Global Cobalt-60 Market, By Type (High Specific Activity Cobalt-60, and General Cobalt-60); By Application (Medical, Industrial, Agriculture, Scientific Research, and Others); By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: September 2021
  • Report ID: BWC2186
  • Available Format: PDF
  • Page: 165

Report Overview

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.

Global Cobalt-60 Market- Industry Trends & Forecast Report 2027

Global Cobalt-60 market was worth USD 435.5 million in 2020 and is further anticipated to reach USD 681.3 million by 2027, growing at a CAGR of 7.1% during the forecast period of 2021-2027. The radioactive source of Cobalt-60 is widely used in agriculture, medicine and other industries. It can also be used for radiation breeding, stimulation of yield increase, radiation control of insects/pests, food irradiation preservation, non-destructive inspection, and radiation disinfection. Cobalt-60 is also used for radiation processing, radiation treatment waste, thickness/density measurement of materials under extreme temperatures or pressures, toxic media, the complex structure of vessels or pipes, abrasive and corrosive fluids, and radiotherapy for cancer and tumor. Cobalt-60’s extensive application is driving the growth of the global Cobalt-60 market.Currently, only a few countries, such as Canada, China, and Russiahave Cobalt 60 production capacity, and the international market looks promising.

Global Cobalt-60 Market

Source: BlueWeave Consulting

Global Cobalt-60 Market Overview

Cobalt-60 has a half-life of 5.27 years, making it the longest-lived isotope of cobalt. The stable isotope of cobalt-59 is irradiated by neutrons in a nuclear reactor to produce Cobalt-60. It is increasingly used to check the internal structure of materials, flaws, or foreign objects and to sterilize food. It is used to cure cancer and sterilize medical equipment in the medical field. Cobalt-60, a radioactive form of Cobalt formed by exposing Cobalt to the radiation of an atomic pile, is useful in various industries.

Global Cobalt-60 Market Trend

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. LSA Cobalt-60 from Bruce Power can sterilize more than 40% of the world’s single-use medical devices. Medical-grade Cobalt-60 is used by hospitals and medical providers worldwide to fight cancer and treat complex brain conditions with radiation therapy.

Recently, Bruce Power began producing a new source of Cobalt in order to ensure accessibility to innovative machines and treatments. Additionally, Sotera, a renowned worldwide medical laboratory company, has long-term contracts to procure cobalt-60 that stretch from 2024 through 2064. It has a contract with its subsidiary, Nordion, with three nuclear operators that operate 14 nuclear reactors in four plants in Canada and Russia. The company acquires additional supply of Cobalt-60 from reactors in China, India, and Russia. Aside from the growing need for medical device sterilization, the application of cobalt-60 in healthcare is also growing with an increasing number of non-invasive and minimally invasive surgical procedures for brain tumors and cancers. These factors are expected to fuel the growth of the market during the forecast period.

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.

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. Due to the cumulative effects of challenges faced by other segments of the value chain, distributors faced logistical and transportation issues, while consumers faced a lack of cobalt-60 supply in the market.

Global Cobalt-60 Market: By Type

Based on types, the global Cobalt-60 market is segmented into high specific activity Cobalt-60 and general Cobalt-60. The general Cobalt-60 segment is the dominant segment in the overall market and is expected to grow at a healthy CAGR during the forecast period. General Cobalt-60 has low activity compared to medical-grade Cobalt-60 and is used in pharmaceutical products, cosmetics, spices, consumer products, fruit, seafood, poultry, red meat, and more. The average source activity range is between 9,000-11,000 Ci and is used under specific conditions. Because of its radioactive nature and highly corrosive nature, Cobalt-60 can cause severe issues if mishandled.

Global Cobalt-60 Market Share

Source: BlueWeave Consulting

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. Moreover, advanced healthcare infrastructure, an abundance of global leaders across various industries, and heavy investment in R&D by the companies are driving the growth of the Cobalt-60 market in the region.

Regional Insights

Source: BlueWeave Consulting

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.

