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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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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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