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Global Cobalt Market Size, Share, Trends, Growth, Forecast: By Application: Batteries, Alloys, Tool Materials, Catalysts, Pigments, Magnets, Soaps, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Competitive Landscape; 2024-2032
Global Cobalt Market Outlook
The global cobalt market attained a volume of around 200.10 KMT in the year 2023. The market is further expected to grow at a CAGR of 8.90% between 2024 and 2032 to reach a volume of almost 431.02 KMT by 2032.
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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.
Cobalt: Market Segmentation
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.
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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:
- Batteries
- Alloys
- Tool Materials
- Catalysts
- Pigments
- Magnets
- Soaps
- Others
The report also covers the regional markets of the product like North America, Europe, the Middle East, and Africa, Asia Pacific, and Latin America.
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Market Analysis
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.
Key Industry Players in the Global Cobalt Market
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:
- Glencore plc
- Vale S.A.
- Missouri Cobalt, LLC
- CMOC International
- Others
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 (2018-2023) and forecast (2024-2032) periods, along with an assessment of the global trade data, covering the volume and value of the major exporting and importing countries.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Application, Region |
| Breakup by Application | Batteries, Alloys, Tool Materials, Catalysts, Pigments, Magnets, Soaps, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Trade Data Analysis | Major Importing Countries by Value and Volume, Major Exporting Countries by Value and Volume |
| Price Analysis | Historical and Forecast Price Trends- Regional |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Glencore plc, Vale S.A., Missouri Cobalt, LLC, CMOC International, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Cobalt Market Analysis
8.1 Key Industry Highlights
8.2 Global Cobalt Historical Market (2018-2023)
8.3 Global Cobalt Market Forecast (2024-2032)
8.4 Global Cobalt Market by Application
8.4.1 Batteries
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Alloys
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Tool Materials
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Catalysts
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Pigments
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Magnets
8.4.6.1 Historical Trend (2018-2023)
8.4.6.2 Forecast Trend (2024-2032)
8.4.7 Soaps
8.4.7.1 Historical Trend (2018-2023)
8.4.7.2 Forecast Trend (2024-2032)
8.4.8 Others
8.5 Global Cobalt Market by Region
8.5.1 North America
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Europe
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Asia Pacific
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Latin America
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Middle East and Africa
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
9 North America Cobalt Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Cobalt Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Cobalt Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Cobalt Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Cobalt Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis
16.1 Major Exporting Countries
16.1.1 By Value
16.1.2 By Volume
16.2 Major Importing Countries
16.2.1 By Value
16.2.2 By Volume
17 Price Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Glencore plc
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Vale S.A.
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Missouri Cobalt, LLC
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 CMOC International
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Cobalt Market: Key Industry Highlights, 2018 and 2032
2. Global Cobalt Historical Market: Breakup by Application (Kilo Tons), 2018-2023
3. Global Cobalt Market Forecast: Breakup by Application (Kilo Tons), 2024-2032
4. Global Cobalt Historical Market: Breakup by Region (Kilo Tons), 2018-2023
5. Global Cobalt Market Forecast: Breakup by Region (Kilo Tons), 2024-2032
6. North America Cobalt Historical Market: Breakup by Country (Kilo Tons), 2018-2023
7. North America Cobalt Market Forecast: Breakup by Country (Kilo Tons), 2024-2032
8. Europe Cobalt Historical Market: Breakup by Country (Kilo Tons), 2018-2023
9. Europe Cobalt Market Forecast: Breakup by Country (Kilo Tons), 2024-2032
10. Asia Pacific Cobalt Historical Market: Breakup by Country (Kilo Tons), 2018-2023
11. Asia Pacific Cobalt Market Forecast: Breakup by Country (Kilo Tons), 2024-2032
12. Latin America Cobalt Historical Market: Breakup by Country (Kilo Tons), 2018-2023
13. Latin America Cobalt Market Forecast: Breakup by Country (Kilo Tons), 2024-2032
14. Middle East and Africa Cobalt Historical Market: Breakup by Country (Kilo Tons), 2018-2023
15. Middle East and Africa Cobalt Market Forecast: Breakup by Country (Kilo Tons), 2024-2032
16. Global Cobalt Market Structure
Key Questions Answered in the Report
In 2023, the global cobalt market attained a volume of almost 200.10 KMT.
The market is projected to grow at a CAGR of 8.90% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of almost 431.02 KMT by 2032.
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.
Analyst Review
The global cobalt market attained a volume of almost 200.10 KMT in 2023, driven by the rising sectors like construction, superabsorbent polymers, and automobile industries. Aided by the rising demand for water treatment, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 8.90%. The cobalt market is projected to reach a volume of almost 431.02 KMT by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on applications, the market can be segmented into acrylate esters, super absorbent polymer (SAP), and others. The major regional markets for acrylic acid are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest share of the market. The key players in the above market include BASF SE, Nippon Shokubai Co.,Ltd., The Dow Chemical Company, Arkema Group, LG Chem, Ltd., and Shanghai Huayi Acrylic Acid Co., Ltd, among 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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