Cobalt Market Insight | By Business Analysis, Industry, Market Size, Trends & Opportunity Forecast 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 Insight 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 fuellin