Cobalt-60 Market Scope, Demand, Forecast 2021

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Cobalt-60 Market, By Type, Trend Analysis,
Competitive Market Share 2021-2027
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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.
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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.
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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.
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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.
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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 worlds 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.
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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 RD activities and forming strategic
alliances (long-term agreements) with
manufacturers and suppliers as their major
strategies. Sample Copy https//www.blueweaveco
nsulting.com/report/global-cobalt-60-market/report
-sample
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