Recent Development

  • In August 2021, in line with the German Medicines Act, Eckert & Ziegler Radiopharma GmbH in Braunschweig, a subsidiary of Eckert & Ziegler Strahlen- und Medizintechnik AG, gained production authorization from the Lower Saxony authorities for numerous thorium and lutetium compounds. Eckert & Ziegler now has the authority to deliver therapeutic radioisotopes to its pharmaceutical customers for clinical studies and beyond. Radioisotopes are the main active ingredients in several novel cancer treatments being tested in advanced stages by several pharmaceutical companies.

 

  • In October 2020, Bruce Power completed its second Cobalt-60 harvest. In the fight against COVID-19, the medicinal isotopes will now be processed and utilized to disinfect medical equipment. Bruce Power's harvest will produce enough isotopes for the world to sterilize 20-25 billion pairs of gloves or COVID-19 swabs.

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

United States, Canada, Germany, United Kingdom, France, Italy, Brazil, Argentina, Japan, Australia, China, India, UAE, South Africa, Saudi Arabia

Product/Service Segmentation

ByType, Application, and Region

Key Players

Key Players for the market areBruce Power, The State Atomic Energy Corporation Rosatom, Atomic Energy of Canada Ltd., China Isotope & Radiation Corporation, Board of Radiation & Isotope Technology, Nordion, QSA Global Inc, Eckert & Ziegler

 

 

By Type

  • High Specific Activity Cobalt-60
  • General Cobalt-60

By Application

  • Medical
  • Industrial
  • Agriculture
  • Scientific Research
  • Others

By Region

  • The Asia-Pacific
  • North America
  • Europe
  • The Middle East & Africa
  • Latin America

1. Research Framework

1.1.Research Objective

1.2.Product Overview

1.3.Market Segmentation

2. Research Methodology

2.1.Qualitative Research

2.1.1.Primary & Secondary Research

2.2.Quantitative Research

2.3.Market Breakdown & Data Triangulation

2.3.1.Secondary Research

2.3.2.Primary Research

2.4.Breakdown of Primary Research Respondents, By Region

2.5.Assumption & Limitation

3. Executive Summary

4. Global Cobalt-60 Market Insights

4.1.Industry Value Chain Analysis

4.2.DROC Analysis

4.2.1.Growth Drivers

4.2.2.Restraints

4.2.3.Opportunities

4.2.4.Challenges

4.3.Recent Development/Technological Advancements

4.4.Regulatory Framework

4.5.Porter’s Five Forces Analysis

4.5.1.Bargaining Application of Suppliers

4.5.2.Bargaining Application of Buyers

4.5.3.Threat of New Entrants

4.5.4.Threat of Substitutes

4.5.5.Intensity of Rivalry

5. Global Cobalt-60 Market Overview

5.1.Market Size & Forecast by Value, 2017-2027

5.1.1.By Value (USD Million)

5.2.Market Share & Forecast

5.2.1.By Type

5.2.1.1.High Specific Activity Cobalt-60

5.2.1.2.General Cobalt-60

5.2.2.By Application

5.2.2.1.Industrial

5.2.2.2.Agriculture

5.2.2.3.Scientific Research

5.2.2.4.Others

5.2.3.By Region

5.2.3.1.North America

5.2.3.2.Europe

5.2.3.3.the Asia-Pacific

5.2.3.4.Latin America

5.2.3.5.the Middle East and Africa

6. North America Cobalt-60 Market

6.1.Market Size & Forecast by Value, 2017-2027

6.1.1.By Value (USD Million)

6.2.Market Share & Forecast

6.2.1.By Type

6.2.2.By Application

6.2.3.By Country

6.2.3.1.United States

6.2.3.2.Canada

7. Europe Cobalt-60 Market

7.1.Market Size & Forecast by Value, 2017-2027

7.1.1.By Value (USD Million)

7.2.Market Share & Forecast

7.2.1.By Type

7.2.2.By Application

7.2.3.By Country

7.2.3.1.Germany

7.2.3.2.United Kingdom

7.2.3.3.Italy

7.2.3.4.France

7.2.3.5.Rest of Europe

8.  Asia-Pacific Cobalt-60 Market

8.1.Market Size & Forecast by Value, 2017-2027

8.2.Market Share & Forecast

8.2.1.By Type

8.2.2.By Application

8.2.3.By Country

8.2.3.1.China

8.2.3.2.India

8.2.3.3.Japan

8.2.3.4.Australia

8.2.3.5.Rest of Asia Pacific

9. Latin America Cobalt-60 Market

9.1.Market Size & Forecast by Value, 2017-2027

9.1.1.By Value (USD Million)

