Cobalt Market Forecast Till 2035, Distribution by Type of Product, Type of Application, Company Size, Type of Business Model, Type of End User, and Geographical Region: Industry Trends and Future Forecast

The global cobalt market size is estimated to grow from USD 16.12 billion in the current year to USD 34.73 billion by 2035, at a CAGR of 7.23% during the forecast period, till 2035.

Cobalt Market: Growth and Trends

Cobalt is an alloy derived as a byproduct of mining copper and nickel found within the earth’s crust. Its notable features, including high thermal stability, durability, substantial energy density, and ferromagnetic properties, make it exceptionally adaptable for use in electronic batteries. Currently, this alloy is utilized in the manufacturing of lithium-nickel-manganese-cobalt-oxide batteries that are fitted into electric vehicles.

Beyond electric vehicles, these lithium-cobalt oxide batteries are widely used in electronic devices such as digital cameras, laptops, and smartphones, which further boosts its demand in the coming years. As a more durable element, cobalt has been widely implemented in various industrial applications, including medical prosthetics, cemented carbides, high-temperature superalloys, and stainless steel.

Moreover, numerous government and non-government organizations are promoting green technology, which has further increased the demand for cobalt across different industrial sectors. It is important to highlight that cobalt plays a crucial role in energy storage for batteries, enhancing its value in power generation facilities like wind turbines and solar panels. Additional factors propelling the growth of the cobalt market include the expansion of the consumer electronics sector and an increasing focus on strengthening the supply chain for electric vehicles, alongside the introduction of the IRA (Inflation Reduction Act).

Due to the ongoing demand, various industry leaders, including startups, have entered the market to ensure a resilient supply chain. Recently, First Cobalt, a prominent hydrometallurgical refinery, established a contribution agreement with the Government of Canada and the Government of Ontario valued at approximately USD 10 million. These funds will be allocated for the expansion of its refinery in Northern Ontario to support the production of electric vehicles equipped with next-generation cobalt-based batteries.

Similarly, numerous industry leaders are anticipated to invest significantly to foster innovation in the sector. Due to these ongoing initiatives, the cobalt market is expected to experience significant growth during the forecast period.

Cobalt Market: Key Segments

Market Share by Type of Product

Based on type of product, the global cobalt market is segmented into cobalt sulfate, cobalt oxide, and cobalt metal. According to our estimates, currently, the cobalt sulfate segment captures the majority share of the market. This can be attributed to the increasing use of cobalt sulfate in various sectors, including electric vehicle (EV) production, lithium-ion batteries, agriculture, and catalysts.

Over the long term, cobalt oxide is expected to demonstrate promising growth potential throughout the forecast period and is expected to grow at a higher CAGR. This can be linked to the rising demand for cobalt oxide in the production of magnetic materials like hard drives that are utilized for data recording.

Market Share by Type of Application

Based on type of application, the cobalt market is segmented into electronic vehicles, batteries, industrial chemicals, industrial metals, magnets, and superalloys. According to our estimates, currently, the electronic vehicles segment captures the majority of the market. This growth can be attributed to the increasing adoption of lithium-ion cobalt-based batteries in electronic vehicles. Furthermore, the rising focus on electronic vehicle production in various regions is expected to boost cobalt demand.

However, the industrial chemicals segment is expected to grow at a higher CAGR during the forecast period, due to the expanding application of cobalt as catalysts in various chemical products, including petrochemicals, paints and coatings, polyesters, and pharmaceuticals. Additionally, superalloys are expected to see an accelerated growth rate due to their increasing utilization in manufacturing aircraft engines and other applications

Market Share by Company Size

Based on company size, the cobalt market is segmented into large enterprises, and small and medium enterprises. According to our estimates, currently, the large enterprises segment captures the majority share of the market. This is due to the fact that major players are broadening their product lines and making significant investments in the sector. Fueled by emerging opportunities, numerous startups are entering the market to boost cobalt production.

Market Share by Type of End User

Based on type of end user, the cobalt market is segmented into automotive, aerospace, chemical and medical industries. According to our estimates, currently, the automotive segment captures the majority share of the market. This is due to the increasing production of electric vehicles, which require lithium-ion batteries that rely on cobalt as a crucial component.

However, the aerospace and chemical sector is expected to grow at a higher CAGR during the forecast period, driven by the rising use of cobalt in the production of aircraft engines and in the chemical industry.

Market Share by Geographical Regions

Based on geographical regions, the cobalt market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, Asia-Pacific captures the majority share of the market. This is due to the expanding electric vehicle (EV) sector in this region, which requires a significant amount of cobalt for Lithium-ion batteries.

Countries in Asia, such as China and India, are focusing on adopting electric vehicles to minimize their carbon emissions. Moreover, manufacturers like Suzuki Motors, Nio, and BYD Auto are establishing new EV battery facilities, which are anticipated to be a major driver for the market.

However, North America is expected to witness a relatively higher CAGR during the forecast period, due to the ongoing development within the aerospace and automotive industries.

Cobalt Market: Research Coverage

The report on the cobalt market features insights on various sections, including:

• Market Sizing and Opportunity Analysis: An in-depth analysis of the cobalt market, focusing on key market segments, including [A] type of product, [B] type of application, [C] company size, [D] type of business model, [E] type of end user, and [F] geographical region
• Competitive Landscape: A comprehensive analysis of the companies engaged in the cobalt market, based on several relevant parameters, such as [A] year of establishment, [B] company size, [C] location of headquarters and [D] ownership structure.
• Company Profiles: Elaborate profiles of prominent players engaged in the cobalt market, providing details on [A] location of headquarters, [B] company size, [C] company mission, [D] company footprint, [E] management team, [F] contact details, [G] financial information, [H] operating business segments, [I] cobalt portfolio, [J] moat analysis, [K] recent developments, and an informed future outlook.
• SWOT Analysis: An insightful SWOT framework, highlighting the strengths, weaknesses, opportunities and threats in the domain. Additionally, it provides Harvey ball analysis, highlighting the relative impact of each SWOT parameter.
• Value Chain Analysis: A comprehensive analysis of the value chain, providing information on the different phases and stakeholders involved in the cobalt market

Key Questions Answered in this Report

• How many companies are currently engaged in cobalt market?
• Which are the leading companies in this market?
• What factors are likely to influence the evolution of this market?
• What is the current and future market size?
• What is the CAGR of this market?
• How is the current and future market opportunity likely to be distributed across key market segments?

Reasons to Buy this Report

• The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.
• Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.
• The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.

Additional Benefits

• Complimentary Excel Data Packs for all analytical modules in the report
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