Global Cobalt Market is expected to exhibit a strong CAGR of more than 8% over the forecast period from 2019 to 2027, according to the latest research report from Market Research Future (MRFR). The Global Cobalt Market is expected to rise to a valuation of USD 13.6 billion by the end of 2027, according to the report. The report presents a detailed profile of the Global Cobalt Market, including an analysis of the market’s major drivers and restraints and key players operating in the market. Studied forecasts regarding the market’s growth over the forecast period are given in the report.
Cobalt is a metal usually found in a chemically combined form with other elements. Cobalt often occurs in conjunction with nickel and copper and is thus obtained by reductive smelting of these ores. Most of the cobalt obtained around the world is obtained as a byproduct of nickel and copper refining. Pure metallic cobalt is a hard, lustrous, grey metal and is traditionally used in several industrial applications. The use of cobalt in high-temperature superalloys has been a major application channel for the Global Cobalt Market over the years. These high-temperature superalloys are majorly used in jet turbines. The growth of the aviation and aerospace industry has thus been a major driver for the global cobalt market over the last few decades. Cobalt is also used in stainless steel production, medical prosthetics, cemented carbides, and other hard-facing products.
The growing demand for lithium-ion batteries has been a major driver for the Cobalt Market over the last few years. The market for lithium-ion batteries has exploded in recent years with the development of several applications for the same, including in consumer electronics and electric vehicles. The growing electric vehicle industry is likely to be a major driver for the Global Cobalt Market over the forecast period. The demand for electric vehicles is likely to grow over the forecast period due to the growing government support to the sector. Increasing environmental consciousness among automotive consumers is also likely to be a major driver for the electric vehicles market over the forecast period.
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These factors are likely to drive the demand for Li-ion batteries over the forecast period, leading to a growing demand from the Cobalt Market. Cobalt plays an important role in the chemistry of lithium-ion batteries, enabling the steady growth of the Cobalt Market due to the growing demand for Li-ion batteries over the forecast period.
Leading players in the Global Cobalt Market include Sumitomo Corporation, Votorantim Metais SA, Vale, Eramet, BHP, Sherritt International Corporation, Freeport Cobalt, Huayou Cobalt Co. Ltd., Jinchuan Group International Resources Co. Ltd., Glencore, and Umicore.
In July 2018, Contemporary Amperex Technology Co. Limited signed an agreement with BMW to supply the German automaker with USD 4.7 billion worth of EV battery cells. This is likely to boost the demand for cobalt chemicals in manufacture of these batteries.
In June 2018, Vale signed a sales agreement for unmined cobalt at USD 690 million to Wheaton Precious Metals Corp. and Cobalt 27 Capital Corp.
In March 2018, Glencore signed an agreement to sell around 52,800 tons of cobalt hydroxide to GEM Co. Ltd, a Chinese battery recycling company, for the next three years.
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Global Cobalt Market is segmented on the basis of Form, Application, and Region.
By Form, Global Cobalt Market is segmented into metal, chemical compound, and purchased scrap. The chemical compound segment holds the largest share in the Global Cobalt Market.
By Application, Global Cobalt Market is segmented into battery chemicals, superalloys, ceramics and pigments, hard metals, magnets, binder materials, life science, and others. The battery chemicals segment is by far the most dominant application segment of the Global Cobalt Market.
Asia Pacific is by far the largest regional segment of the Global Cobalt Market. The region accounted for around 42% of the Global Cobalt Market in 2018 and is expected to exhibit a strong CAGR of close to 8.5% over the forecast period.
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