UK Cobalt Market, Size, Major Strategies, Key Companies, Revenue, Share, Analysis 2032
Cobalt, a critical component in the manufacturing of rechargeable batteries, has become an indispensable metal in modern technology. Its primary use in lithium-ion batteries, essential for electric vehicles (EVs), smartphones, and laptops, has positioned cobalt at the heart of the green energy transition. As demand for these technologies surges, understanding the dynamics of the UK cobalt market is crucial. The global cobalt market is estimated to reach a valuation of USD 13.6 billion by the year 2027, at a CAGR of 8% during the forecast period that ends in the year 2027. Current Market Landscape The UK cobalt market is characterized by its complex supply chain and significant geopolitical implications. The Democratic Republic of Congo (DRC) dominates global cobalt production, contributing over 70% of the world’s supply. This heavy reliance on the DRC introduces risks related to political instability, ethical mining practices, and supply chain disruptions. In recent years, the gl