9.2.Market Share & Forecast

9.2.1.By Type

9.2.2.By Application

9.2.3.By Country

9.2.3.1.Brazil

9.2.3.2.Argentina

9.2.3.3.Rest of Latin America

10. Middle East & Africa Cobalt-60 Market

10.1.Market Size & Forecast by Value, 2017-2027

10.1.1.By Value (USD Million)

10.2.Market Share & Forecast

10.2.1.By Type

10.2.2.By Application

10.2.3.By Country

10.2.3.1.Saudi Arabia

10.2.3.2.UAE

10.2.3.3.South Africa

10.2.3.4.Rest of The Middle East & Africa

11. Global Cobalt-60 Market Pricing Analysis, 2020

12. Supply & Demand Outlook

12.1. Supply % Demand Outlook - Past 5 years (2016 - 2020)

12.2. Supply % Demand Outlook - Next 5 years (2021 - 2025)

13. Competitive Landscape

13.1. List of Key Players and Their Offerings

13.2. Market Share Analysis, 2020

13.3. Competitive Benchmarking, By Operating Parameters

14. Impact of COVID-19 on Global Cobalt-60 Industry

15. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, SWOT Analysis, Contact Address, and Strategic Outlook) **

15.1.Bruce Power

15.2.The State Atomic Energy Corporation ROSATOM

15.3.China Isotope & Radiation Corporation

15.4.Norton

15.5.QSA Global, Inc.

15.6.Research Institute of Atomic Reactors

15.7.BOARD OF RADIATION & ISOTOPE TECHNOLOGY

15.8.Atomic Energy of Canada Ltd.

15.9.Eckert & Ziegler

16. Key Strategic Recommendations

 

List of Figures

 

Fig 1: Global Cobalt-60 Market Segmentation

Fig 2: Global Cobalt-60 Market Size, By Value (USD Million)

Fig 3 : Global Cobalt-60 Market Share, By Type, By Value (in %), 2020

Fig 4: Global Cobalt-60 Market Industry Value Chain Analysis

Fig 5: Global Trades of Fresh Produce Irradiated for Phytosanitary Purposes (Tons)

Fig 6: Porters Five Forces Analysis

Fig 7: Global Cobalt-60 Market Size, By Value (USD Million), 2017-2027

Fig 8: Global Cobalt-60 Market Share (%), By Type, By Value, 2017-2027

Fig 9: Global Cobalt-60 Market Share (%), By Application, By Value, 2017-2027

Fig 10: Global Cobalt-60 Market Share (%), By Region, By Value, 2017-2027

Fig 11: North America Cobalt-60 Market Size, By Value (USD Million), 2017-2027

Fig 12: North America Cobalt-60 Market Share (%), By Type, By Value, 2017-2027

Fig 13: North America Cobalt-60 Market Share (%), By Application, By Value, 2017-2027

Fig 14: North America Cobalt-60 Market Share (%), By Country, By Value, 2017-2027

Fig 15: Europe Cobalt-60 Market Size, By Value (USD Million), 2017-2027

Fig 16: Europe Cobalt-60 Market Share (%), By Type, By Value, 2017-2027

Fig 17: Europe Cobalt-60 Market Share (%), By Application, By Value, 2017-2027

Fig 18: Europe Cobalt-60 Market Share (%), By Country, By Value, 2017-2027

Fig 19: Asia-Pacific Cobalt-60 Market Size, By Value (USD Million), 2017-2027

Fig 20: Asia-Pacific Cobalt-60 Market Share (%), By Type, By Value, 2017-2027

Fig 21: Asia-Pacific Cobalt-60 Market Share (%), By Application, By Value, 2017-2027

Fig 22: Asia-Pacific Cobalt-60 Market Share (%), By Country, By Value, 2017-2027

Fig 23: Latin America Cobalt-60 Market Size, By Value (USD Million), 2017-2027

Fig 24: Latin America Cobalt-60 Market Share (%), By Type, By Value, 2017-2027

Fig 25: Latin America Cobalt-60 Market Share (%), By Application, By Value, 2017-2027

Fig 26: Latin America Cobalt-60 Market Share (%), By Country, By Value, 2017-2027

