Press release
Cobalt Market 2019-2025 Global Industry Analysis & Forecast | Umicore, Glencore Xstrata plc, Jinchuan Gr Intl, Huayou Cobalt Co. Ltd., Freeport-McMoRan Inc., Sherritt International Corporation, Nippon Steel & Sumitomo Metal Corporation, Jiangsu Cobalt Nic
Cobalt is one of the most important critical raw materials among the list of 26 materials, according to the European Commission. China is by far the largest player in the market and supplies the world with the majority of critical materials, for instance, refined cobalt. It is also worth noting that at the same time China is the biggest consumer of many of those materials which create competition for supplies across the globe.Request sample copy of this report at: https://www.adroitmarketresearch.com/contacts/request-sample/818
Less than 6% of total cobalt is mined in the form of a primary product. The largest global cobalt producers are Democratic Republic of Congo (DRC) with a 64% share, China with 5% and Canada with 5%. In Europe, cobalt is presently mined in New Caledonia and Finland, with a global share of 2% and 1%, respectively. In Finland, cobalt is mined in four plants and the production is around 1,200 tones. The EU's reliance on the import of cobalt ores and concentrates is estimated as 32%.
Cobalt is a valuable metal due to its properties namely high melting point and good corrosion resistance. This is crucial for withstanding the high temperatures in batteries as well as superalloys. On average, a NiMH battery contains 15% by weight of cobalt, while the Li-ion battery uses up to 50% by weight of this metal.
An unfavorable aspect of cobalt is the level of difficulty and the high cost of its separation from nickel and copper. Political instability and fluctuating supply are the other key restraints slowing down its application in the battery and metallurgical applications of cobalt. Katanga is the new source of supply for the future cobalt market however, any disturbances to this mine causing a ramp-up could cause the cobalt market to return to its current deficit state in the coming years.
Several factors that have impacted the cobalt market in terms of price increase include lack of credit tied to Chinese deleveraging, changes in payment terms in China, new EVs subsidiary policy in China, and tensions in the trade with the US. However, companies that were optimistic about the future demand for the battery metal in 2017 faced challenges in 2018 owing to increase in prices and supply shortage that are likely caused owing to artisanal supply-side response out of the Democratic Republic of Congo that created pressure on the prices.
Read complete report at: https://www.adroitmarketresearch.com/industry-reports/cobalt-market
Key players in this market include Umicore, Glencore Xstrata plc, Jinchuan Gr Intl, Huayou Cobalt Co. Ltd., Freeport-McMoRan Inc., Sherritt International Corporation, Nippon Steel & Sumitomo Metal Corporation, Jiangsu Cobalt Nickel Metal Co., Ltd., Eramet, and BHP.
Key Segments of the Global Cobalt Market
Application Overview, 2015-2025 (Tons) (USD Million)
Battery Chemicals
(LCO) Lithium cobalt oxide
(NMC) Lithium nickel manganese cobalt
(NCA) Lithium nickel cobalt aluminum oxide
Superalloys
Hard Metals
Ceramics & Pigments
Catalysts
Others
Regional Overview, 2015-2025 (Tons) (USD Million)
North America
U.S.
Canada
Europe
UK
Germany
Rest of the Europe
Asia-Pacific
China
Japan
Rest of Asia Pacific
Rest of the World
Rest of Middle East & Africa
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market's size, key trends, participants and future outlook of an industry. We intend to become our clients' knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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