Global Cobalt-60 Market is thriving—Projected to Reach worth USD 681.3 Million by 2027
Published | 08 September 2021
Global Cobalt-60 market has been growing due to the rapid development of irradiation technology coupled with growing scientific research. Furthermore, the growing application of cobalt-60 in diverse industries, such as healthcare, agriculture, and medical is likely to position the market for significant growth in the coming years...
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 measurementof materials under extreme temperatures or pressures, toxic media, complex structure of vessels or pipes, abrasive and corrosive fluids, and radiotherapy for cancer and tumor. Currently, only a few countries can produce Cobalt-60, and the international market looks promising.
Increasing Demand for Food Treatment
Food irradiation methods have become a hot topic in the food & beverage industry due to the growing need for food treatments to increase shelf-life and to ensure food safety. Irradiation prevents pests from growing in food stored in a facility or traveling with food traded regionally or internationally. The isotope of cobalt called Cobalt-60 is used heavily in food irradiation methods as Cobalt-60 can penetrate dense food products and large food packages or pallets due to its high penetrating potential.
The International Irradiation Association (IIA) has noted that radiation causes a very minimal change in food's chemical composition, and these changes can only be detected using sophisticated analysis methods. Further, according to the IIA, it is an effective treatment for diverse foods and poses no health risks. The IIA also states thataround 80 nations currently allow irradiation of food, with the majority based in Asia and the remaining in Europe. Thus, food irradiation is becoming more acceptable every day. As demand for quality food products & sophisticated treatment methods and adoption in Europe rises, so will the need for cobalt-60 in irradiated food. Consequently, the global cobalt-60 market is forecast to grow during the forecast period, 2021-2027.
Medical Segment will be the Fastest-Growing SegmentBased on Applications
Cobalt-60 has several applications in the medical field. Some of the applications of cobalt-60 in the medical field include devices sterilization, cancer radiation therapy, non-invasive surgery, brain tumor treatment, and gamma knife. As a precaution against infection during surgery or medical treatment, over 40% of single-use medical supplies are sterilized using radiation therapy, according to the International Irradiation Association (IIA). Globally, the demand for medical device sterilization through radiation therapy continues to grow as the population increases.
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Impact of COVID-19
Various countries have been affected by the COVID-19 outbreak because of lockdowns, travel bans, and business shutdowns. The Cobalt-60 market faced a severe shortage of material due to government travel bans designed to prevent the spread of the disease. However, increasing emphasis on sterilization of medical devices/equipment, food products, pharmaceuticals, and other product packaging led to an increase in demand for Cobalt-60 in 2020.
The supply of Cobalt-60 was already tight because of prolonged reactor shutdowns, travel bans, and lockdowns. An imposed ban on trading further tightened Cobalt-60 supply in the market despite an increase in demand, especially from the medical industry, creating a 5% demand-supply gap in 2020.
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 has been the dominant region in the overall market in 2020 and is expected to grow at a steady CAGR during the forecast period. The Canadian Nuclear Association estimates that Canadian nuclear power plants produce more than 70% of the world's cobalt-60. Canada refines more than 90% of the world's cobalt-60 supply. Also, Canada refines more than 90% of the world's cobalt-60 supply. North America is one of the leading regions in the global Cobalt-60 market because of global leaders like Bruce Powder and Nordion in the region. A robust healthcare infrastructure, an abundance of global leaders across multiple industries, and heavy investment in R&D all contribute to the region's growth.
The prominent players in the global cobalt-60 market are 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. The cobalt-60 market is highly consolidated due to the presence of leading players and their dominance in the market.Moreover, to gain a competitive edge, the market players adopt strategiessuch as heavy investment in research & development activities and strategic allianceamong manufacturers and suppliers.
- In October 2020, A Memorandum of Understanding (MOU) was signed by Atomic Energy of Canada Limited (AECL) and the US National Nuclear Security Administration (NNSA) to allow collaboration in the areas of nuclear safety and security. The MOU will allow AECL and the NNSA to engage in areas of mutual interest, such as nuclear security, safeguards, non-proliferation research and development, and information sharing, relevant to nuclear energy's peaceful uses.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global Cobalt-60 market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Cobalt-60 market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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