According to the report published by Allied Market Research, the global cobalt alloy powder market was estimated at $259.1 million in 2020 and is expected to hit at $490.9 million by 2030, registering a CAGR of 6.7% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for cobalt in the
automotive and tooling industry and rapid development of 3D printing fuel the
growth of the global cobalt alloy powder market. On the other hand, several
health hazards associated with cobalt dust impede the growth to some extent.
However, innovation in the manufacturing industry is expected to create
lucrative opportunities in the sector.
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The key market players analyzed in the global cobalt alloy powder
market report include Eramet, Freeport
Cobalt Americas LLC, Sherritt International, Minara Resources Pty Ltd., Mitsui,
Norilsk Nickel, Sandvik Materials Technology, Shepherd chemical company,
Sumitomo Corporation, and Umicore- Cobalt & Specialty Materials. These
market players have incorporated several strategies including partnership,
expansion, collaboration, joint ventures, and others to brace their stand in
the industry.
COVID-19 scenario-
·
Loss of man power and shut down of the majority
of industries across the globe led to a sharp decline in demand for cobalt
alloy powder based products from the manufacturing industries, especially in
the initial phase. This factor impacted the global cobalt alloy powder market
negatively.
·
Nevertheless, the overall situation is now
getting ameliorated, and the market is anticipated to recoup soon.
The global cobalt alloy powder
market is analyzed across product, application, and region. Based on product,
the CoCr alloy powder segment accounted for more than two-fifths of the total
market share in 2020, and is expected to rule the roost by 2030. The CoCrMo
alloy powder segment, on the other hand, would garner the fastest CAGR of 7.2%
throughout the forecast period.
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Based on application, the
additive manufacturing and 3D printing segment contributed to nearly half of
the total market revenue in 2020, and is projected to lead the trail by 2030.
The brazing segment, however, would exhibit the fastest CAGR of 7.7% during the
forecast period.
Based on region, the market
across North America held the major share in 2020, garnering nearly two-fifths
of the global market. Simultaneously, the Asia-Pacific region would
manifest the fastest CAGR of 9.6% throughout the forecast period. The
other provinces discussed in the report include Europe and LAMEA.
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procurement methodology includes deep online and offline research and
discussion with knowledgeable professionals and analysts in the industry.
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