Fig 27: Middle East & Africa Cobalt-60 Market Size, By Value (USD Million), 2017-2027

Fig 28: Middle East & Africa Cobalt-60 Market Share (%), By Type, By Value, 2017-2027

Fig 29: Middle East & Africa Cobalt-60 Market Share (%), By Application, By Value, 2017-2027

Fig 30: Middle East & Africa Cobalt-60 Market Share (%), By Country, By Value, 2017-2027

Fig 31: Cobalt-60 Supply & Demand Analysis (Million Curie), 2017-2020

Fig 32: Cobalt-60 Supply & Demand Analysis (Million Curie), 2021-2027

Fig 33: Global Cobalt-60 Market: Market Share Analysis, 2020

Fig 34: The manufacturing process of Cobalt-60

 

List of Tables

 

Table 1: Global Cobalt-60Market Size (USD Million), By Type, By Value, 2017-2027

Table2: Global Cobalt-60Market Size (USD Million), By Application, By Value, 2017-2027

Table 3: Global Cobalt-60Market Size (USD Million). By Region, By Value, 2017-2027

Table 4: North America Cobalt-60Market Size (USD Million), By Type, By Value, 2017-2027

Table 5: North America Cobalt-60Market Size (USD Million), By Application, By Value, 2017-2027

Table 6: North America Cobalt-60Market Size (USD Million). By Country, By Value, 2017-2027

Table 7: Europe Cobalt-60Market Size (USD Million), By Type, By Value, 2017-2027

Table 8: Europe Cobalt-60Market Size (USD Million), By Application, By Value, 2017-2027

Table 9: Europe Cobalt-60Market Size (USD Million). By Country, By Value, 2017-2027

Table 10: Asia-Pacific Cobalt-60Market Size (USD Million), By Type, By Value, 2017-2027

Table 11: Asia-Pacific Cobalt-60Market Size (USD Million), By Application, By Value, 2017-2027

Table 12: Asia-Pacific Cobalt-60Market Size (USD Million). By Country, By Value, 2017-2027

Table 13: Latin America Cobalt-60Market Size (USD Million), By Type, By Value, 2017-2027

Table 14: Latin America Cobalt-60Market Size (USD Million), By Application, By Value, 2017-2027

Table 15: Latin America Cobalt-60Market Size (USD Million). By Country, By Value, 2017-2027

Table 16: Middle East & Africa Cobalt-60Market Size (USD Million), By Type, By Value, 2017-2027

Table 17: Middle East & Africa Cobalt-60Market Size (USD Million), By Application, By Value, 2017-2027

Table 18: Middle East & Africa Cobalt-60Market Size (USD Million). By Country, By Value, 2017-2027

Table 19: Pricing Analysis ofCobalt-60, 2020

Table 20: List of Key Players and Their Offerings

Table 21: List of Key Players and Their Offerings

Table22: Competitive Benchmarking, by Operating Parameters

Table23: Competitive Benchmarking, by Operating Parameters

Table 24: Bruce Power Company Overview

Table 25: The State Atomic Energy Corporation ROSATOM Company Overview

Table 26: China Isotope & Radiation Corporation Company Overview

Table 27: China Isotope & Radiation Corporation Financial Analysis (USD Million)

Table 28: Norton (Canada) Inc. Company Overview

Table 29: Store Health Financial Analysis (USD Million)

Table 30: QSA Global, Inc. Company Overview

Table 31: Illinois Tool Works Inc. Financial Analysis (USD Million)

Table 32: Research Institute of Atomic ReactorsCompany Overview

Table 33: Research Institute of Atomic ReactorsFinancial Analysis (USD Million)

Table 34: BOARD OF RADIATION & ISOTOPE TECHNOLOGY Company Overview

Table 35: Atomic Energy of Canada Limited Company Overview

Table 36: Eckert & Ziegler Company Overview

Table 37: Eckert & Ziegler Financial Analysis (USD Million)

Market Segmentation

By Type

  • High Specific Activity Cobalt-60
  • General Cobalt-60

By Application

  • Medical
  • Industrial
  • Agriculture
  • Scientific Research
  • Others

By Region

  • The Asia-Pacific
  • North America
  • Europe
  • The Middle East & Africa
  • Latin America

