Cobalt Market Key Drivers, Size, Share, Growth, Demand and Opportunity Outlook

Market Research Future (MRFR's) latest report reveals that the value of global cobalt market will stand at over USD 9900 Mn by the year 2023 up from USD 6200.4 million in 2017. A substantial rise in demand for cobalt has been noticed in recent years owing to its increased usage in electronic and automotive manufacturing sectors. In terms of volume, the market is expected to reach close to 153.4 KT towards the end of the assessment period (2018-2023). The market is projected to witness a healthy growth over the next couple of years. One of the major factors driving the growth of the market is the rising demand for lithium-ion rechargeable batteries. Cobalt is a key raw material in lithium ion battery manufacturing. Most of the modern electronic products are based on battery support systems where lithium ion batteries find high preference owing to their superior performance and easy compatibility. At the same time, rising electric vehicle trends are also partly fuelling the demand for lithium ion batteries. The increased emphasis on shifting to vehicles running on clean-energy owing to growing concerns over CO2 emission from use of traditional fossil fuel for power generation is reflecting favourably on the market. Cobalt demand is likely to remain concentrated in battery manufacturing.

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Cobalt is also used in manufacturing several types of metal alloys such as magnetic alloys, superalloys and wear-resistant alloys. Cobalt has high-temperature resistance and a high melting point which makes it an apt material for products that incur frequent heating. Moreover, the tough nature of the material also means that cobalt-based product can endure a certain degree of rough-handling. Cobalt-based superalloys are used in gas turbines, spacecraft, rocket motors, nuclear reactors, power plants, and chemical equipment. However, the high cost of mining and refining of cobalt is likely to have an impact on investor confidence in the cobalt industry.

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Global Cobalt Market: Segmental Analysis

MRFR's report also comprises an in-depth segmental analysis of the global cobalt market based on application and form. Based on application, the market is segmented into battery chemicals, super alloys, ceramic and pigments, hard metals, magnets, binder materials, life science, and others. The battery chemicals segment currently accounts for the leading share of the market. This is primarily owing to the extensive use of cobalt in manufacturing rechargeable batteries for portable electronics devices (such as mobile phones, laptops, and tablets and e-mobility vehicles such as electric vehicles, hybrid vehicles, electric trains, and electric bikes). Sales of consumer electronic devices remains on an upward trajectory as digitization trends become more prominent. On the basis of form, the market has been segmented into metal, chemical compound, and purchased. Among these, the chemical compound segment is expected to retain the top position over 2023. Cobalt based chemical compounds find widespread usage in manufacturing of rechargeable batteries. They are also used as a colorant for porcelain, glass, pottery, tiles, and enamel wear.

Global Cobalt Market: Regional Analysis

The cobalt market has been covered across regions such as North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA) and South America. Asia Pacific is a highly active cobalt market, with China topping the list as the most attractive investment destination. While the African nation Congo (Democratic Republic of the Congo) remains the largest producers of cobalt, China takes the lead when it comes to refining and processing of the metal. Moreover, China has also emerged as the major electronic device manufacturing hub, making it an important market for various industrial materials including cobalt.

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Global Cobalt Market: Competitive Landscape

Some of the top companies currently operating in the global cobalt market include Sumitomo Corporation, Glencore, Vale, Umicore, Votorantim Metals SA, Jinchuan Group International Resources Co. Ltd, Eramet, Huayou Cobalt Co. Ltd., BHP, Freeport Cobalt and Sherritt International Corporation.

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