Cobalt Market Demand | Position, Opportunities, Threats, Challenges, Competitive Scenario and Analysis By 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 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 Market Demand 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.
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 demand 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 demand 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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