The rapid development of the PTA industry has driven the continuous expansion of the cobalt acetate market space

Cobalt acetate, also known as cobalt acetate, has the chemical formula (CH3COO)2Co and is an organic compound. Cobalt acetate appears as a purple-red crystalline powder with a slight smell of acetic acid. It is easily soluble in ethanol, water and acid, and insoluble in benzene and acetone. Cobalt acetate is widely used in the chemical industry, including coatings, catalysts, paints, chemical raw materials, etc.

The main raw materials of cobalt acetate are cobalt oxide, metallic cobalt, nitric acid, etc. According to statistics released by the Ministry of Industry and Information Technology, my country’s refined cobalt output will reach 128,000 tons in 2021, a year-on-year increase of 26.7%. Nanjing Hanrui Cobalt Co., Ltd., Guangdong Jubilee Technology Co., Ltd., and Zhejiang Huayou Cobalt Co., Ltd. are the main producers of cobalt oxide in my country. Their raw material advantages lay the foundation for the development of the cobalt acetate industry.

The main production methods of cobalt acetate include soda ash precipitation method, nitric acid method, etc. The nitric acid method is a traditional preparation process for cobalt acetate. However, this method has shortcomings such as serious environmental pollution, easy corrosion of equipment, complex production process, high production cost, and high impurity content in the finished product. In recent years, many enterprises and scientific research institutions have continuously improved the production process of cobalt acetate, and green and environmental protection have gradually become the mainstream trend in the development of the cobalt acetate industry. Using waste batteries to decompose cobalt acetate can greatly reduce the production cost of cobalt acetate and reduce environmental pollution.

​​​Cobalt acetate has a wide range of applications, including coatings, catalysts, paints, chemical raw materials, etc. Cobalt acetate is an important catalyst for the liquid-phase oxidation of paraxylene to produce terephthalic acid (PTA). PTA is mainly used to produce polyester fiber and is widely used in film, packaging materials and other fields. In recent years, my country’s PTA production capacity has expanded rapidly and output has continued to grow. In 2021, my country’s PTA output will reach 53.412 million tons, a year-on-year increase of 7.1%. Driven by downstream demand, the development speed of my country’s cobalt acetate industry continues to accelerate. According to the “2023-2028 China Cobalt Acetate Industry Market In-depth Research and Development Prospects Forecast Report released by the Industrial Research Center, 2022 In 2018, my country’s cobalt acetate market size reached 720 million yuan, a year-on-year increase of 6.5%.

The main manufacturers of cobalt acetate in my country include Dalian Weir Fine Chemical Co., Ltd., Hubei Wonder Chemical Co., Ltd., Baoding Fusai Cobalt Nickel New Materials Co., Ltd., Hubei Guangao Biotechnology Co., Ltd., Hubei Yongkuo Technology Co., Ltd., Xiaxian Yunli Chemical Co., Ltd., etc. At present, my country’s cobalt acetate market is dominated by small and medium-sized enterprises, the market competition is relatively fragmented, and the industry concentration is low.

Industry analysts said that cobalt acetate is widely used and is an important raw material for the production of terephthalic acid (PTA). As market demand gradually increases Released, the development space of my country’s cobalt acetate industry continues to expand. With the continuous improvement of production technology, green and environmental protection have gradually become the mainstream development trend of the cobalt acetate industry. There are many cobalt acetate manufacturers in my country, but the industry concentration is low, which is the main problem facing the development of the industry.