Global Cobalt Market Demand to Grow at a CAGR of 8.90% between 2024-2032

The global cobalt market is growing due to the growing demand for batteries. Cobalt is the major component used in the production of lithium batteries that is used to power everything starting from smartphones to electric cars. Cobalt production is dominated by the Democratic Republic of the Congo (DRC) in terms of mining reserves and production. The mineral-rich Katanga in the Democratic Republic of Congo is the major region in the market, responsible for almost three-fourth of the world’s cobalt production.

China is one of the major importers of cobalt and refines cobalt in its refining plants. In order to achieve stable cobalt assets, Chinese companies are increasingly spending in cobalt mines and are engaging in cobalt smelting initiatives in the Democratic Republic of the Congo. The cobalt consumption of the country is expected to grow further in the coming years due to the rise in demand for consumer electronics, which use cobalt-based batteries. Other major cobalt producing countries include Cuba, Russia, Philippines, China, and Canada, among others.

While the cobalt market is expected to witness a healthy growth in the forecast years, the cobalt market growth might be restrained by the increasing allegations of human right abuses related to the mining process, including child labour, which led to Apple (NASDAQ:AAPL), a major players in the consumer electronics market, temporarily suspend the purchase of hand-mined cobalt in 2017.

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Market Analysis by Applications and Regions:

• The major application of cobalt includes its use in the production of batteries, alloys, tool materials, pigments, magnets, soaps, and others.

• The major regional market for the cobalt are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing market for smartphones is aiding the demand for cobalt, since their batteries are made with cobalt.

• With urbanisation and globalisation, the demand for gadgets like laptops and smart watches are growing, thus, propelling the growth of the cobalt market.

• The rise in the electric vehicles sector is providing a further impetus to the cobalt market growth.

Key Offerings of the Report:

• The EMR report provides an overview of the demand and supply of cobalt in the global market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the applications and major regions of cobalt. 

• It gives an in-depth look into the regional price trends in the global cobalt market for the periods (2018-2023) and (2024-2032).

• It provides a detailed assessment of the global trade data, covering the volume and value of the leading exporting and importing countries.

The major key players in the global cobalt market are Glencore plc, Vale S.A., Umicore, Missouri Cobalt, LLC, and CMOC International, among others. The comprehensive report by EMR covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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