Global Cobalt Market Size By Form, By Application, By Production Source, By Geographic Scope And Forecast

Cobalt Market Size And Forecast

Cobalt Market size was valued at USD 14.64 Billion in 2023 and is projected to reach USD 35.27 Billion by 2030, growing at a CAGR of 8.5% during the forecast period 2024-2030.

Global Cobalt Market Drivers

The market drivers for the Cobalt Market can be influenced by various factors. These may include

• Revolution of the Electric Vehicle (EV) One of the main factors propelling the cobalt industry is the increase in demand for EVs, which run on lithium-ion batteries that contain cobalt. An essential part of these batteries’ cathodes is cobalt.
• Battery Energy Storage Systems (BESS) The demand for cobalt in energy storage applications is rising due to the increasing use of BESS in grid stabilization and renewable energy integration.
•  Portable Electronics The demand for cobalt is influenced by the increasing usage of portable electronics, which include laptops, tablets, and smartphones. These gadgets run on rechargeable batteries that contain cobalt.
• Aerospace Industry Superalloys for aviation engines are one application where cobalt is utilized. The demand for cobalt may increase due to the expansion of the aerospace sector.
• Medical Applications The demand for cobalt in the healthcare industry is influenced by the usage of cobalt alloys in medical devices and implants.
• Cobalt-Chromium Alloys The demand for cobalt is supported by the use of cobalt-chromium alloys in a variety of industrial applications, such as cutting tools and wear-resistant parts.
•  Cobalt as a catalyst Cobalt’s demand in the chemical industry stems from its use as a catalyst in a number of industrial processes, such as the manufacturing of chemicals and the refining of petroleum.
• Infrastructure Development The creation of materials with high strength and resistance to temperature is facilitated by the use of cobalt, which helps with infrastructure development initiatives.
• Renewable Energy Technologies The usage of cobalt in solar panels and wind turbines, among other renewable energy technologies, helps to meet the industry’s demand for the metal.
• Policies and efforts from the Government The cobalt market can be stimulated by policies and efforts from the government that support clean energy, electric transportation, and sustainable development.

Global Cobalt Market Restraints

Several factors can act as restraints or challenges for the Cobalt Market. These may include

•  Geopolitical Concentration of Supply The Democratic Republic of the Congo (DRC) supplies most of the world’s cobalt. The DRC’s socioeconomic problems, political unrest, and regulatory changes can all endanger the cobalt supply chain and raise questions about the consistency of the supply.
•  Environmental and Ethical Issues Child labor and environmental degradation have been linked to cobalt mining in some areas, particularly the Democratic Republic of the Congo. Increasing awareness and legislation around responsible sourcing can effect the cobalt supply chain.
•  Alternative Battery Chemistries Ongoing research and development efforts to minimize or eliminate cobalt in lithium-ion batteries may alter the long-term need for cobalt. More affordable and widely available alternatives are being investigated by the industry.
• Price Volatility A number of factors, including shifts in battery technologies, geopolitical events, and supply-demand dynamics, have had a substantial impact on cobalt prices. Project developments and investment decisions might be impacted by price uncertainty.
• Dependency on Sales of Electric Vehicles The expansion of the electric vehicle (EV) market is directly associated with the cobalt market. Cobalt demand may be impacted by changes in EV sales, which are impacted by a variety of factors including consumer preferences, government incentives, and economic situations.
• Difficulties with Battery Recycling Although cobalt can be recycled from batteries, the amount of cobalt that can be recovered from end-of-life batteries may be limited due to difficulties in creating effective recycling procedures and infrastructure.
• Technological Advancements Advancements in battery technologies that reduce or eliminate the need for cobalt, such as nickel-rich cathodes, can alter the need for cobalt in the battery sector.
• Substitution in Other uses Alternative materials or alloys may replace cobalt in non-battery uses, affecting the metal’s demand in industries like industrial and aerospace.
• Global Economic Uncertainty The automotive and aerospace sectors, which rely significantly on cobalt, may see a decline in demand as a result of economic downturns and uncertainty.
• Regulatory Shifts Changing laws pertaining to responsible sourcing, environmental standards, and mining methods may result in higher compliance costs and have an effect on cobalt producers’ business operations.

Global Cobalt Market Segmentation Analysis

The global Cobalt Market is segmented on the basis of Form, Application, Production Source, And Region.

By Form

• Cobalt Metal The elemental form of cobalt used in various industrial applications.
• Cobalt Chemicals Different chemical forms of cobalt, including cobalt sulfate, cobalt oxide, and cobalt chloride, used in battery manufacturing and other industries.

By Application

•  Electric Vehicles Cobalt is a critical component in the cathodes of lithium-ion batteries used in electric vehicles.
•  Consumer Electronics Batteries in smartphones, laptops, tablets, and other portable devices often contain cobalt.
•  Energy Storage Systems Cobalt is used in batteries for grid-level energy storage applications.
•  Aerospace Components Cobalt alloys are used in the production of components for aircraft engines and gas turbines.
•  Medical Implants Cobalt-chromium alloys are used in the manufacturing of medical implants.
•  Catalysts Cobalt serves as a catalyst in various industrial processes.

 By Production Source

• Primary Production Cobalt extracted as a primary product from mines.
•  Secondary Production Cobalt obtained as a byproduct of other metal extraction processes, such as copper and nickel mining.

 By Region

•  North America
•  Europe
•  Asia-Pacific
•  Latin America
•  Middle East & Africa

 Key players

The major players in the Cobalt Market are

•  Glencore International Plc (Switzerland)
•  China Molybdenum Co., Ltd. (China)
•  ERG (formerly Eurasian Resources Group) (Kazakhstan)
•  Umicore NV (Belgium)
•  Glencore Plc (Switzerland)
•  Vale S.A. (Brazil)
•  MMG Limited (Australia)
•  Shangaan Energy Investment Group Co., Ltd. (China)
•  Nighthawk Energy Ltd (Australia)
•  Grupo Codelco (Chile)

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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