North America should register over 6.5% gains by 2027 on account of a significant expansion of the chemicals sector which has resulted in a growing requirement for catalysts. Cobalt nitrate serves as an essential precursor for the synthesis of catalysts required for organic chemical reactions. The U.S. chemical industry is likely to witness a broad recovery in 2021 pertaining to a rise in industrial & consumer spending after the recession caused by the COVID-19 pandemic in 2020 which should stimulate cobalt nitrate market growth.
The market share is highly fragmented and major players in the cobalt nitrate industry include manufacturers such as Thermofisher Scientific, Sigma Aldrich, Eastman Chemicals, Zimi Chemicals, Yogi Dye Chem Industries, Otto Chemie Pvt Ltd, Anchor Chemicals, and American Elements. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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