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The global cobalt market witnessed a demand of 115.54 kilo tons in 2020. The market is further expected to grow at a CAGR of 9% between 2020 and 2026 to reach a volume of 193.77 kilo tons by 2026.
Cobalt is a significant by-product obtained from the mining of nickel and copper ores. It is refined first before it is made available in the market. These nickel and copper mining sites are majorly found in the Democratic Republic of Congo, China, Russia, Canada, and Australia, among others. The Democratic Republic of the Congo one of the largest producers of cobalt globally. China is a major consumer of the metal. It is also a significant manufacturer of the metal. The cobalt industry in China is likely to further grow due to the rising consumption of the metal as a battery material.
The increased demand for new energy vehicle-use batteries is further aiding the growth of the cobalt industry, globally. Batteries have become an increasingly prominent end-use for cobalt, which has significantly increased recently. Batteries account for the largest application sector, with 41% of cobalt used in battery production. Alloys and tool metals, together, account for around one-fourth of the product’s applications.
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Cobalt is a bright, fragile chemical material used to create powerful alloys, permanent magnets, and hard metals with corrosion and thermal resistance. It is obtained as a by-product of copper and nickel mining. The silver-coloured metal is fragile and possesses a high melting point. It is preferred for its strength and wear resistance at high temperatures.
Cobalt has major applications as a battery chemical. It is also highly valued as a catalyst. It also has wide applications in the production of turbine blades for jet engines, exhaust valves, gun barrels, and permanent magnets, as well as in the production of hard facing machine parts. It is also used in implants, including orthopaedic, dental implants, and prosthetic hips and knees. Thus, based on its applications, its market can be segmented into:
The report also covers the regional markets of the product like North America, Europe, the Middle East, and Africa, Asia Pacific, and Latin America.
Cobalt is an extremely important and rare chemical element. With the growth in consumer electronics industry, the demand for rechargeable batteries is also growing, thus, supporting the growth of the global cobalt industry. Cobalt is a major chemical used for the production of batteries and, thus, the demand growth for the metal is aided by the rising demand for rechargeable batteries. Urbanisation and globalisation, along with the rising disposable incomes, are other factors guiding the growing demand for the latest gadgets like laptops, mobiles, smartwatches, etc. This further boosts the growth of the cobalt industry. The rise in gadget usage, especially among the youth, is also driving the growth of the industry.
The cobalt industry is also aided by the rising demand for the metal in the production of high-speed cutting tools for cutting products like diamonds, which are extremely hard. Electric vehicles are emerging as another significant driving factor for the rising cobalt demand. Electric vehicles, which are powered on batteries, also use cobalt-based batteries. Thus, the robust growth of the electric vehicles industry, globally, is expected to drive the cobalt industry growth in the forecast period. The rising population and the increasing penetration of consumer electronics in emerging economies are expected to act as additional catalysts for the industry growth in the coming years.
The report gives a detailed analysis of the following key players in the global cobalt market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The report covers the macro and micro aspects of the market and gives an in-depth insight into the manufacturing process and analyses the costs involved. The comprehensive EMR report provides a thorough assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis. It also offers a detailed analysis of the regional price trends for the historical (2016-2020) and forecast (2021-2026) periods, along with an assessment of the global trade data, covering the volume and value of the major exporting and importing countries.
2 Research Methodology
3 Executive Summary
3.1 Market Overview
3.2 Key Demand Drivers
3.3 Key Players
3.4 Supply Market Changes
4 Global Cobalt Market Outlook
5 Global Cobalt Market
5.1 Global Cobalt Market Analysis
5.1.1 Figure: Global Cobalt Historical Demand (2016-2020) & Forecast (2021-2026)
5.1.2 Figure: Global Cobalt Historical Supply (2016-2020) & Forecast (2021-2026)
5.1.3 Chart: Global Cobalt Market Breakup by Application
126.96.36.199 Tool Materials
5.1.4 Figure: Global Cobalt Market Breakup by Application: Historical Market (2016-2020) & Forecast (2021-2026)
188.8.131.52 Tool Materials
5.1.5 Chart: Global Cobalt Market Breakup by Region
184.108.40.206 North America
220.127.116.11.1 United States of America
18.104.22.168.2 United Kingdom
22.214.171.124 Asia Pacific
126.96.36.199 Latin America
188.8.131.52 Middle East & Africa
184.108.40.206.1 Saudi Arabia
220.127.116.11.2 United Arab Emirates
18.104.22.168.4 South Africa
5.1.6 Figure: Global Cobalt Market Breakup by Region: Historical Market (2016-2020) & Forecast (2021-2026)
22.214.171.124 North America
126.96.36.199.1 United States of America
188.8.131.52.2 United Kingdom
184.108.40.206 Asia Pacific
220.127.116.11 Latin America
18.104.22.168 Middle East & Africa
22.214.171.124.1 Saudi Arabia
126.96.36.199.2 United Arab Emirates
188.8.131.52.4 South Africa
5.2 SWOT Analysis
5.3 Value Chain Analysis
5.4 Porter’s Five Forces Analysis
5.4.2 Buyer’s Power
5.4.3 Supplier’s Power
5.4.4 New Entrants
5.4.5 Degree of Rivalry
5.5 Global Cobalt Trade Analysis (2020)
5.5.1 Major Exporting Countries by Value & Volume
5.5.2 Major Importing Countries by Value & Volume
5.6 Regional Price Analysis
5.6.1 North America Historical Price Trends (2016-2020) & Forecast (2021-2026)
5.6.2 Europe Historical Price Trends (2016-2020) & Forecast (2021-2026)
5.6.3 Asia Pacific Historical Price Trends (2016-2020) & Forecast (2021-2026)
5.6.4 Latin America Historical Price Trends (2016-2020) & Forecast (2021-2026)
5.6.5 Middle East and Africa Historical Price Trends (2016-2020) & Forecast (2021-2026)
6 Manufacturing Process
6.1 Detailed Process Flow
6.2 Operations Involved
6.3 Mass Balance
7 Cost Analysis
7.1 Land, Location and Site Development
7.3 Plant Machinery
7.4 Cost of Raw Material
7.9 Other Capital Investment
8 Competitive Landscape & Supplier Analysis
8.1 Glencore plc
8.2 Vale S.A.
8.4 Missouri Cobalt, LLC
8.5 CMOC International
9 Events and Developments
Additional Customisations Available:
10 Consumer Analysis
In 2020, the global cobalt market attained a volume of nearly 115.54 kilo tons.
The market is projected to grow at a CAGR of 9% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2021-2026 to reach about volume of 193.77 kilo tons by 2026.
The major drivers of the industry, such as rising disposable incomes, increasing population, increased demand for new energy vehicle-use batteries, rising demand from the developing regions, and rising demand for the metal, are expected to aid the market growth.
The key trend guiding the growth of the market is the emergence of electric vehicles.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Batteries, alloys, tool materials, catalysts, pigments, magnets, and soaps, among others, are the major application segments of cobalt in the industry.
The major players in the industry are Glencore plc, Vale S.A., Umicore, Missouri Cobalt, LLC, and CMOC International, among others.
The global cobalt market attained a volume of nearly 115.54 kilo tons in 2020, driven by the increased demand for new energy vehicle-use batteries. The market is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 9%. The market is projected to reach the volume of 193.77 kilo tons by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its application segments, the global cobalt industry can be segmented into batteries, alloys, tool materials, catalysts, pigments, magnets, and soaps, among others. The major regional markets for cobalt are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Glencore plc, Vale S.A., Umicore, Missouri Cobalt, LLC, CMOC International, and others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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