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The South Korea cobalt market size reached approximately 13.70 KMT in 2023. The market is estimated to grow at a CAGR of 11.4% in the forecast period of 2024-2032, reaching a volume of around 39.70 KMT by 2032.
Cobalt is a silver-white chemical element of atomic number 27, which is mainly utilised in alloys, batteries, metals, and paint pigments, among others. It is hard and brittle in nature, non-reactive to air and water, and possesses magnetic properties.
Based on form, the market is divided into metal, chemical compound, and purchased scrap. The South Korea cobalt market segmentation, on the basis of application, includes alloys, batteries, catalysts, tool materials, magnets, and ceramic and pigments, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea cobalt market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
Chemical compound occupies a significant portion of the South Korea cobalt market share, owing to the widespread applications of cobalt compound in the glass as well as paint and coating sectors. Cobalt carbonate compound is used to provide a blue hue to glazes and ceramics.
Cobalt compound can also be used as a catalyst in the petroleum sector to refine crude oil from its sulphur content. Furthermore, cobalt chloride is sometimes used in hair dye to offer a lighter shade of brown, further presenting opportunities for market growth.
As per the South Korea cobalt market analysis, batteries account for a sizeable share of the market due to the extensive usage of cobalt in lithium-ion batteries for enhancing their conductivity and stability. It also prevents the risk of overheating and further extends the lifespan of batteries.
The rising production of smartphones in the country is also expected to provide ample opportunities for market expansion. Moreover, alloys are anticipated to witness robust growth in the coming years, due to the burgeoning popularity of cobalt-based alloys in various end-use sectors such as aerospace and artificial prosthetics.
Glencore plc is a global mining corporation, incorporated in 1974, with its headquarters in Baar, Switzerland. The company offers fundamental commodities in the metal and energy sectors in over 35 countries. It mainly supplies coal, oil, natural gas, metals, and minerals, among others, to its customers.
Umicore SA, previously known as Union Minière, is a circular materials company, based in Brussels, Belgium. Founded in 1989, it offers products and services in the sectors of automotive, chemical, energy, optics and display, and manufacturing, among others. The company is focused on reducing the environmental impact of its operations as well as establishing net-zero emissions by the year 2035.
NICHIA Corporation, established in 1956, is a chemical engineering and manufacturing company, headquartered in Anan, Japan. Some of its acclaimed products include cathode materials, magnetic materials, LED, and LD, among others. The company mainly incorporates ‘Core technologies’ such as powder calcination technology and crystal growth in its products.
Other South Korea cobalt market players include COSMO Chemical Co., Ltd., Ecopro Materials Co., Ltd., SungEel HiTech Co. Ltd., and Korea Zinc Company, Ltd., among others.
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:
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Breakup by Form |
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Breakup by Application |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*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 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Cobalt Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Cobalt Historical Market (2018-2023)
8.3 Asia Pacific Cobalt Market Forecast (2024-2032)
8.4 Asia Pacific Cobalt Market Breakup by Country
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 South Korea
8.4.7 Others
9 South Korea Cobalt Market Overview
9.1 Key Industry Highlights
9.2 South Korea Cobalt Historical Market (2018-2023)
9.3 South Korea Cobalt Market Forecast (2024-2032)
10 South Korea Cobalt Market by Form
10.1 Metal
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Chemical Compound
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Purchased Scrap
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 South Korea Cobalt Market by Application
11.1 Alloys
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Batteries
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Catalysts
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Tool Materials
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Magnets
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Ceramic and Pigments
11.6.1 Historical Trend (2018-2023)
11.6.2 Forecast Trend (2024-2032)
11.7 Others
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Glencore plc
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Umicore SA
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 NICHIA Corporation
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 COSMO Chemical Co., Ltd.
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Ecopro Materials Co., Ltd.
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 SungEel HiTech Co. Ltd.
13.2.6.1 Company Overview
13.2.6.2 Product Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 Korea Zinc Company, ltd
13.2.7.1 Company Overview
13.2.7.2 Product Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Cobalt Market: Key Industry Highlights, 2018 and 2032
2. South Korea Cobalt Market: Key Industry Highlights, 2018 and 2032
3. South Korea Cobalt Historical Market: Breakup by Form (KMT), 2018-2023
4. South Korea Cobalt Market Forecast: Breakup by Form (KMT), 2024-2032
5. South Korea Cobalt Historical Market: Breakup by Application (KMT), 2018-2023
6. South Korea Cobalt Market Forecast: Breakup by Application (KMT), 2024-2032
7. South Korea Cobalt Market Structure
In 2023, the market reached an approximate volume of 13.70 KMT.
The market is projected to grow at a CAGR of 11.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a volume of around 39.70 KMT by 2032.
The major market drivers are the growing usage of cobalt in lithium-ion batteries, the rising applications of the product in chemical processing, and increasing industrialisation.
The key trends of the market include the rising popularity of electric vehicles in the country, the surging incorporation of cobalt in jewellery, the growing usage of cobalt alloys in artificial implants, and increased production of cobalt-based cathodes by market players.
Different forms of cobalt are metal, chemical compound, and purchased scrap.
Various applications of cobalt are alloys, batteries, catalysts, tool materials, magnets, and ceramic and pigments, among others.
The key players in the market are Glencore plc, Umicore SA, NICHIA Corporation, COSMO Chemical Co., Ltd., Ecopro Materials Co., Ltd., SungEel HiTech Co. Ltd., and Korea Zinc Company, ltd, among others.
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