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Cobalt Market Size Worth USD 27.4 Billion in 2032 | Emergen Research
Cobalt Market
Key Drivers of Cobalt Market Growth:
1. Rising Demand for Rechargeable Batteries: With the surge in popularity of Electric Vehicles (EVs) and the need for storing renewable energy, the demand for rechargeable batteries is on the rise. Cobalt plays a vital role in the production of rechargeable battery components due to its exceptional conductivity and high strength properties.
2. Application Diversity: Cobalt is increasingly being used in the production of high-speed cutting tools, medical equipment, wind turbines, and super alloys in the aerospace and defense industry, further fueling market growth.
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Challenges in Cobalt Market:
Despite the growth opportunities, the market faces challenges such as fluctuating raw material prices and infrastructure limitations, leading to irregularities in cobalt supply. The complex manufacturing process also requires modern infrastructure and skilled labor, contributing to higher operational expenses.
Market Segment Insights:
• Cobalt Form: Chemical compounds account for the largest revenue share in the global cobalt market due to their extensive use in glass, enamels, and heat-resistant super alloys.
• Cobalt Product: Cobalt sulfate is expected to register steady growth due to its demand in industries such as agriculture and electronics. It offers advantages in battery production and precise coloring control in various materials.
• Cobalt Application: Electric Vehicles (EVs) segment is poised to dominate the market due to the rising adoption of environment-friendly vehicles. Cobalt's properties make it ideal for producing rechargeable batteries, ensuring longevity and performance.
• Cobalt End-Use: The electronics segment is witnessing moderate growth, driven by the demand for cobalt's magnetic and pigment properties in EVs and automotive structures.
Recent Developments:
• In July 2021, Solvay and Veolia formed a circular economy consortium with Groupe Renault to preserve resources in the EV battery value chain, showcasing the industry's commitment to sustainability.
• In April 2022, Glencore and General Motors Co. announced a multi-year supply agreement for cobalt, highlighting the importance of cobalt in electric vehicle battery production.
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Cobalt North America Market
North America is expected to account for considerably large market share in the global cobalt market during the forecast period. This is due to rising demand for cobalt from the automotive industry in countries across the region especially in U.S. and Canada. International automakers now have nearly 70 U.S.-based Research & Development (R&D) facilities employing over 7,000 people.
In 2020, the U.S. exported 1.4 million new light vehicles and 108,754 medium and heavy trucks (with a total value of over USD 52 billion) to over 200 markets around the world. The U.S. is expected to remain a leading market for the 21st-century automotive industry with an open investment policy, a large consumer market, highly skilled workforce, strong R&D capabilities, available infrastructure, and local and state government incentives.
Cobalt Top Companies and Competitive Landscape
The global cobalt market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective cobalt products in the market.
Some of the major companies included in the global cobalt market report are:
• DuPont
• Glencore
• DOW
• Umicore
• Sumitomo Corporation
• Jinchuan Group International Resources Co., Ltd.
• Votorantim
• Solvay
• Huayou Cobalt Co., Ltd.
• Daikin Industries Ltd.
• Freeport Cobalt
• Vale
• Sherritt International Corporation
• BHP
• Eramet
• BASF SE
Cobalt Latest Industry News
• On 25 August, 2023, PT Vale Indonesia Tbk signed a definitive cooperation agreement with Zhejiang Huayou Cobalt Co. Ltd (Huayou) and PT Huali Nickel Indonesia (Huali) will build High-Pressure Acid Refinery (HPAL) to produce 60,000 tons of nickel and about 5,000 tons of cobalt per year as precipitated mixed hydroxide products (MHP), which can then be converted into EV batteries. This project will process limonite nickel ore from Sorowako block and HPAL facilities will be located in Malili, East Luwu, South Sulawesi.
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Cobalt Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global cobalt market on the basis of form, product, application, end-use, and region:
• Form Outlook (Revenue, USD Billion; 2019-2032)
o Chemical Compound
o Metal
• Product Outlook (Revenue, USD Billion; 2019-2032)
o Cobalt Sulfate
o Cobalt Oxide
o Cobalt Metal
o Others
• Application Outlook (Revenue, USD Billion; 2019-2032)
o Electric Vehicles (EVs)
o Other Batteries
o Industrial Metals
o Industrial Chemicals
o Superalloys
• End-use Outlook (Revenue, USD Billion; 2019-2032)
o Electronics
o Automotive
o Aerospace
o Medical
o Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa
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