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 (2018-2027). 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
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: Competitive
Landscape
Some of the top companies currently
operating in the global cobalt market 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.
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 2027.
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.
Get More Professional and Technical Industry Insights @ https://www.marketresearchfuture.com/reports/cobalt-market-6549
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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