Cobalt Market Report 2021 Key Trends And Opportunity Areas Forecast to 2027
Market Research Future (MRFR’s) latest report reveals that the value of global cobalt market will stand at over USD 9900 Mn by the year 2023 up from USD 6200.4 million in 2017. A substantial rise in demand for cobalt has been noticed in recent years owing to its increased usage in electronic and automotive manufacturing sectors. In terms of volume, the market is expected to reach close to 153.4 KT towards the end of the assessment period (2018-2023).
The Cobalt
Market is projected to witness a healthy growth over the next couple
of years. One of the major factors driving the growth of the market is the
rising demand for lithium-ion rechargeable batteries. Cobalt is a key raw
material in lithium ion battery manufacturing. Most of the modern
electronic products are based on battery support systems where lithium ion
batteries find high preference owing to their superior performance and easy
compatibility. At the same time, rising electric vehicle trends are also partly
fuelling the demand for lithium ion batteries. The increased emphasis on
shifting to vehicles running on clean-energy owing to growing concerns over CO2
emission from use of traditional fossil fuel for power generation is reflecting
favourably on the market. Cobalt demand is likely to remain concentrated in
battery manufacturing.
Cobalt is also used in manufacturing several types of metal
alloys such as magnetic alloys, superalloys and wear-resistant alloys.
Cobalt has high-temperature resistance and a high melting point which makes it
an apt material for products that incur frequent heating. Moreover, the tough
nature of the material also means that cobalt-based product can endure a
certain degree of rough-handling. Cobalt-based superalloys are used in gas turbines,
spacecraft, rocket motors, nuclear reactors, power plants, and chemical
equipment. However, the high cost of mining and refining of cobalt is likely to
have an impact on investor confidence in the cobalt industry.
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Global Cobalt Market: Segmental Analysis
MRFR’s
report also comprises an in-depth segmental analysis of the global cobalt
market based on application and form. Based on application, the market is
segmented into battery chemicals, super alloys, ceramic and pigments, hard
metals, magnets, binder materials, life science, and others. The battery chemicals
segment currently accounts for the leading share of the market. This is
primarily owing to the extensive use of cobalt in manufacturing rechargeable
batteries for portable electronics devices (such as mobile phones, laptops, and
tablets and e-mobility vehicles such as electric vehicles, hybrid vehicles,
electric trains, and electric bikes). Sales of consumer electronic devices
remains on an upward trajectory as digitization trends become more prominent.
On the basis of form, the market has been segmented into metal, chemical
compound, and purchased scrap. Among these, the chemical compound segment is
expected to retain the top position over 2023. Cobalt based chemical compounds
find widespread usage in manufacturing of rechargeable batteries. They are also
used as a colorant for porcelain, glass, pottery, tiles, and enamel wear.
Global Cobalt Market: Regional Analysis
The cobalt market has been covered across regions such as North
America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA) and South
America. Asia Pacific is a highly active cobalt market, with China topping the
list as the most attractive investment destination. While the African nation
Congo (Democratic Republic of the Congo) remains the largest producers of
cobalt, China takes the lead when it comes to refining and processing of the
metal. Moreover, China has also emerged as the major electronic device
manufacturing hub, making it an important market for various industrial
materials including cobalt.
Global Cobalt Market: Competitive Landscape
Some
of the top companies currently operating in the global cobalt market include
Sumitomo Corporation, Glencore, Vale, Umicore, Votorantim Metals SA, Jinchuan
Group International Resources Co. Ltd, Eramet, Huayou Cobalt Co. Ltd., BHP,
Freeport Cobalt and Sherritt International Corporation.
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