Research Methodology

BlueWeave Consulting uses a comprehensive and iterative research technique focused on minimizing deviation to deliver the most accurate estimations and forecasts possible. Hoovers, Bloomberg BusinessWeek, Factiva, ICIS, and OneSource are a few examples of secondary sources, directories, and databases used in market research. Exhaustive secondary research was conducted to gather insights on the market, peer, and parent markets. The next step was to conduct primary research with industry experts across the value chain to confirm the findings, assumptions, and sizing. For segmenting & estimating quantitative aspects of the market, the company employs a combination of bottom-up and top-down methodologies. Furthermore, data triangulation, which examines the market from three different angles, is a recurring theme in our research studies. Critical elements in the methodology employed for all our studies include:

Preliminary Data Mining

On a large scale study, raw market data is gathered and evaluated. Company information can be found in annual reports, press releases, investor presentations, white papers, and articles from reputable authors and databases as secondary sources of data. Only validated and authenticated sources are examined and used for the market engineering process (including calculations for market data, market breakdown, market size estimations, and market prediction, among other things). Furthermore, data is mined through a variety of reports in our repository and a number of well-known premium databases. We collect data from raw material distributors, suppliers  and purchasers to gain a comprehensive market picture.  Technical information is also acquired from intellectual property, with a focus on white space and freedom of movement. The dynamics of the industry in terms of drivers, restraints, and pricing patterns are also gathered. As a result, the material created has a diverse set of original data that is subsequently cross-validated and certified against publicly available sources.

 

Statistical Model

Simulation models are used to generate our market estimates and projections. Each study has its model, which is tailored to it. Market dynamics, the technology landscape, application development, and pricing trends are all entered into the model and assessed simultaneously. These variables are compared, and their impact across the forecast period is quantified using correlation, regression, and time series analysis. Market forecasting is done using a mix of economic techniques, technology analysis, and industry experience, and domain expertise.

Some of the parameters considered during the forecasting include:

  • Market drivers and restraints, as well as their current and future implications
  • Current capacity and planned capacity increases up to 2027
  • Raw material scenario and supply vs. pricing trends
  • Regulatory scenario and expected changes

We assign weights to various parameters to calculate an estimated market growth rate and use weighted average analysis to assess their market influence.

 

Primary Validation

This is the last phase in our report estimation and forecasting. To validate our findings and assumptions utilized to get them, we undertake extensive primary interviews, both face to face and over the phone. To ensure a complete and unbiased picture of the market, interviewees are sought from top organizations across the value chain, including technology providers, suppliers, domain experts and consumers. Primary interviews aid in data validation and provide crucial insights into the market, present business conditions, and future expectations, thereby improving the quality of our reports. Following is the breakdown of primary respondents:

Data Triangulation

The market was divided into many segments and sub-segments once the overall market size was determined utilizing the above-mentioned market size estimation methodologies. The data triangulation and market breakdown techniques were used, when applicable, to complete the entire market engineering process & arrive at the exact statistics of each market segment and sub-segment. The information was triangulated by looking at various elements and trends on both the demand and supply sides.

Available Customizations

BlueWeave Consulting provides customizations based on the specific needs of businesses and market data.

The following customization options are feasible for the report:

Segmental Analysis

  • Further addition or breakdown of any segment or sub-segment, besides product analysis can be given for a detailed comparison of the product portfolio of players

Regional Analysis

  • Further breakdown of the market, by country

Company Information

  • Any required add-on of specific market players with their detailed analysis.

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Frequently Asked Questions (FAQs):

Ans: Global cobalt-60 market has reached USD 435.5million in 2020.
Ans: The major factors driving the growth of the global Cobalt-60 market are the growing usage of cobalt-60 in various applications such as medical, industrial, agriculture, and others.
Ans: The key players in the global cobalt-60 market areBruce Power, The State Atomic Energy Corporation Rosatom, Atomic Energy of Canada Ltd., China Isotope & Radiation Corporation, Board of Radiation & Isotope Technology, Nordion, QSA Global Inc, Eckert & Ziegler.
Ans: Based on types, the general Cobalt-60 segment accounted for the largest share in the global Cobalt-60 market.
Ans: North America holds the largest share in the global Cobalt-60 market.