South Korea Cobalt Market Report and Forecast 2024-2032

South Korea Cobalt Market Outlook

The South Korea cobalt market size reached approximately 13.70 KMT in 2023. The market is estimated to grow at a CAGR of 11.4% in the forecast period of 2024-2032, reaching a volume of around 39.70 KMT by 2032.

Key Trends in the Market

Cobalt is a silver-white chemical element of atomic number 27, which is mainly utilised in alloys, batteries, metals, and paint pigments, among others. It is hard and brittle in nature, non-reactive to air and water, and possesses magnetic properties.

• Cobalt is widely utilised in rechargeable batteries of EVs to improve their energy density and subsequently the vehicle range. With the rising popularity of electric vehicles in the country, the South Korea cobalt market growth is expected to witness an upward trajectory in the forecast period.

• Cobalt is also incorporated into jewellery, ranging from necklaces to bracelets, due to its high durability, white lustre shine, and excellent malleability.

• Growing usage of cobalt alloys in artificial implants for hip and knee, due to their high resistance to wear and tear is one of the crucial South Korea cobalt market trends. Cobalt alloys may also find uses in dental implants as they have high biocompatibility and strength.

• Growing production of cobalt-based cathodes by market players in the country also aids the market expansion. For example, in December 2023, POSCO Future M Co. announced that it had started mass production of NCMA (nickel-cobalt-manganese-aluminium) single-crystal cathodes for electric vehicle batteries.

Market Analysis

Based on form, the market is divided into metal, chemical compound, and purchased scrap. The South Korea cobalt market segmentation, on the basis of application, includes alloys, batteries, catalysts, tool materials, magnets, and ceramic and pigments, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea cobalt market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Glencore plc 

• Umicore SA

• NICHIA Corporation

• COSMO Chemical Co., Ltd.

• Ecopro Materials Co., Ltd.

• SungEel HiTech Co. Ltd.

• Korea Zinc Company, ltd    

• Others

Market Share by Form

Chemical compound occupies a significant portion of the South Korea cobalt market share, owing to the widespread applications of cobalt compound in the glass as well as paint and coating sectors. Cobalt carbonate compound is used to provide a blue hue to glazes and ceramics.

Cobalt compound can also be used as a catalyst in the petroleum sector to refine crude oil from its sulphur content. Furthermore, cobalt chloride is sometimes used in hair dye to offer a lighter shade of brown, further presenting opportunities for market growth.

Market Share by Application

As per the South Korea cobalt market analysis, batteries account for a sizeable share of the market due to the extensive usage of cobalt in lithium-ion batteries for enhancing their conductivity and stability. It also prevents the risk of overheating and further extends the lifespan of batteries.

The rising production of smartphones in the country is also expected to provide ample opportunities for market expansion. Moreover, alloys are anticipated to witness robust growth in the coming years, due to the burgeoning popularity of cobalt-based alloys in various end-use sectors such as aerospace and artificial prosthetics.

Competitive Landscape

Glencore plc is a global mining corporation, incorporated in 1974, with its headquarters in Baar, Switzerland. The company offers fundamental commodities in the metal and energy sectors in over 35 countries. It mainly supplies coal, oil, natural gas, metals, and minerals, among others, to its customers.

Umicore SA, previously known as Union Minière, is a circular materials company, based in Brussels, Belgium. Founded in 1989, it offers products and services in the sectors of automotive, chemical, energy, optics and display, and manufacturing, among others. The company is focused on reducing the environmental impact of its operations as well as establishing net-zero emissions by the year 2035.

NICHIA Corporation, established in 1956, is a chemical engineering and manufacturing company, headquartered in Anan, Japan. Some of its acclaimed products include cathode materials, magnetic materials, LED, and LD, among others. The company mainly incorporates ‘Core technologies’ such as powder calcination technology and crystal growth in its products.

Other South Korea cobalt market players include COSMO Chemical Co., Ltd., Ecopro Materials Co., Ltd., SungEel HiTech Co. Ltd., and Korea Zinc Company, Ltd., among others.

Key Highlights of the Report