my country’s cobalt tetroxide production is gradually increasing, with Zhongwei Co., Ltd. as the leading company

Cobalt tetroxide is an inorganic compound with cobalt oxide (Co2O3) and cobalt oxide (CoO) as its main components. The chemical formula is Co3O4. Cobalt tetroxide mostly appears as a black or gray-black powder under normal temperature and pressure, which is insoluble in water and slightly soluble in inorganic acid solution. After years of development, the preparation process of cobalt tetraoxide has been basically mature and can be roughly divided into spray pyrolysis, oxidation, chemical precipitation, thermal decomposition, etc.

At present, my country’s cobalt tetraoxide industry chain has been formed. The upstream of the industrial chain is mainly the raw material industry, providing cobalt ore, cobalt sulfate and other raw materials; the midstream is mainly the cobalt tetroxide production industry, responsible for the synthesis and production of cobalt tetroxide; the downstream is mainly the application field, and cobalt tetroxide is mostly used to produce cobalt salts, lithium cobalt oxide, Magnetic materials and other products are widely used in energy storage batteries, consumer electronics, new energy, glass, ceramics and other fields.

In recent years, my country’s new energy vehicle market has developed rapidly, with production and sales gradually increasing. According to data released by the China Association of Automobile Manufacturers, in 2022, my country’s new energy vehicle production and sales will complete 7.058 million and 6.887 million vehicles respectively, a year-on-year increase of 96.9% and 93.4% respectively. Coupled with the fact that the epidemic is basically over, the consumer electronics market is gradually recovering, battery demand is gradually released, and downstream procurement demand has increased. Benefiting from the rapid development of the end market, my country’s market demand for cobalt tetroxide is gradually increasing.

According to the “2023-2028 Cobalt Tetroxide Industry Market In-depth Research and Investment Prospect Forecast Analysis Report” released by the Industrial Research Center, in the downstream Driven by market demand, the operating rate of my country’s cobalt tetroxide enterprises has gradually increased, and output has increased. In 2022, my country’s cobalt tetroxide output will be 6.88 tons, a year-on-year increase of 6.12%.

From the perspective of import and export, my country’s cobalt tetroxide production capacity has gradually increased, its dependence on foreign countries has weakened, and imports have declined. According to data released by the General Administration of Customs, my country’s imports of cobalt tetroxide in 2022 will be 75.81 tons, a year-on-year decrease of 31.09%. Due to weak foreign market demand for cobalt tetroxide, my country’s exports have declined. According to data released by the General Administration of Customs, in 2022, my country’s export volume of cobalt tetroxide will be 4842.76 tons, a year-on-year decrease of 24.76%.

From the perspective of export destinations, my country’s main exporting countries of cobalt tetroxide include the Netherlands, South Korea, Belgium, Spain, etc. Among them, South Korea has become my country’s largest exporter of cobalt tetroxide, accounting for 65.49% of the export volume.

Industry analysts said that my country’s cobalt tetroxide market is highly concentrated, and leading companies have emerged. The largest cobalt tetroxide companies in my country mainly include Huayou Cobalt Materials, Jinchuan New Materials, GEM Cobalt, Hubang New Materials, Zhongwei Co., Ltd., etc. Among them, Zhongwei Co., Ltd. has the largest market share, accounting for 39.84%; followed by GEM Cobalt, with a market share of 20.79%. As my country’s cobalt tetroxide market continues to develop, Zhongwei Co., Ltd., as a leading company in the cobalt tetroxide market, has seen its operating income gradually increase. According to data in the company’s annual report, in 2022, Zhongwei Co., Ltd. achieved operating income of 30.344 billion yuan, a year-on-year increase of 51.17%.