Robust demand for lithium ion batteries continues to drive the global supply of Cobalt. Lithium ion batteries are currently the standard power supply component used in electronic devices and vehicles. Cobalt suppliers are seeking new sources to meet the rising demand for the metal. In 2017, 106.5 KT of cobalt was consumed globally, with majority share of the production catering to battery chemical manufacturing applications. The global market size of cobalt is projected to expand at a CAGR of 8.25% during the forecast period (2018-2023). The outlook towards the Cobalt Industry is positive though supply fluctuations may bring in some headwinds. A shortage for the metal is quite eminent in the future as demand is likely to grow at an above-average rate over the next several years. Widespread application in large-scale sectors such as electronics, and automotive makes cobalt a sought-after industrial material.
MRFR’s report offers a comprehensive analysis of the global market for Cobalt. It also includes an assessment of the Cobalt production trend on a worldwide level. Key macro and micro-economic factors that are influencing the production, supply and demand trends are thoroughly discussed in the report. Different forms of Cobalt (chemical compound, metal and purchased scrap) that are attracting significant commercial interest fall among other key points of discussion in the report. Application areas for cobalt discussed in the report include battery chemicals, super alloy, ceramic & pigments, hard metals, magnets, life science, and binder material.
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Glencore, Umicore, Huayou Cobalt Co. Ltd., Eramet, Votorantim Metals SA, Jinchuan Group International Resources Co. Ltd, Sherritt International Corporation, Sumitomo Corporation, Freeport Cobalt, Vale, and BHP.
The report offers insights on the leading market players and evaluates their current market share. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives.
Market Research Future’s market analysis has been performed using a carefully curated list of research methods and tools to offer clarity on the nuances of the relevant market. Primary and secondary methods are used to arrive at accurate conclusions. Primary research methods are utilized extensively to gain a first-hand impartial understanding of the market. Primary methods include primary surveys with top executives of significant market players to intelligent observations regarding the market from every angle. Next, MRFR uses secondary methods to obtain pertinent details regarding significant market players, segments, and other important parts of the market to identify industry trends, both current and historical properly. Secondary methods include corporate presentations, paid databases, periodicals, and other industry publications which are publicly available. In addition, both top-down and bottom-up approaches are used for estimation and validation of market size.
Market Denomination- USD Mn
Base Year- 2017
Forecast Period- from 2018 to 2023
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