Cobalt oxide has a wide range of applications and the market will be booming in 2021

Cobalt oxide, with the chemical formula CoO, is a type of cobalt oxide with a black-gray powder crystal appearance. Cobalt oxide is insoluble in water, alcohol and ammonia, but soluble in acid and sodium hydroxide aqueous solution. When roasted in the air, it can generate cobalt tetroxide, which can be reduced to metallic cobalt by carbon monoxide and hydrogen. Cobalt oxide is an important transition metal oxide with a wide range of downstream applications.

Colorants are a traditionally important application market for cobalt oxide. In ceramic production, pigments and glazes produced with cobalt oxide as raw materials have high brightness; they can also be used in enamel production to improve the wear resistance and corrosion resistance of enamel. In paints, cobalt oxide is used as a drier. With the rapid development of the materials industry, the demand for cobalt oxide in cemented carbide, alloy steel, magnetic materials and other fields continues to grow. 3C electronics and electric vehicles have driven rising demand for lithium-ion batteries, and the demand for cobalt oxide in the battery field has increased rapidly. In addition, cobalt oxide can also be used to produce cobalt salts, as well as in chemical catalysts, feed additives, resistors, picture tube glass envelopes and other fields.

The main cobalt oxide production enterprises in my country include Zhejiang Huayou Cobalt Co., Ltd., Nanjing Hanrui Cobalt Co., Ltd., Tianqi Automation Engineering Co., Ltd., Guangdong Jubilee Technology Co., Ltd., Hubei Lingjiang Technology Co., Ltd., Hubei Xin Runde Chemical Co., Ltd., etc.

According to the “2021-2025 Cobalt Oxide Market Development Prospect Analysis and Supply and Demand Pattern Research Forecast Report” released by the Industrial Research Center, the benefits Due to the increase in demand for lithium-ion batteries, the price of cobalt oxide increased at the end of 2020. Entering 2021, rising cobalt prices coupled with strong downstream market demand have caused cobalt oxide prices to continue to rise. By mid-November, the average quotation in my country’s cobalt oxide market was 335,500 yuan/ton. The continued rise in cobalt oxide prices in 2021 is mainly due to the increased demand for electric vehicle power batteries.

Global cobalt resource reserves are limited, my country’s cobalt resource reserves are scarce, and demand mainly relies on imports. Since the rapid development of the 3C electronics and electric vehicle industries, the demand for cobalt in the global lithium-ion battery field has increased rapidly, and the mining volume of cobalt mines has continued to increase. It is expected that cobalt resources will be exhausted within ten years. Since 2019, the political situation in Congo (DRC), the world’s largest cobalt mine producer, has been unstable, and cobalt mine production has continued to decline. However, the demand for cobalt and related derivatives has risen rapidly in 2021. The imbalance between supply and demand has led to a rapid rise in cobalt prices, and the price of cobalt oxide has subsequently increased. .

Industry analysts said that in addition to imported cobalt ore, the extraction of cobalt-containing waste has become another important source of cobalt oxide. Cobalt-containing waste mainly includes discarded magnetic materials, cemented carbide, high-temperature alloys, catalysts, electronic materials, batteries, etc. Cobalt oxide can be obtained through processes such as roasting, dissolution, impurity removal, extraction, separation, and purification. my country’s cobalt resources are scarce and the price of cobalt ore continues to rise. However, cobalt is highly indispensable in many fields, so the recycling and reuse of cobalt-containing waste is of great significance. In the future, companies that have built cobalt-containing waste recycling production lines have broad development prospects.