Cobalt Market | Research Insights, Business Outlook, Company Profiles, Trends and Forecast 2019-2023
Market Analysis:
The Global Cobalt Market is expected to reach the benchmark of USD 9900 million at an impressive CAGR during the forecast period (2018-2023). Cobalt has the symbol Co and the cobalt color is a bluish, silvery gray. This metal is generally obtained through mining iron, copper, lead, silver and nickel. Some of its crucial features include high melting point, hard wearing, remarkable energy density and others. Cobalt has wonderful properties, no wonder it is a perfect element to use in myriad industrial applications such as the medical domain, electronics, automotive and aerospace. Its main ores include skutterudite, glaucodot, erythrite and cobaltite. Besides, cobalt is useful for humans as it is a part of vit B12 that is vital for human health. In fact, cobalt is used for treating anemia in pregnant women owing to the fact that it helps in stimulating the production of RBC (red blood cells). The cobalt uses do not end here. Cobalt is a key element that is used in lithium-ion batteries that are used heavily in manufacturing electronics. Most consumer electronics that is used regularly such as laptops, mobile phones and tablets too use lithium-ion batteries. These batteries are in great demand as it is environmentally efficient thereby offering a cleaner substitute to the traditional energy sources.
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There are many factors that is fueling the growth of the Cobalt Market. The different market trends and factors in this market according to an analysis performed by Market Research Future (MRFR) include increasing demand for lightweight electric vehicles, growing use in the medical domain, growing use in the airplane engines, increasing need for lithium-ion rechargeable batteries and shift towards vehicles that run on clean-energy. On the other hand, some factors that may hamper the growth of the cobalt market include soaring cost of cobalt, shortage of advanced infrastructure, irregularity in supply and political instability in top cobalt exporting and producing countries.
Key Players:
Leading players profiled in the Cobalt Market include Sherritt International Corporation, Freeport Cobalt, BHP, Huayou Cobalt Co. Ltd., Eramet, Jinchuan Group International Resources Co. Ltd, Votorantim Metals SA, Umicore, Vale, Glencore, and Sumitomo Corporation.
Jan 2019 - The leading automobile and battery manufacturers in Japan- Honda, Toyota and Panasonic have decided to opt for a joint venture for the procurement of cobalt which is an essential resource for batteries which power electric vehicles.
Market Segmentation:
In the Market Research Future (MRFR) report, the Cobalt Market has been segmented on the basis of Application and Form.
Based on Application, the market is segmented into life science, binder materials, magnets, hard metals, pigments, ceramic, super alloys and battery chemicals. Of these, the battery chemicals have the maximum share in the Cobalt Market. This is owing to the extensive usage of cobalt to manufacture rechargeable batteries for e-mobility vehicles such as electric bikes, electric trains, hybrid vehicles and electric vehicles coupled with its use in portable electronic gadgets such as tablets, laptops and mobile phones. The sale of consumer electronic gadgets continues to stay on the upward trajectory with digitization trends getting prominent.
Based on Form, the Cobalt Market has been segmented into purchased scrap, chemical compound and metal. Of these, the chemical compound is anticipated in retaining the highest position by 2023. Chemical compounds that are cobalt based find extensive usage in the making of rechargeable batteries. Besides, it is also used in the form of a colorant for enamel wear, tiles, pottery, glass and porcelain.
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Regional Analysis:
Based on Region, the Cobalt Market covers growth opportunities and latest trends across North America, Asia Pacific, Europe, the Middle East and Africa and South America. Of these, the APAC region will remain the most active market with China heading the list being a highly attractive investment destination. On the other hand, the Democratic Republic of the Congo will remain the biggest cobalt producers and China will lead with respect to processing and refining the metal. Further, China has emerged as a leading electronic device manufacturing hub thereby making it a vital market for different industrial materials especially cobalt.
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