According to the report, the global cobalt market is projected to grow at a CAGR of 8.90% between 2024 and 2032. Aided by the soaring demand for electric vehicles (EVs) and the broadening applications of cobalt in multiple sectors, the market is expected to grow significantly by 2032.
Cobalt, a silver-white metallic element primarily extracted as a byproduct of nickel and copper mining, has a myriad of applications, from rechargeable batteries to aircraft engines. Its high thermal stability, magnetic properties, and resistance to wear and oxidation have made it a favoured component in a variety of applications, including electronics, metallurgy, and chemical industries.
The electrification wave, particularly in the transportation sector, is at the forefront of driving the global cobalt market growth. With the world inching towards sustainability and the palpable transition from internal combustion engine vehicles to EVs, the demand for cobalt-based lithium-ion batteries has surged. These batteries, recognised for their higher energy density and prolonged life cycle, largely owe their efficiency to cobalt, an indispensable ingredient in their cathodes.
Furthermore, the realm of aerospace sees cobalt as a precious alloying element, enhancing the durability and performance of aircraft engines. The resilience cobalt offers, especially in high-stress and high-temperature environments, places it in a pivotal position in the aerospace manufacturing sector.
The electronics industry, with its ceaseless innovation, is a major generator of the global cobalt market demand. The production of semiconductors, magnetic products, and even certain types of memory storage incorporates cobalt, often in the form of thin films or minuscule components. This heavy reliance by the electronics sector, coupled with its perpetual growth, ensures a steady demand for cobalt.
Additionally, cobalt’s application isn’t confined to these sectors alone. In the chemical industry, cobalt acts as a catalyst in various processes, including Fischer-Tropsch synthesis, which aids in the production of liquid fuels from natural gas. Its properties, like its ability to speed up reactions while not being consumed, make it a valuable asset to chemical manufacturers. Hence, the growing research and development activities in the chemical sector are further increasing the cobalt market share.
Cobalt, a silver-white metallic element primarily extracted as a byproduct of nickel and copper mining, has a myriad of applications, from rechargeable batteries to aircraft engines. Its high thermal stability, magnetic properties, and resistance to wear and oxidation have made it a favoured component in a variety of applications, including electronics, metallurgy, and chemical industries.
The electrification wave, particularly in the transportation sector, is at the forefront of driving the global cobalt market growth. With the world inching towards sustainability and the palpable transition from internal combustion engine vehicles to EVs, the demand for cobalt-based lithium-ion batteries has surged. These batteries, recognised for their higher energy density and prolonged life cycle, largely owe their efficiency to cobalt, an indispensable ingredient in their cathodes.
Furthermore, the realm of aerospace sees cobalt as a precious alloying element, enhancing the durability and performance of aircraft engines. The resilience cobalt offers, especially in high-stress and high-temperature environments, places it in a pivotal position in the aerospace manufacturing sector.
The electronics industry, with its ceaseless innovation, is a major generator of the global cobalt market demand. The production of semiconductors, magnetic products, and even certain types of memory storage incorporates cobalt, often in the form of thin films or minuscule components. This heavy reliance by the electronics sector, coupled with its perpetual growth, ensures a steady demand for cobalt.
Additionally, cobalt’s application isn’t confined to these sectors alone. In the chemical industry, cobalt acts as a catalyst in various processes, including Fischer-Tropsch synthesis, which aids in the production of liquid fuels from natural gas. Its properties, like its ability to speed up reactions while not being consumed, make it a valuable asset to chemical manufacturers. Hence, the growing research and development activities in the chemical sector are further increasing the cobalt market share.
Market Segmentation
The market can be divided based on application and region.Market Breakup by Application
- Batteries
- Alloys
- Tool Materials
- Catalysts
- Pigments
- Magnets
- Soaps
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cobalt market. Some of the major players explored in the report are as follows:- Glencore plc
- Vale S.A.
- Missouri Cobalt, LLC
- CMOC International
- Others
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Opportunities and Challenges in the Market15 Value Chain Analysis17 Price Analysis19 Key Trends and Developments in the Market
3 Report Description
5 Executive Summary
6 Snapshot
8 Global Cobalt Market Analysis
9 North America Cobalt Market Analysis
10 Europe Cobalt Market Analysis
11 Asia Pacific Cobalt Market Analysis
12 Latin America Cobalt Market Analysis
13 Middle East and Africa Cobalt Market Analysis
14 Market Dynamics
16 Trade Data Analysis
18 Competitive Landscape
List of Key Figures and Tables
Companies Mentioned
- Glencore plc
- Vale S.A.
- Missouri Cobalt LLC
- CMOC International
Methodology
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