Cobalt Market - Increasing Application of Cobalt in the Medical Sector and Growing Demand For Cobalt Alloys In Airplane Engines

Market Overview:

According to Market Prognosis, the Global Cobalt Market is expected to grow at a CAGR of 10.3% from 2017 to 2026. Rising demand for lightweight electric cars, increasing application of cobalt in the medical sector and growing demand for cobalt alloys in airplane engines are some of the key factors propelling the market growth. However, lack of advanced infrastructure and high cost of cobalt are restricting the market.

Cobalt is a chemical element with symbol Co. Cobalt is found in the Earth's crust only in chemically combined form, save for small deposits found in alloys of natural meteoric iron. Cobalt in compound form occurs in copper and nickel minerals. It is the major metallic component that combines with sulfur and arsenic in the sulfidic cobaltite (CoAsS), safflorite (CoAs2), glaucodot ((Co,Fe)AsS), and skutterudite (CoAs3) minerals. Cobalt is mainly used in the manufacture of magnetic, wear-resistant and high-strength alloys.

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Based on Application, battery chemical has a significant growth in the market during the forecast period. Cobalt when added to nickel-metal hydride batteries and lithium-ion batteries helps in tackling problems such as reduced life cycle, corrosion, and battery explosions by making them more efficient and stable. The increased demand for cell phones, laptops, electric cars and large-format rechargeable batteries is driving the market growth in this sector. APAC accounted for the largest market share during the forecast period. The growth of this region is attributed to the increasing aviation and automotive industries. China and Japan are the major consumers of cobalt in APAC.

Some of the key players in the Cobalt market are Umicore, Glencore Xstrate plc, Jinchuan, Huayou Cobalt, Freeport-McMoran, Sherritt International, Nippon Steel & Sumitomo Metal, BHP Billiton, Eramet, Jiangsu Cobalt Nickel Metal, Mopani Copper, Votorantim Metais, Zhejiang Huayou Cobalt, Rubamin and Vale.

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Market Segments:
Application Covered:
• Binder Materials
• Life Sciences
• Orthopedics
• Thermal spray coatings
• Magnets
• Water resistant alloys
• Super alloys
• Reusable energy storage systems
• Catalysts
• Ceramics/pigments
• Battery chemicals
• Hard metals
End User covered:
• Clean air
• Health
• Lifestyle
• Defence

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This release was published on openPR.