Cobalt-60
is an isotope of cobalt, which radioactive sources are widely used in
agriculture, industry, medicine and other fields. In medicine, cobalt-60 can be
used in the radiological diagnostic industry for its strong penetrability, as
well as in nuclear therapy, which mainly refers to the treatment of cancer and
other complex brain diseases in medicine use. In addition, the raw material
used in the radiation sterilization device for medical protective clothing that
has attracted much attention during the prevention and control of the COVID-19 is
also cobalt-60. Cobalt-60 can also be used for industrial non-destructive
testing, radiation disinfection, radiation treatment, waste radiation
treatment, as well as thickness, density, liquid level measurement and online
automatic control. Besides, cobalt-60 is also widely used in agricultural
radiation breeding and pest control. Although the current demand for cobalt-60
in the medical field is unprecedentedly high, industrial applications still
account for most of the market, with a consumption market share of 86.30% in
2020.
Cobalt-60 can be divided into high specific activity cobalt-60 and general cobalt-60: high specific activity cobalt-60 refers to medical-grade cobalt-60 in the healthcare industry, and is often used in radiation therapy to fight cancer and treat complex brain diseases, which is of great benefit to global human health, and has important social significance and economic benefits. But general cobalt-60 is the most widely used type of cobalt-60, with an output market share of up to 82.48% in 2020. It is used by the healthcare industry to sterilize medical equipment such as sutures, gloves and syringes or for other purposes.
Cobalt 60 should be kept tightly in a lead container. Because cobalt-60 has extremely strong radiation properties, it can cause hair loss, cause blood system diseases and severely cause people to suffer from leukemia, even death.
At present, Cobalt-60 is widely used with a huge demand, but only a few countries such as Canada, China and Russia have cobalt 60 production capacity in the world, so the international market has a bright future.
Prospect Analysis of Cobalt-60 Industry in Various Regions
From a global perspective, Canada basically monopolizes the cobalt-60 market, with huge output, most of which are exported to foreign markets, while the cobalt-60 produced in other regions is in short supply and mainly depends on imports. Canada is rich in resources and mature in technology. It has always been the largest revenue market with a market share of 63.13% in 2015, and 62.07% in 2019, a decrease of 1.06%. The European market share in 2019 was 17.88%, ranking second.
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China cobalt-60 ranks third in the global market, with a market share of 8.64% and 9.21% in 2015 and 2019, respectively. Although in 2020, due to the impact of COVID-19, demand has decreased and industrial production has stagnated. Compared with other parts of the world, China economy has recovered faster, and the market share of cobalt-60 revenue has also increased by 0.2%. It is expected that in the future, China will drive the development of the cobalt-60 market in the Asia-Pacific region and become the fastest growing region in the global cobalt-60 market. Continuous economic development, increasing downstream demand, and increasing technological innovation and progress will all promote the development of the global cobalt-60 market.
At present, the cobalt-60 players have formed a competition form between the first tier and the second tier and the third tier, with high industry concentrate rate. The top three companies are Bruce Power, Rosatom (Mayak), China National Nuclear Corporation with the revenue market share of 61.66%, 10.66%, 7.52% in 2019.
The Cobalt-60 Market Will Maintain Steady Growth
There is almost no natural cobalt-60 in nature, which needs to be artificially synthesized under certain conditions, so labor costs account for a relatively large proportion of cobalt-60 production. From World Economic Outlook of the International Monetary Fund, it can be seen that the COVID-19 pandemic is causing high and rising labor costs worldwide, and has a serious impact on economic activities, so cobalt-60 market is facing severe challenges.
The growth of the cobalt-60 market is driven by downstream market demand. The rapid development of the global economy, increasing population, and increasing market demand have played a positive role in the expansion of the cobalt-60 market. According to the research, the global cobalt-60 market has a total revenue of 313.32 M USD back in 2015, and increased to 386.52 M USD in 2019. We made the prediction that the value of cobalt-60 markets can be 593.10 M USD by 2026. The CAGR of cobalt-60 is 5.75% from 2020 to 2026.
For a long time, almost all cobalt sources in China have been imported from abroad. However, as the corresponding Chinese companies continue to increase R&D investment and break their dependence on foreign countries, China achieved large-scale exports of cobalt 60 in 2018. Since then, the R&D investment of cobalt-60 in countries around the world has continued to increase.
Cobalt-60 is a raw material used in radiation sterilization devices for medical protective clothing. It has attracted much attention during the recent COVID-19 epidemic prevention and control process, and its radiation sterilization technology has been more and more widely used.
The commercial demand for cobalt-60 in the world market has been high, and the prospects for its future output growth are very clear. According to the Global Cancer Statistics Report of the World Health Organization in 2018, in 2018, the number of new cancer patients worldwide reached 18.1 million, and the number of cancer deaths was 9.6 million. The application of cobalt-60 in medical device disinfection and cancer treatment will become an important driving force for market development.
As the level of science and technology improves and enterprises in various regions increase their research and development efforts, cobalt-60 will maintain a steady growth in the next period of time. But at the same time, competition in the new region may become more intense, which may become a factor hindering market growth.
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