Cobalt Alloy Powder Market Size To Reach $ 490.9 Million By
Portland, OR, October 7, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the cobalt alloy powder market was estimated at $ 259.1 million in 2020 and is expected to reach $ 490.9 million by 2030, registering a CAGR of 6.7% from 2021 to 2030. The report provides an in-depth analysis of the main pockets of investment, top winning strategies, drivers and opportunities, market size and estimates, competitive scenario and faltering market trends.
The increasing demand for cobalt in the automotive and tooling industry and the rapid development of 3D printing are fueling the growth of the global cobalt alloy powder market. On the other hand, several health risks associated with cobalt dust hamper growth to some extent. However, innovation in the manufacturing industry is expected to create lucrative opportunities in the sector.
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- The loss of labor and the shutdown of the majority of industries across the world have resulted in a sharp decline in demand for cobalt alloy powder products from manufacturing industries, especially in the initial stage. This factor has negatively impacted the global cobalt alloy powder market.
- Nevertheless, the overall situation is improving now and the market is expected to recover soon.
The global cobalt alloy powder market is analyzed by product, application, and region. On a product basis, the CoCr alloy powder segment accounted for more than two-fifths of the total market share in 2020 and is expected to reign on the roost by 2030. The CoCrMo alloy powder segment, d On the other hand, would collect the fastest CAGR of 7.2% throughout the forecast period.
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Based on applications, the additive manufacturing and 3D printing segment contributed almost half of the total market revenue in 2020 and is expected to lead the way by 2030. The brazing segment, however, would show the fastest CAGR of 7.7% during the forecast period.
Based on region, the North American market held the bulk in 2020, accounting for almost two-fifths of the global market. Simultaneously, the Asia-Pacific region reportedly exhibits fastest CAGR by 9.6% throughout the forecast period. Other provinces discussed in the report include Europe and LAMEA.
Leading 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 strengthen their position in the industry.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization towards providing high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.