Cobalt Market Dynamics: Forecast for 2023-2029

Embarking on a trajectory of growth and innovation, the Cobalt Market has emerged as a pivotal player in various industries, from lithium-ion batteries to cutting-edge tools and magnetic materials. With a demand of 125.93 Kilo tons in 2022 and a projected CAGR of 9%, the market is anticipated to reach 230.21 Kilo tons by 2029. This comprehensive exploration unravels the dynamics of the Cobalt Market, delving into applications, supply chains, and the ever-evolving landscape.

Overview:
Cobalt, a metal with diverse applications, stands as a linchpin for manufacturing lithium-ion batteries, cutting tools, magnetic materials, and petrochemical catalysts. Predominantly a by-product of nickel, cobalt plays a central role in various sectors, including the evolving battery industry, where electric vehicle sales are set to climb by 30% annually.

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Market Dynamics:

Global Trade Dynamics: In 2022, the global cobalt world trade reached USD 4.83 billion, with the Democratic Republic of Congo holding a dominant market share of USD 1.91 billion. The market's top importer was China, accounting for USD 2.13 billion. The societal cost of upstream extraction, particularly in the Democratic Republic of Congo, has drawn criticism, with the nation contributing around 69% of mined cobalt.

Battery Industry's Crucial Role: With electric vehicle sales on the rise, the battery industry becomes increasingly crucial for cobalt consumption. Cobalt futures, introduced in December 2022, have gained traction, reflecting the market's dynamism and potential.

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Cobalt Market Segment Analysis:

Cobalt alloys are used in the manufacturing of airbags in cars, cutting tools, catalysts, and other industrial applications. Cutting tools are primarily made of hard cobalt alloys. France, Sweden, Russia, and the United States are the nations that produce hard alloys. With 38% of the global market share, China is the country that produces the most hard alloys, followed by Europe with 26%.

by Application

Battery Chemicals
Super alloys
Ceramics and pigments
Hard metals
Magnet
Binder Materials
Life Science
Others
High oxidizing environments, temperatures over 6000C, and high tensile stresses can all be tolerated by cobalt super alloys. About 50% of applications for these super alloys are in the nuclear power, automotive, and aerospace industries.

by Form

Metal
Chemical compound
by End User

Alloys
Magnets
Hard Materials
Catalyst
Inks and Dyes
Batteries
Others

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Cobalt Market Key Players?

1. Glencore plc (Switzerland)
2. Umicore (Belgium)
3. Vale S.A. (Brazil)
4. Jinchuan Group Internation Resources Co. Ltd. (Hong Kong)
5. Huayou cobalt Co Ltd (China)
6. Freeport cobalt (Finland)
7. Sherrit International Corporation (Canada)
8. BHP (Australia)
9. Eramet (France)
10. Votorantim Metals SA (Brazil)
11. Sumitomo Corporation (Japan)
12. CMOC International
13. Missouri Cobalt, LLC
14. China Molybdenum Co., Ltd.
15. Norilsk Nickel
16. GEM Co., Ltd.
17. Yantai Cash Industrial Co Ltd.
18. Horizonte Minerals
19. Jervois Mining
20. FLEURETTE PROPERTIES LIMITED

Table of content for the Cobalt Market includes:

Part 01: Executive Summary

Part 02: Scope of the Cobalt Market Report

Part 03: Cobalt Market Landscape

Part 04: Cobalt Market Sizing

Part 05: Cobalt Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:
The Democratic Republic of Congo leads the market, supplying around 71% of the world's cobalt. North America, with Canada as a key player, is set to expand cobalt mining, fostering competition and ethical mining practices.

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