Cobalt Market Growth Accelerates with 9% CAGR, Set to Hit 250.92 Kilo Tons by 2030

𝐂𝐨𝐛𝐚𝐥𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐮𝐦𝐦𝐚𝐫𝐲

Cobalt, a key component in lithium-ion batteries, is essential for various high-tech applications, including cutting tools, magnetic materials, and petrochemical catalysts. The metal's primary source is as a by-product of nickel, with the Democratic Republic of Congo (DRC) dominating global production. In 2023, the DRC contributed around 69% of the world's cobalt supply, translating to a trade value of $1.91 billion out of a total global trade of $4.83 billion.

The surge in cobalt demand is closely tied to the electric vehicle sector. With EV sales expected to grow by 30% annually, cobalt's role in battery production is becoming increasingly crucial. This trend has also bolstered interest in cobalt futures, which saw an open interest notional value of around $100 million by early July 2024.

𝐂𝐨𝐛𝐚𝐥𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬:

𝐄𝐯𝐨𝐥𝐯𝐢𝐧𝐠 𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬

The cobalt market is witnessing notable shifts in battery technology. Lithium-Cobalt Oxide (LCO) batteries, an early generation of lithium-ion batteries, are commonly used in portable devices but are gradually being overshadowed by newer technologies due to their shorter lifespan and limited load capacity.

In contrast, Lithium Nickel Manganese Cobalt Oxide (NMC) batteries, which contain up to 15% cobalt, offer superior lifespan and energy density, making them suitable for electric vehicles and medical devices. Similarly, Lithium Nickel Cobalt Aluminum Oxide (NCA) batteries, with around 9% cobalt, are gaining traction in high-energy applications, notably in electric powertrains for Tesla vehicles.

𝐒𝐮𝐩𝐩𝐥𝐲 𝐚𝐧𝐝 𝐑𝐞𝐜𝐲𝐜𝐥𝐢𝐧𝐠 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬

Cobalt supply is largely concentrated, with the DRC leading global reserves followed by Australia and Cuba. Despite its widespread distribution, cobalt is primarily sourced from copper and nickel-associated ores, with primary cobalt ores accounting for a minor portion of global supply.

The market is also grappling with environmental and ethical concerns surrounding cobalt mining, especially in the DRC. In response, there is a growing emphasis on recycling to mitigate supply shortfalls. Currently, recycling contributes about 10 kilo tons of supply, with projections indicating increased recycling activities in line with rising cobalt prices.

𝐄𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐆𝐫𝐨𝐰𝐭𝐡:

The global cobalt market is set to experience robust expansion in the coming years, driven by the booming electric vehicle (EV) industry and advancements in battery technology. According to recent market analysis, cobalt demand, which stood at 137.26 kilo tons in 2023, is projected to grow at a compound annual growth rate (CAGR) of 9%, reaching approximately 250.92 kilo tons by 2030.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐎𝐮𝐫 𝐋𝐚𝐭𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.maximizemarketresearch.com/request-sample/83884/

𝐂𝐨𝐛𝐚𝐥𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐜𝐨𝐩𝐞 𝐚𝐧𝐝 𝐌𝐞𝐭𝐡𝐨𝐝𝐨𝐥𝐨𝐠𝐲:

Understanding the characteristics of the Cobalt market key trends, growth-promoting factors, and potential opportunities are all part of this. The qualitative and quantitative data was collected as well as Primary and secondary research methods are utilised to gather data. To collect primary data, interviews and surveys are conducted with important market participants like Key Opinion People in the Cobalt sector, including vendors, manufacturers, suppliers, customers, and experts. Their thoughts are gathered to form a business information on this market. The report's main goal is to provide a comprehensive analysis of the Cobalt market with a focus on a market-driven strategy. The market size is calculated by syndicate data.

𝐂𝐨𝐛𝐚𝐥𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬

The African region, led by the DRC, dominates the cobalt market, supplying over 71% of the global demand. North America, with Canada holding significant reserves, is also becoming a focal point for new exploration and production initiatives. Companies like Cobalt Blue Holdings and First Cobalt are actively working to boost production and refine processes in response to growing market needs.

In addition to expanding mining activities, the industry is seeing increased efforts from major companies to source cobalt responsibly. BMW, for example, has committed $110 million to source cobalt from Morocco, aiming to reduce reliance on the DRC and enhance supply chain transparency.

𝐅𝐨𝐫 𝐚𝐧 𝐢𝐧-𝐝𝐞𝐩𝐭𝐡 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬, 𝐜𝐥𝐢𝐜𝐤 𝐭𝐡𝐞 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐥𝐢𝐧𝐤: https://www.maximizemarketresearch.com/request-sample/83884/

𝐂𝐨𝐛𝐚𝐥𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

• 𝐛𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

Battery Chemicals
Super alloys
Ceramics and pigments
Hard metals
Magnet
Binder Materials
Life Science
Others

𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐂𝐨𝐛𝐚𝐥𝐭

Cobalt alloys find industrial use in the production of airbags in cars, catalysts, cutting tools, and other items. Cobalt alloys that are hard are mostly utilized in cutting instruments. The US, Russia, Sweden, and France are the nations that produce hard alloys. With 38% of the worldwide hard alloy market, China is the leading producer, followed by Europe with 26%.

The cobalt super alloys are resistant to high oxidizing environments, high temperatures over 6000C, and high tensile stresses. About 50% of these super alloys are employed in the nuclear power, automotive, aerospace, and other industries.

• 𝐛𝐲 𝐅𝐨𝐫𝐦

Metal
Chemical compound

• 𝐛𝐲 𝐄𝐧𝐝 𝐔𝐬𝐞𝐫

Alloys
Magnets
Hard Materials
Catalyst
Inks and Dyes
Batteries
Others

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

𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧

As cobalt demand continues to rise, driven by the electric vehicle revolution and advancements in battery technology, the market is poised for significant growth. However, balancing supply with ethical sourcing and recycling efforts will be crucial in shaping the future of the cobalt industry. The comprehensive market analysis highlights the dynamic nature of the cobalt sector, offering valuable insights for stakeholders and investors alike.

𝐂𝐥𝐢𝐜𝐤 𝐡𝐞𝐫𝐞 𝐟𝐨𝐫 𝐚 𝐦𝐨𝐫𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐞𝐱𝐩𝐥𝐚𝐧𝐚𝐭𝐢𝐨𝐧: https://www.maximizemarketresearch.com/market-report/global-cobalt-market/83884/

𝐊𝐞𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐬𝐰𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐂𝐨𝐛𝐚𝐥𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞:

What is Cobalt?
Who are the leading companies and what are their portfolios in Cobalt Market?
What segments are covered in the Cobalt Market?
Who are the key players in the Cobalt market?
Which application holds the highest potential in the Cobalt market?
What are the key challenges and opportunities in the Cobalt market?
What growth strategies are the players considering to increase their presence in Cobalt?
What is the growth rate of the Cobalt Market?
Which are the factors expected to drive the Cobalt market growth?
What are the upcoming industry applications and trends for the Cobalt Market?
What will be the CAGR at which the Cobalt market will grow?
What are the different segments of the Cobalt Market?

𝐊𝐞𝐲 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬:

Past Market Size and Competitive Landscape
Past Pricing and price curve by region
Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐏𝐯𝐭. 𝐋𝐭𝐝.

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𝐀𝐛𝐨𝐮𝐭 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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