Global Cobalt Market Report and Forecast 2024-2032

Global Cobalt Market Outlook

The global cobalt market attained a volume of around 200.10 KMT in the year 2023. The market is further expected to grow at a CAGR of 8.90% between 2024 and 2032 to reach a volume of almost 431.02 KMT by 2032.

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Cobalt is a significant by-product obtained from the mining of nickel and copper ores. It is refined first before it is made available in the market. These nickel and copper mining sites are majorly found in the Democratic Republic of Congo, China, Russia, Canada, and Australia, among others. The Democratic Republic of the Congo one of the largest producers of cobalt globally. China is a major consumer of the metal. It is also a significant manufacturer of the metal. The cobalt industry in China is likely to further grow due to the rising consumption of the metal as a battery material.

The increased demand for new energy vehicle-use batteries is further aiding the growth of the cobalt industry, globally. Batteries have become an increasingly prominent end-use for cobalt, which has significantly increased recently. Batteries account for the largest application sector, with 41% of cobalt used in battery production. Alloys and tool metals, together, account for around one-fourth of the product’s applications.

Cobalt Market Segmentation

Cobalt is a bright, fragile chemical material used to create powerful alloys, permanent magnets, and hard metals with corrosion and thermal resistance. It is obtained as a by-product of copper and nickel mining. The silver-coloured metal is fragile and possesses a high melting point. It is preferred for its strength and wear resistance at high temperatures.

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Cobalt has major applications as a battery chemical. It is also highly valued as a catalyst. It also has wide applications in the production of turbine blades for jet engines, exhaust valves, gun barrels, and permanent magnets, as well as in the production of hard facing machine parts. It is also used in implants, including orthopaedic, dental implants, and prosthetic hips and knees. Thus, based on its applications, its market can be segmented into:

• Batteries
• Alloys
• Tool Materials
• Catalysts
• Pigments
• Magnets
• Soaps
• Others

The report also covers the regional markets of the product like North America, Europe, the Middle East, and Africa, Asia Pacific, and Latin America.

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Cobalt Market Analysis

Cobalt is an extremely important and rare chemical element. With the growth in consumer electronics industry, the demand for rechargeable batteries is also growing, thus, supporting the growth of the global cobalt industry. Cobalt is a major chemical used for the production of batteries and, thus, the demand growth for the metal is aided by the rising demand for rechargeable batteries. Urbanisation and globalisation, along with the rising disposable incomes, are other factors guiding the growing demand for the latest gadgets like laptops, mobiles, smartwatches, etc. This further boosts the growth of the cobalt industry.  The rise in gadget usage, especially among the youth, is also driving the growth of the industry.

The cobalt industry is also aided by the rising demand for the metal in the production of high-speed cutting tools for cutting products like diamonds, which are extremely hard.  Electric vehicles are emerging as another significant driving factor for the rising cobalt demand. Electric vehicles, which are powered on batteries, also use cobalt-based batteries. Thus, the robust growth of the electric vehicles industry, globally, is expected to drive the cobalt industry growth in the forecast period. The rising population and the increasing penetration of consumer electronics in emerging economies are expected to act as additional catalysts for the industry growth in the coming years.

Key Industry Players in the Global Cobalt Market

The report gives a detailed analysis of the following key players in the global cobalt market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Glencore plc
• Vale S.A.
• Missouri Cobalt, LLC
• CMOC International
• Others

The report covers the macro and micro aspects of the market and gives an in-depth insight into the manufacturing process and analyses the costs involved. The comprehensive EMR report provides a thorough assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis. It also offers a detailed analysis of the regional price trends for the historical (2018-2023) and forecast (2024-2032) periods, along with an assessment of the global trade data, covering the volume and value of the major exporting and importing countries.

Key Highlights of the Report

Cobalt Market Report Snapshots

Cobalt Market Size

Cobalt Market Analysis

Cobalt Companies