The latest report titled “Cobalt Production” by Procurement Resource, a global procurement research and consulting firm, provides an in-depth cost analysis of the production process of Cobalt.
Procurement Resource study is based on the latest prices and other economic data available. It also offers additional analysis of the report with detailed breakdown of all cost components (capital investment details, production cost details, economics for another plant location, dynamic cost model). In addition, the report incorporates the production process with detailed process and material flow, capital investment, operating costs along with financial expenses and depreciation charges.
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Procurement Resource’s detailed report describes the stepwise consumption of material and utilities along with a detailed process flow diagram. Furthermore, the study assesses the latest developments within the industry that might influence Cobalt production cost, looking into capacity expansions, plant turnarounds, mergers, acquisitions, and investments.
Procurement Resource Assessment of Cobalt Production Process:
1.Cobalt Production Cost From cobalt ore: This report presents the detailed production methodology and cost analysis of cobalt industrial production across cobalt manufacturing plants. After going through multiple processing stages, cobalt concentrate is obtained from cobalt ores containing copper, nickel, and manganese. Cobalt concentrate can produce cobalt through either a pyrometallurgical or hydrometallurgical process in the industry. These processes involve reduction, precipitation, solvent extraction, and electrowinning.
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Product Definition:
Cobalt, a chemical element belonging to group VIII of the periodic table, shares physical properties with iron and nickel and is present in various sources such as plants, animals, air, water, soil, and rocks. With a chemical formula of Co and a molecular weight of 58.933 g/mol, cobalt can enter the environment through wind-blown dust or rainwater, washing down cobalt-containing soil and rocks. This hard, ferromagnetic, silver-white, lustrous, and brittle element remains stable in the air and doesn’t react with water. Despite being magnetizable like other metals, it reacts slowly with dilute acids and has a melting point of 1495 °C and a boiling point of 2927 °C.
Market Drivers:
Cobalt is a chemical material that has a bright appearance and is delicate. It is utilized in a variety of applications, such as manufacturing alloys, permanent magnets, and hard metals. Its application depends on its properties, that is, resistance to corrosion and heat, making it a preferred element in automobile industries. It is also employed as a catalyst for the petroleum and chemical industries. Moreover, it acts as a drying agent for paints and inks, increasing its uses in paintings. Production of tiles, porcelain, and stained-glass pottery also uses cobalt, raising its demands. Additionally, its radioactive isotopes are also used in the medical and food industry. Preservation of food involves the application of cobalt, which provides a market growth opportunity. Thus, various sectors such as automotive, food, and medical propel the market growth of cobalt.
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