A distinctive coloring to many of today’s products and a critical component in most of our machinery, cobalt is one of the most sought-after chemical compounds. Its uses vary across industries and disciplines, making it an attractive investment for the right people, and therefore, a product that enjoys a constant demand.
However, with new materials, trends, and industries coming out each day, the current price of cobalt can fluctuate from time to time. While it might be good to have an insider in the industry forecast and detect changes, sometimes, the information can be acquired by just paying attention to the right aspects or areas.
Jewelry
Already known for its vivid blue color, cobalt has other applications aside from being a pigment for accessories. As an additive, cobalt can be bonded with platinum, making for an alloy that’s suitable for fine casting, an essential feature in most high-end jewelry. Trends and demands in fashion may be a bit strange to keep an eye on, but for an industry that generates more than 50 billion dollars in revenue, it’s worth it.
Engineering and manufacturing
Cobalt demands are particularly high in the engineering and manufacturing sectors due to cobalt being a key ingredient in creating strong, chemically bonded superalloys. This element is commonly used in heavy-duty machinery and vehicles such as aerospace and marine craft. The demand for cobalt can surge depending on the economic interests of the nation that buys them. The best way to maximize the opportunities in this market would be to check global news and manufacturing bulletins.
Medical industry
After being refined and smelted into the appropriate compound, cobalt becomes suitable for application on the human body. Cobalt-based or blended steel is often used in the manufacturing of Vitallium, which is used primarily for hip and knee replacements. Cobalt alloys are also used for dental prosthetics as a substitute for nickel, which some people are often allergic to.
Power supply and technology
Perhaps the most well-known application of cobalt is in lithium-ion batteries. With many of our devices and technologies today being powered by a battery instead of fuel, there’s a wave of growth and opportunity for cobalt investors in the tech sector. Rising competitors and products in the smartphone industry are a good example. Attending tech conferences and looking for press releases from these companies is a good way to start.
Other commercial products and applications
Aside from the industries mentioned above, cobalt is also applied as a base coating for porcelain products or mixed with other chemicals to form cobalt blue and other assorted pigments. The distinctive blue coloring is a vivid sight in many of our usual products today and coats everything from tableware to machine paint.
Cobalt can have many applications that can range from commercial to military. A little creativity and some legwork with research can uncover more industries that use cobalt as an essential ingredient in their products. With enough effort, an investment in cobalt can pay off in no time and give you a steady stream of income.
