Market Research Future Published a Cooked Research Report on Cobalt Market Research Report – Global Forecast till 2027
The Global Cobalt Market is showing immense possibilities in attaining a growth valuation of USD 13.6 billion by 2027 with a CAGR of 8% in years between 2019 and 2027, which Market Research Future (MRFR) considers as their forecast period. Cobalt can be described as a chemical element that can be found in the earth’s crust with a combination of chemicals. It can also be defined as a by-product of nickel and copper. MRFR made an assessment of the market to gauge various changes in the market and understand how it can change in the coming years.
The Global Market for Cobalt can gain leverage from factors like its growing application in electric vehicles, batteries, and other industries. Li-ion batteries are now a rage in several industries, which can be considered as major market traction provider in the coming years. Various governments are trying to create infrastructures to facilitate electric vehicles growth. These factors can put the cobalt market on the growth track. Among other major traction providers, the Global Cobalt Market can benefit from its inclusion in the metallurgical segment. It can be used in various alloy making process. Superalloys with cobalt can be used in the manufacturing of various jet turbines and industrial gas turbines. Its inclusion in the aerospace industry is also witnessing significant growth.
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Prominent Players to make an impact in the Global Market for Cobalt are Jinchuan Group International Resources Co. Ltd (Hong Kong), Umicore (Belgium), Glencore (Switzerland), Votorantim Metais SA (Brazil), Freeport Cobalt (Finland), Huayou Cobalt Co., Ltd (China)BHP (Australia), Sherritt International Corporation (Canada), Vale (Brazil), Eramet (France), and Sumitomo Corporation (Japan), among others. These companies are making their presence felt by continuously developing strategies to inspire better understanding of the market to facilitate easy growth in the coming years.
In November 2019, Traxys announced about their agreement with Norilsk Nickel’s to market the latter’s battery metal cobalt for the next three years.
The Global Market for Cobalt has been segmented in the report on the basis of Form and Application to facilitate easy understanding of trends that can influence the study of the market.
By Form, the Global Market Study for Cobalt includes chemical compound, metal, and purchased scrap. The chemical compound segment had the maximum market share and it had a valuation of over USD 3800 million in 2018. Both organic and inorganic compound have a strong demand from the electric car segment owing to which the market can significantly push its limit wider.
By Application, the Global Market for Cobalt can be segmented into superalloys, ceramics, battery chemicals, magnets, pigments, hard metals, life science, binder materials, and others. The battery chemicals segment had a market coverage of 48% in 2018 and it could grow with the highest CAGR of 8.5% during the forecast period.
The Regional Market Analysis of the Cobalt Market reveals better prospects for Asia Pacific. The region had a market coverage of 42% in 2018, which was the highest. The regional market is also set to grow with better CAGR of 8.5%, which would be better than its peers. Major countries to influence the regional market would be China, Japan, and India. China’s Li-ion market is the largest owing to which the regional market can inspire better growth in the coming years. China is also expecting huge market thrust from the launching of various electric vehicle where the Cobalt is getting notable traction. India’s initiative to implement infrastructure for the electric vehicle by 2023 is also going to launch remarkable changes in the intake pattern of Cobalt.
Europe had the second largest market for Cobalt in 2018 and this market would be witnessing high growth in the coming years owing to the stringent laws regarding carbon emission that is inspiring growth in the takers of electric cars.
Browse Key Industry Insights spread across 100 pages with 147 market data tables & 10 figures & charts from the report, “Form (Chemical Compound, Metal and Purchased Scrap), Application (Battery Chemicals, Super Alloy, Ceramic & Pigments, Hard Metals, Magnets, Life Science, Binder Material) and Region – Growth Potential, Price Trends, Competitive Market Share & Forecast 2027” in detail along with the table of contents: https://www.marketresearchfuture.com/reports/cobalt-market-6549
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