Cobalt Market Set for Dynamic Growth Amid Rising Demand for Electric Vehicles

Cobalt Market Overview

The global cobalt market is poised for significant growth, with demand expected to reach 250.92 kilotons by 2030, up from 137.26 kilotons in 2023. This robust growth, driven by a compound annual growth rate (CAGR) of 9%, underscores cobalt’s crucial role in the expanding electric vehicle (EV) industry and other high-tech applications.

A Critical Metal for the Future

Cobalt is a key raw material in the production of lithium-ion batteries, which power a wide array of devices, from smartphones to electric vehicles. The metal is also essential in the manufacturing of cutting tools, magnetic materials, and petrochemical catalysts. Notably, 98% of cobalt is produced as a by-product of nickel mining.

In 2023, the global cobalt trade was valued at $4.83 billion, with the Democratic Republic of Congo (DRC) emerging as the top exporter, holding a market share of $1.91 billion. China, the world’s largest importer, accounted for $2.13 billion of this trade. The DRC’s dominance in cobalt production, contributing around 69% of mined cobalt, continues to draw attention, especially given the social and environmental challenges associated with mining in the region.

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Cobalt Market Report Scope and Research Methodology

The scope of the Cobalt market analysis encompasses diverse factors, including geographical regions, industry segments, traveller types, and travel service offerings. Research methodologies integrate primary and secondary data collection, employing surveys, interviews, and analysis of industry reports and databases. Assessing the Cobalt market scope involves examining the volume and value of business travel transactions, covering expenditures on transportation, accommodation, dining, and ancillary services. Methodologies aim to identify key trends, challenges, and opportunities influencing the market landscape. This comprehensive approach provides valuable insights for strategic decision-making, aiding businesses in navigating the complexities of the Cobalt sector and capitalizing on growth prospects.

𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 𝐚𝐧𝐝 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐨𝐫 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 : https://www.maximizemarketresearch.com/request-sample/83884/

Cobalt Market Regional Insights

The top five countries in the continent accounted for over 80% of the overall production, placing Africa at the top of the market. The dependence of the cobalt industry on a single nation for the supply and maintenance of this essential metal is evident from the fact that the DRC alone accounts for 71% of the world market. About 70% of the cobalt produced worldwide is produced in the Democratic Republic of the Congo (DRC). The vast bulk of it is exported to China, the leading cobalt refiner in the world. The world’s largest producer of cobalt is the Democratic Republic of the Congo, with reserves estimated to be around 3.6 million tonnes.

Cobalt Market Characteristics

With the predicted 30% yearly increase in sales of electric vehicles, the battery sector will become more and more important for cobalt use. Cobalt futures have been very popular since their launch in December 2022; as of early July, their open interest notional value was approximately $100 million.

 Lithium-Cobalt Batteries: Originally intended as an early-generation lithium-ion battery, LCO batteries have become widely used, particularly in small, portable electronics. The disadvantages of LCO include short life, low temperature stability, and restricted load capacity (specific power). A few examples include laptops, tablets, smartphones, and cameras.

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Cobalt Market Segmentation

by Application

Battery Chemicals
Super alloys
Ceramics and pigments
Hard metals
Magnet
Binder Materials
Life Science
Others

by Form

Metal
Chemical compound

by End User

Alloys
Magnets
Hard Materials
Catalyst
Inks and Dyes
Batteries
Others

Cobalt Market Key Players

1. Glencore plc (Switzerland)
2. Umicore (Belgium)
3. Vale S.A. (Brazil)
4. Jinchuan Group Internation Resources Co. Ltd. (Hong Kong)
5. Huayou cobalt Co Ltd (China)
6. Freeport cobalt (Finland)
7. Sherrit International Corporation (Canada)
8. BHP (Australia)
9. Eramet (France)
10. Votorantim Metals SA (Brazil)
11. Sumitomo Corporation (Japan)
12. CMOC International
13. Missouri Cobalt, LLC
14. China Molybdenum Co., Ltd.
15. Norilsk Nickel
16. GEM Co., Ltd.
17. Yantai Cash Industrial Co Ltd.
18. Horizonte Minerals
19. Jervois Mining
20. FLEURETTE PROPERTIES LIMITED

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Key questions answered in the Cobalt Market are:

Who are the leading companies and what are their portfolios in Cobalt Market?
What segments are covered in the Cobalt Market?
Who are the key players in the Cobalt market?
What is Cobalt?
Which are the factors expected to drive the Cobalt market growth?
What are the different segments of the Cobalt Market?
What growth strategies are the players considering to increase their presence in Cobalt?
What are the upcoming industry applications and trends for the Cobalt Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Cobalt Market?
What segments are covered in the Cobalt Market?

Key Offerings:

Market Size, Share, Size & Forecast by different segment
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis

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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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