Market Overview:
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 2027 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 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 fueling 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 favorably on the market. Cobalt
demand is likely to remain concentrated in battery manufacturing.
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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:
Competitive Landscape
·
Sumitomo Corporation
·
Glencore, Vale
·
Umicore
·
Votorantim Metals SA
·
Jinchuan Group International Resources Co. Ltd
·
Eramet, Huayou Cobalt Co. Ltd.
·
BHP
·
Freeport Cobalt
·
Sherritt International Corporation
Global Cobalt Market: Segmental
Analysis
MRFR’s report also comprises an
in-depth segmental analysis of the 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.
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