product, application and region.
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.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market.
The major companies profiled in this report include Eramet, Freeport Cobalt Americas LLC, Minara Resources Pty Ltd., Mitsui, Norilsk Nickel, Sandvik Materials Technology, Shepherd chemical company, Sherritt International, Sumitomo Corporation, and Umicore- Cobalt & Specialty Materials. 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.
Global Cobalt Alloy Powder Market, By Region
North America dominates the cobalt alloy powder market. The cobalt alloy powder is used as a coating feedstock to manufacture the industrial tools and parts for the aircraft and the presence of aerospace manufacturing giants in this region will drive the growth of the cobalt alloy powder market. U.S. is estimated to have about 1 million tons of cobalt deposits and most of these resources are in Minnesota. In addition to this other important occurrences are in Alaska, California, Idaho, Michigan, Oregon, and Pennsylvania. In 2019, the total cobalt production in Canada amounted to around 3,336 metric tons during this year. Newfoundland and Labrador produced around 904 metric tons of cobalt in 2019 which is often used as part of batteries, catalyst, and alloys. The increase in the military related investments by the U.S government in the development of air-force and naval forces to protect its huge national interests across the globe which will drive the demand for cobalt alloy powder market. The rapid innovation in automotive and electrical sector will also drive the demand for this market. The increase in the need for heat exchanger and steam based equipment in the Canada is also driving the demand for cobalt alloy powder materials. In addition to this, the presence of aerospace companies in this region and heavy investment by private sectors to develop space resources is also one of the driving factors for the growth of the cobalt alloy powder market.
By Region
Asia Pacific holds a dominant position in 2020
Global Cobalt Alloy Powder Market, By Product
The Co-Cr alloy powder dominates the cobalt alloy powder market. Cobalt-chrome is a metal alloy powder of cobalt and chromium which is gray powder or solid in other forms. It has a variety of applications as additive in paint and other coating, in solid fuels and cements, as pigments in printing and packaging and dietary supplements in food processing. In addition to this it is also used in the production of industrial tools due to its properties such as heat resistance, wear and corrosion resistance. Its corrosion resistance is better than that of stainless steel and can be applied in the biomedical applications due to its biocompatibility. The increasing demand for biocompatibility in medical sector to manufacture many medical implants is driving the demand for the cobalt alloy powder market. The need for high wear resistance in the automotive, aerospace, and in the production of industrial tools is also major factor driving the growth of the cobalt-chromium alloy powder market. The increase in the awareness among the people towards the health care and the increasing demand for the dental and orthopedic implants is also driving the growth of the market. The above mentioned applications and innovations in the transportation will provide ample opportunities for the growth of cobalt alloy powder market.
By Product
CoCr alloy powder is projected to create abundant $ opportunity till 2030
Global Cobalt Alloy Powder Market, By Application
The additive manufacturing & 3D printing dominates the Cobalt alloy powder market due to the wide range of applications in the aerospace, automotive, biomedical devices, dental, consumer electronics, and defense industries. It is a process of fabricating objects by building materials by adding layers with the help of 3D modeling software. It is also known as additive manufacturing as the process adds the raw materials instead of subtracting. This process differs from traditional manufacturing techniques such as casting, and molding where materials are subtracted. This process can save material waste and energy, it cost much less for prototyping compared to other ways of manufacturing. The increase in demand for environmental control systems ducting, and custom aircraft interior components, rocket engines and UAV components has fostered the demand for additive manufacturing. The above mentioned applications and the government projects and investment in the field of National Defense will provide ample opportunities for the growth of cobalt alloy powder market.
By Application
Additive manufacturing and 3D printing is projected as the most lucrative segment.
COVID-19 analysis:
COVID-19 had a wide range of consequences which has negative impact on most of the industries. The ban transportation sector in order to curb the spread of virus has hampered the supply chain for many industries. The decline in the demand for cobalt alloy powder based products by manufacturing industries due to loss of man power and shut down of industries has negative impact on the development of the market. The increasing awareness among the regarding health issues caused during the mining and production of cobalt alloy powders have certain impact on the future market. The increase in the demand for eco-friendly and their advantages in the daily life among the people will increase the demand for cobalt alloy powder coating market in the future.
Key benefits for stakeholders
- This report provides a detailed quantitative analysis of the current Cobalt alloy powder market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities.
- An in-depth Cobalt alloy powder market analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the Cobalt alloy powder market is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global Cobalt alloy powder market.
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
Cobalt Alloy Powder Market Report Highlights
| Aspects | Details |
 By PRODUCT |
|
 By APPLICATION |
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 By Region |
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 Key Market Players | Sumitomo Corporation, Sherritt International, ERAMET, Umicore- Cobalt & Specialty Materials, Minara Resources Pty Ltd., Freeport Cobalt Americas LLC, Norilsk Nickel, Shepherd chemical company, MITSUI CHEMICALS, Sandvik Materials Technology |
Analyst Review
The global cobalt alloy powder market is expected to witness increased demand during the forecast period, due to rapid increase in the demand for cobalt alloy powder to produce high-quality long-life products across the globe throughout the forecast period.
Cobalt alloy powder is a type of powder that is a combination of cobalt and other elements in a particular ration to provide respective properties such as corrosion resistance, heat and wear resistance. Cobalt-based alloys are also used in medical sector due to their biocompatibility property. This is one of the reasons for the growth of the cobalt alloy powder market. The rapid innovation in the development of additive manufacturing or 3D printing technology during the past decade and the presence of practical application among the industrial manufacturer is the major driving reason for the growth of the cobalt alloy powder market.
The practical applications and advantages regarding the usage of cobalt alloy powder in the industries to produce the corrosion resistance and heat resistance parts for the gas turbines and in the aircrafts in aerospace industries is another driving factor for the growth of the cobalt alloy powder market. The increase in awareness among the people toward health has increased the demand for health implants, which is a major driving factor for the growth of the cobalt alloy powder market.
The cost of the cobalt alloy powder in 2020 is around $120-$200/kg. The uneven distribution of cobalt producers across the globe is one of the reasons for the high cost, which is expected to hamper the development of cobalt alloy powder market during the forecast period.
Moreover, companies are implementing acquisition, merger, and business expansion strategies to boost the growth of the cobalt alloy powder market throughout the forecast period. The presence of wide variety of applications of cobalt alloy powder in the automotive, aerospace, and military sector will foster the growth of the cobalt alloy powder market.
The increase in demand of cobalt in automotive and tooling industry and increasing demand for coating materials in the automotive and the rapid development of 3D printing are the key factors boosting the cobalt alloy powder market growth
Market value of cobalt alloy powder in 2030 will be US$ 490.9 million
Eramet, Freeport Cobalt Americas LLC, Minara Resources Pty Ltd., Mitsui, Norilsk Nickel, Sandvik Materials Technology, Shepherd chemical company, Sherritt International, Sumitomo Corporation, and Umicore- Cobalt & Specialty Materials
Aerospace industry is projected to increase the demand for cobalt alloy powder Market
The global cobalt alloy powder market is segmented on the basis of product, application and region. 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 applications introduced in the study includes additive manufacturing & 3D printing, brazing, metal injection molding, plasma and thermal spray applications, and brazing. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Rapid innovation in the variety of process in the manufacturing industry is the main Driver of mosquito-repellent paints Market
Additive manufacturing & 3D printing, brazing, metal injection molding, plasma and thermal spray applications, and brazing are the key applications are expected to drive the adoption of cobalt alloy powder
Emergence of COVID-19 had a negative impact on the growth of the global cobalt alloy powder market during the pandemic period.
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