Global Cobalt Market: Industry analysis and forecast (2020-2027)

Posted by rony on April 21st, 2021

Global Cobalt market was valued at US$ XX Bn in 2020 and is expected to reach US$ XX Bn during forecast period at a CAGR of XX%.

 

Cobalt is obtained from the mining nickel and copper ores and refined before made available on the market. The economies like China, Congo, Russia, Canada, and Australia are the countries where major nickel and copper mining sites found. The Congo is one of the largest producers of cobalt globally. China is a major consumer of metal and also the significant manufacturer for the same. The growth rate of the cobalt industry in china is high due to the rising consumption of metal.

Global Cobalt Market

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Global Cobalt market Dynamic

The demand for cobalt is high for various applications in the electronic, automotive, and aerospace industry due to cobalt-based superalloys properties, like weldability, enhanced thermal fatigue resistance, and high melting point. The rising demand for lightweight electrical cars and bikes is also boosting the growth of the global cobalt market. Another growth driving factor is Cobalt compound added rechargeable batteries are deployed in electrical vehicles. The demand for cobalt alloys in airplane engines is also expected to rise from the aviation industry during the forecast period.

The demand rate of cobalt is slow to get slow down due to irregularity in supply occurring by the shortage of advanced infrastructure and political instability in leading cobalt producing and exporting economies, such as the Democratic The Republic of the Congo. Inconsistency between supply and demand results in price rise which acts as the restraining factor for the growth of the global cobalt market.

The cobalt has properties like corrosion resistance, strength, durability, and biocompatibility. These properties of cobalt are responsible for rising demand in the medical sector. It is used to manufacture hip and knee replacement components and also has applications as a biomedical metal in surgical instruments, trauma fixation dentistry, and implants. This rising demand for cobalt in the medical sector is expected to create more opportunities for the global cobalt market.

Impact of COVID-19 on Global cobalt Market

The global cobalt market provides analysis by constantly tracking the impact of this rapidly evolving situation on the market and the consumer purchase behaviors. It also helps with data about latest estimate and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

Scope of the report for Global Cobalt market: Inquire before buying

The report helps in understanding global cobalt Market dynamics, structure, by analyzing the market segments and projects the Global cobalt Market size. The clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global cobalt market make the report investor’s guide.

Global Cobalt market Regional Insights

Global Cobalt Market1

Global Cobalt Market Key Players

• Glencore plc (Switzerland)

• Umicore (Belgium)

• Vale S.A. (Brazil)

• Jinchuan Group Internation Resources Co. Ltd. (Hong Kong)

• Huayou cobalt Co Ltd (China)

• Freeport cobalt (Finland)

• Sherrit International Corporation (Canada)

• BHP (Australia)

• Eramet (France)

• Votorantim Metals SA (Brazil)

• Sumitomo Corporation (Japan)

• CMOC International

• Missouri Cobalt, LLC

Global Cobalt Market, By Form

• Metal

• Chemical compound

• Purchased scrap

Chemical Compound segment is expected to reach US$ XX Bn by 2027 at a CAGR of XX% during the forecast period.

The primary major factor for the growth of the segment is, Cobalt electrolyte is used in lithium-ion batteries for the high performance of electrical vehicles and bikes. It is also used in digital cameras and smartphones. Inorganic cobalt compounds are having applications for color porcelain, tile, glass, pottery, and enamel wear. This growing application area for the balance of rising demand is an expected driving factor for segment growth in the global cobalt market.

Global Cobalt Market, By Application

• Battery Chemicals

• Super alloys

• Ceramics and pigments

• Hard metals

• Magnet

• Binder Materials

• Life Science

• Others

Battery chemical segment held XX% of global market shares in 2020 and is expected to reach US$ XX Bn by 2027 at a CAGR of XX% during forecast period.

The Growth of the battery chemical segment is high because of the extensive use of cobalt in manufacturing rechargeable batteries for portable devices like laptops, mobiles, and tablets as well as electrical vehicles, electrical bikes. Every economy is encouraging for use of electric vehicles to reduce Carbon dioxide and Carbon monoxide release in the environment. The regulations by US Environmental Protection Agency and the EU’s environmental standards regarding CO2 reduction are expected to help in the growth of the global cobalt market.

Global Cobalt Market, By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East and Africa

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