1 / 9

Cobalt-60 Market during forecast 2021-2027

The global cobalt-60 market is anticipated to register impressive growth during the forecast period due to the growing usage of cobalt-60 in various applications such as medical, industrial, agriculture, and others.<br>

priyanka25avhad
Download Presentation

Cobalt-60 Market during forecast 2021-2027

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Cobalt-60 Market, By Type, Trend Analysis, Competitive Market Share 2021-2027

  2. Industry Trends & Forecast Report 2027 A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global cobalt-60 market was worth USD 435.5 million in 2020 and is further projected to reach USD 681.3 million in 2027, at a CAGR of 7.1% during the forecast period (2021-2027).The radioactive source of Cobalt-60 is widely used in agriculture, medicine, and other industries. It can be used for radiation breeding, stimulation of yield increase, radiation control of insects or pests, food irradiation preservation, non-destructive inspection, and radiation disinfection. It is also used for radiation processing, radiation treatment waste, thickness/density measurement of materials under extreme temperatures or pressures, toxic media, complex structure of vessels or pipes, abrasive and corrosive fluids, and radiotherapy for cancer and tumor.

  3. Growth drivers Growing Application of Cobalt-60 in the Healthcare Industry The radiation produced by cobalt-60 is crucial to the medical community for cancer treatments and sterilization of medical devices. Cobalt-60 is widely employed by the healthcare industry to sterilize medical devices such as sutures, gloves, and syringes. According to the International Irradiation Association, more than 400 million cubic feet of Cobalt-60 is produced annually from approximately 250 large-scale commercial gamma irradiators in about 50 countries. Almost half of the volume is used for medical equipment sterilization by gamma irradiation.

  4. Restraints Stringent Environmental Regulations Since Cobalt-60 is a radioactive material, the regulations related to the use and disposal of Cobalt-60 are very stringent. In addition to the IAEA Code of Conduct, supplementary guidelines on the import and export of radioactive sources establish the international standard, and over 90 countries have already made a political commitment to the Code. A company operating in the market must follow regulations very closely for financial assurances and records for source transfers and decommissioning, or else they may face legal problems. Therefore, these regulations restrain the growth of the Cobalt-60 market.

  5. Impact of COVID-19 As soon as the World Health Organization announced COVID-19 as a pandemic in 2020,several countries had to impose nationwide lockdowns, which had a negative impact on the market. Both developed and developing countries have seen their economies slow down due to the ongoing pandemic. The Cobalt-60 market also witnessed a downfall in the market due to the pandemic. Due to logistical problems and labor shortages, raw materials suppliers were unable to supply Cobalt to the power plants. Producers couldn't meet the market's increased demand due to several factors, such as failed joint ventures, difficulty mining cobalt, and reduced production from plants, and transportation difficulties.

  6. Global Cobalt-60 Market: Regional Insights Based on regions, the global Cobalt-60 market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa. North America held the largest share in 2020 and is expected to grow at a steady CAGR during the forecast period. According to Canadian Nuclear Association, more than 70% of the world’s supply of Cobalt-60 is produced at Canadian nuclear power plants. Moreover, Canada refines more than 90% of the Cobalt-60 market globally. North America is one of the leading regions in the global Cobalt-60 market due to the presence of global leaders like Bruce Powder and Nordion in the region.

  7. Competitive Landscape The prominent players in the global Cobalt-60 market include Bruce Power, The State Atomic Energy Corporation Rosatom, Atomic Energy of Canada Ltd., China Isotope & Radiation Corporation, Board of Radiation & Isotope Technology, and other prominent players. Because of the presence of major firms and their market domination, the industry is extremely consolidated. Companies have been heavily investing in R&D activities and forming strategic alliances (long-term agreements) with manufacturers and suppliers as their major strategies. Sample Copy :https://www.blueweaveconsulting.com/report/global-cobalt-60-market/report-sample

  8. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  9. Contact Us: +1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662    info(@)blueweaveconsulting.com www.blueweaveconsulting.com

More Related